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| Personal Injury Settlements |
Personal injury settlements carry a somewhat negative undertone — perhaps they’ve gotten a bad rap.
For
a better understanding, particularly what it means for those involved,
let us look at what a personal injury is and see how and where the
settlement comes into play.
Unlike an injury caused to one’s
property, personal injuries damage the physical, mental or emotional
outlook of a person. Common types of personal injury claims include
traffic accidents, trip and fall claims and product defects that result
in injury. The most abundant are automobile accidents — more than six
million accidents are recorded annually. On average, there is one
accident every 10 seconds. Unfortunately, it is estimated that this
number will continue to grow given the multitude of distractions drivers
now face.
Regardless of the reasons for the personal injury, negligence must be proved. The process, in some cases, can be a cut and dry.
When
an insurance company acknowledges their insured client as the one at
fault, then an injury settlement is more easily attained. While these
situations happen, keep in mind that fault is not so easily determined.
Receiving a Personal Injury Settlement
Because
only a small portion of cases actually reach a courtroom — 4 to 5
percent — most are settled out of court. What does that mean? Instead of
spending time and resources bringing a personal injury suit to trial,
the involved parties (usually the lawyers for the plaintiff and
defendant) will reach a monetary agreement of compensation. The injured
party must agree to the defense attorney’s offer, settling the case.
The plaintiff is usually rewarded this offer in the form of a structured settlement.
These payments are distributed through annual or monthly payments. The
plaintiff must bear in mind that once you have accepted an offer, there
is rarely an option for a change of heart. Make sure you and your team
has fully explored the long-term significance of your injuries, and that
the offer you are willing to accept allocates funds properly for
possible future expenses.
What to Do with Your Settlement
Monetary compensation is an
amount of money given to help those who have been financially burdened
by the negligence of another person or entity. It is important to
remember these settlements are there to make one “whole” again. The end
result is not to put the plaintiff in a better financial position, but
to give them resources to reimburse themselves for out-of-pocket
expenses they may have accrued, as well as future expenses, as a result
of the incident. Make sure to properly explore payment options relating to your settlement.
Once
an injury has occurred it is imperative to contact an attorney as soon
as you can, this way the proper documentation of treatments, procedures
or surgeries can begin immediately.
Predicting future and
long-term ailments is just as important, if not more important, than
receiving settlement for treatment already performed. Treatments, such
as physical therapy and chiropractic visits, can continue for years or a
lifetime after an injury.
Keep these factors in mind when deciding on a proper settlement and value:
- Medical bills accumulated
- Length of medical treatment
- Amount of lost income
- Long-term treatment or post-accident treatment
- Receiving a long-term diagnosis
- Possible pain and suffering damages
Settlement Process
Most personal injury cases are settled out-of-court, but when does the actual ball get rolling on these types of cases?
Once
the plaintiff has formally filed the lawsuit, which occurs after they
received medical attention from a professional, negotiations will not
begin until the defense attorney is given adequate time to perform all
pretrial explorations and research.
The magnitude of the injury
case determines how the rest of the suit will progress. In smaller
instances, the two opposing lawyers will simply negotiate back and forth
until the plaintiff chooses to accept an offer from the defense.
In
many of these cases, the defense is representing an insurance company.
If the insurance company does not feel ready to begin earnest settlement
discussions, then the case will be at a standstill. But have no fear:
Your attorney should know this often is a good thing.
Defense
lawyers or insurance companies use this strategy to test the plaintiff’s
willingness to settle. You do not want to seem too eager because they
will most likely lower their offer. Every case is different, and getting
your hands on the money can take some time.
So hold tight. Patience isn’t just a virtue; it can also be the key to receiving a fair and just settlement.