Many people injured in accidents have questions about settling their cases. If you’ve been in an accident, you might wonder how to negotiate a settlement. You might question if the settlement offer you received makes sense to accept. Or you may be looking for a lawyer to help you handle your case so you could potentially settle. Here’s what you need to know.
What Is a Settlement in a Personal Injury Case?
A settlement is an agreement to end a personal injury case. Often, an insurance company offers a sum of money to an injured person. In exchange for the money, the injured person agrees to stop pursuing legal claims related to the accident. The agreement is written down in a signed contract that is legally binding. If the injured person accepts the money, they will most likely be legally barred from filing a lawsuit in the future to seek damages arising from the accident. Insurance companies (or other defendants in personal injury lawsuits) can make settlement offers during a personal injury case at any time before trial. Usually, these offers are quite low initially. Similarly, injured people can make demands for settlement at any time. Usually, these demand amounts are a lot higher than what insurance companies want to pay. In response to a demand, an insurance company may make a lower settlement offer, accept the demand, or refuse to negotiate.
What Do You Need to Know about Settling Your Case?
For injury accident victims, receiving a settlement offer or making a settlement demand can raise many concerns. It may make you wonder if you need a lawyer to help you negotiate. You may think the offer is too low, but you feel unsure about how to respond. You may want to take the offer, but you’re worried about which rights you’ll give up. You might want to make a demand, but how much to ask for?
These concerns lead many victims to consult personal injury lawyers. An experienced personal injury lawyer can help you sort out the path ahead and resolve your concerns. If the insurance company has made a settlement offer, your lawyer can:
- Investigate your injury
- Evaluate your damages from the accident
- Consider any future damages you may have, such as future lost wages
- Evaluate the offer in light of your current and future damages
- Develop a legally supported response to the offer
You and your lawyer should discuss the response to the offer. Typically, the insurance company offers less than your case is worth to get it settled. That’s because insurance doesn’t want to pay much money and wants the case resolved before going to trial. Quickly settling a case is in the insurance company’s best interests because it saves time, money, and potentially bad publicity. However, depending on your situation, your case may be worth quite a lot more than the initial settlement offer. That’s why getting a knowledgeable lawyer is so important. Your lawyer can evaluate the various kinds of damages you may deserve under the law because of the accident. In response to the insurance company’s offer, a lawyer can provide legal justification for why a victim deserves more money. For example, the offer may not take into account the severity of the victim’s injuries or may discount the impact of future lost wages and medical bills.
What Do You Give Up If You Accept a Settlement?
Typically, agreeing to settling your case means giving up the right to sue the insurance company or the insured person in court for any damages arising out of your accident. That means you cannot later sue for any future medical expenses or other losses you might have after you sign the settlement agreement. Also, you won’t be able to go back to the insurance company later and ask for more money in a later settlement. As a result, it’s important to get your lawyer’s opinion about whether the settlement amount you’re discussing fairly accounts for those potential future losses. Your lawyer can explain the specifics of the agreement you plan to sign.
You give up important rights if you agree to settling your case, which is another important reason to seek legal advice if you’ve received an offer or want to make a settlement demand. Your lawyer can review the proposed settlement agreement and explain it to you to ensure that you know what you’re giving up. Some insurance companies try to get unsuspecting accident victims to sign sweeping releases of liability in exchange for small settlement amounts. In other words, the rights you give up could be worth more than the money you receive in exchange. Settlements in personal injury cases are very common, but not all victims fully understand what they’re giving up in exchange for the money. Make sure you’re well-informed by getting legal advice right away.
Need Legal Advice After an Injury Accident? Call the Kang Law Group
Were you in an injury accident and have questions about settling with insurance? You need legal advice about how to negotiate and reach a fair settlement. The Kang Law Group’s knowledgeable team of personal injury lawyers can help you determine what’s next. We’re on your side when it comes to dealing with the insurance company, going to court, or simply learning more about your rights. Our firm offers free and confidential consultations to accident victims and their families in Beaverton, Gresham, Vancouver, Salem, and nearby cities. Contact us at (503) 646-3131 or message us online to learn more.