The Benefits of Settling Your Personal Injury Case
Personal injury cases often involve injuries and damages. The injured party may choose to file a claim through their injury attorney against the defendant. As with most personal injury cases, the goal is to win back damages for the losses suffered. A huge percentage of personal injury cases end with the injured victim agreeing to a settlement offer. Settlement offers are financial proposals made by the at-fault party’s insurance provider to the victim. The victim can choose to accept, reject, or renegotiate the offer based on different factors, including the cost of their damages. If you are wondering whether settlement offers are a great path to tow, below are some of the benefits attached.
Settlements Take Less Time
The very first advantage of settling your personal injury case out of court is that it takes less time. Instead of engaging in a lengthy trial process that can take months to conclude, you can easily agree to a settlement offer presented by the insurance company, provided the number is right.
Most personal injury lawyers advise that their clients take settlement offers when the amount is right to save time and money. With settlement offers, the insurance company assesses the damages suffered by the victim and goes over the demand letter. They then offer an amount that is deemed fair to compensate the victim for their losses. The victim may reject the offer with a new proposition, and if accepted, both parties reach an agreement and the case is finalized.
On the other hand, the trial process can be complicated. It involves court appearances, jury selection, evidence presentation, discovery, and other processes. All of these can take time which can further complicate the victim’s finances.
Settlements Are Less Stressful
Appearing in the courtroom can be intimidating for many people. The stress of commuting to the courthouse each day an appointment is set can complicate your health and finances. If you wish to avoid this stress and court appearances, settlement offers may be the best solution for your needs. When you choose to settle out of court, you could only meet with the third-party’s insurance representatives to go over the details of the settlement offer. Ensure that you have your lawyer present before signing the settlement contract or release. Personal injury lawyers are vastly knowledgeable with settlement contracts and can point out discrepancies that may harm you.
Settlements Offer Direct Control Over the Amount Received in Compensation
Another important advantage of choosing to settle your personal injury case out of court is the control it gives you. Personal injury settlements give you a direct chance to influence the amount you get as compensation for your damages. When at the negotiation table, you can easily reject ridiculous offers and make counter offers to the insurance company. You can also present the insurance company with a detailed calculation of your non-economic losses which can positively influence the final settlement amount. On the other hand, the trial process puts your fate in the hands of the jury or judge. Judges may, in some cases, order the insurance company to pay you an amount not more than the insurance policy cap. This amount may be less than what you had been offered at the negotiation table.Juries are also unpredictable. In even the most clear-cut cases, they could offer zero dollars, depending on how they see things.
Settlements Often Promote Privacy For All Parties Involved
As a private person who doesn’t want their business to be discussed in public, one of the best decisions you can make is to settle out of court and in private. When you settle with an insurance provider, you, your lawyer, and other parties present are the only people privy to the settlement amount. When you choose to go the long route with trial proceedings, your settlement will be publicized as a public record.
With trials, you have no chance of controlling which information gets out to the public. You are also not at liberty to hide the kind of injury you suffered or the evidence collected to prove the injury. You stand a better chance of keeping things private when you settle out of court.
Settlements Are Final and Cannot Be Appealed
When you resume the negotiation table with the at-fault party’s insurance provider, your mind is set that it is the final stage of the claims process. This means that after agreeing to a settlement offer, you cannot go back to sue or appeal the offer. The sense of totality and finality can help to shape your decision as you negotiate the best amount for the losses you suffered.
On the other hand, your compensation may be appealed if the insurance company feels that the amount awarded by the court is too much for the damages you have suffered. With a fresh appeal motion filed in court, your awarded compensation will be delayed until such a time that the appeal has been decided on. If the appeal falls through, you may be robbed of the chance to secure the initial awarded amount as compensation.
Things To Consider Before Taking A Settlement Offer
Having understood the many benefits of settling your insurance claims case out of court, you should also understand that not all settlement offers should be taken. Some of the things to consider before agreeing to a settlement amount include:
Is The Offer Reasonable?
It is important to consider whether the offer is reasonable or not. For example, if your insurance claim is worth $100,000, a $10,000 settlement offer is highly unreasonable. Before accepting any settlement offer, consider your losses and what it costs, then consider whether the amount proposed will cover a significant part of your losses.
Are You Certain What The Future Holds?
Personal injury cases are often complicated. Sometimes, accident victims suffer from delayed symptoms which can further complicate their health and finances. Before agreeing to a settlement offer, consider your health and losses as well as what the future holds. If you’ll require future medical attention, it is best to estimate the future cost and demand an adequate amount.
Have You Sued All Possible Sources of Compensation?
Some cases are complex and involve more than one defendant. Be sure to consider all of the at-fault parties and name them in your lawsuit. Doing this increases your chances of earning a better amount in compensation from the negligent parties.
Settling out of court offers a wide array of benefits. You should make sure to have an experienced accident lawyer in your corner as you go through the negotiation stages. Looking for a personal injury lawyer to handle your case? Visit https://halelaw.com/
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941-735-4529
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