In a personal injury case, a settlement offer from the responsible party’s insurance company would come as a big relief. The most common mistake is accepting the first offer, resulting in an inadequate settlement that does not fully cover the expenses and losses. Several critical questions need to be answered to arrive at an informed decision. Lawyers experienced in personal injury claims can help you determine the right compensation and negotiate for a better outcome.
Does the settlement cover all my medical expenses?
Injuries can result in heavy medical bills. It is vital to take into account while accepting a settlement offer whether the amount will cover the past, current, and future medical expenses. Medical treatment can be lifelong. Some medical issues may require long-term care, rehabilitation, or future surgeries. The settlement should account for:
Hospital bills
- Surgery and medication costs
- Physiotherapy or rehabilitation
- Future medical bills due to injury
- Insurance companies try to minimize payouts as much as possible. A careful review of the payout is essential, as in most cases the amount offered may be too low. This may not reflect the actual cost of the medical expense.
It is important to seek help from an experienced personal injury attorney. Assessment of the medical records and consultation with medical professionals can help in estimating future expenses and ensure that the settlement amount addresses the medical needs duly.
Does the settlement include compensation for lost wages?
Loss of income due to injury is the most common setback. The injured party can claim compensation for the loss of income. However, compensation needs to be beyond lost wages. The settlement should cover:
Past loss of wages
- Loss of wages due to the inability to return to work, change work due to not being able to work as before or loss due to being handicapped
- Loss of increments/promotions and career opportunities
- Experienced lawyers in personal injury claims can evaluate these critical factors and ensure that settlement includes adequate compensation for both current and future lost earnings.
Have I considered pain and suffering?
Besides expenses, issues such as pain and suffering need to be addressed. The compensation is to address the emotional distress, physical pain, and reduced quality of life.
Insurance companies downplay the pain and suffering and offer minimal compensation for these damages. It is important to examine if the settlement reflects the true value of the emotional and physical toll on your life.
Calculating the value of pain and suffering is difficult, but an attorney can put a number to it based on the injury’s severity and its long-term impact on daily life.
Have I reached maximum medical improvement?
It is advisable to not come to any settlement until the state of maximum medical improvement (MMI) (the point at which your condition has stabilized) is reached. Arriving at a settlement before MMI can leave one open to financial vulnerability due to the worsening of the condition and future medical expenses.
Doctors can confirm MMI and whether the said settlement is adequate to meet any bills arising from future complications or current treatment. it is not possible to go for re-negotiating or legal proceedings for additional compensation once settlement is reached without reaching MMI.
Is this the best offer I can get?
Insurance companies will always offer the least settlement, hoping victims will accept it without negotiation. However, it should be thoroughly evaluated it is the best deal one can get. It is always wise to get an attorney’s opinion on the fair value. Skilled personal injury lawyers can negotiate as well as advise one on the fair settlement amount or push for more compensation. If the initial offer doesn’t cover the expenses, negotiation should be held for a higher amount.
Have I consulted an attorney?
Accepting a settlement offer after consultation with an attorney is critical and can have a long-lasting impact on financial stability and recovery. Professional legal guidance should be taken to avoid being shortchanged out of compensation.
Therefore, the first step is to consult legal experts before accepting a settlement. Lawyers experienced in personal injury claims help by evaluating the offer and ensuring that the package covers current and future expenses as well as unexpected complications from the injury. As subject experts, they can help navigate the complexities of personal injury law, negotiate with the insurance company, and represent your best interests in court if necessary.
Conclusion
Before accepting any settlement offer, it’s crucial to ask these key questions and understand the long-term consequences of your decision. It is necessary to make sure that the settlement is inclusive of medical expenses, lost wages, pain and suffering, and other relevant damages. However, the most important takeaway is consulting lawyers experienced in personal injury claims for guidance, negotiation, and navigating through the entire process for the best possible outcome.
