If you’ve never faced a severe personal injury caused by someone else’s negligence, your only knowledge of settlements might come from the media or TV. Sensational stories often highlight multi-million dollar settlements against negligent companies. Recent headlines have featured settlements ranging from $60 million to $225 million.
However, typical personal injury settlements are much different. Instead of high-stakes court battles, settlements usually resemble everyday business negotiations. These negotiations are often less dramatic than you see on TV, but that doesn’t mean your case isn’t worth fighting for.
The good news is that your case is likely deserving of a fair settlement. Let’s explore the reality behind personal injury settlements, why they matter, and how having an attorney can help you focus on your goals.
Setting a Realistic Personal Injury Settlement Goal
To settle a personal injury case, you need a realistic goal backed by evidence. For example, if an insurance company offers $5,000, demanding $2 million without justification is unrealistic and jeopardizes your chance of fair compensation. On the other hand, if your medical expenses are $5,000 and the offer is $1,000, there’s room to negotiate. An experienced attorney will help you set a realistic goal based on similar cases.
Calculating Your Expenses
To set a realistic goal, you need to document all your expenses, including:
- Medical expenses
- Lost wages due to missed work
- Pain and suffering costs
Collecting this documentation is crucial to determine if the settlement offer is fair. An attorney can assist you in gathering the necessary evidence.
Documenting the Severity of Your Injuries
Working with your attorney, document the severity of your injuries through medical records and reports. The more severe your injuries, the higher the potential settlement. Insurance companies will challenge your claims without proper documentation.
Property damage is also considered in motor vehicle accidents. For example, if you claim $20,000 in medical expenses but only $500 in vehicle damage, the insurance company may question your medical expenses. Properly documenting all damages is vital for negotiation.
Establishing Fault
You need clear evidence that another party is liable for your injury. This can include police records, court documents, and other evidence. Clear fault makes it harder for insurance companies to offer low settlements. An attorney can help you establish liability, strengthening your case for a higher settlement.
Knowing When to Settle
Settlement isn’t about revenge or getting an unrealistic payout. Once the insurance company offers a fair amount, consider it a victory. However, don’t accept the first offer out of desperation. Insurance companies often start with a low figure to test your willingness to settle. A personal injury settlement attorney can guide you through these negotiations, recognizing when a fair offer is made.
Insurance companies use formulas to calculate payouts, but these can oversimplify cases. Your personal injury settlement attorney’s negotiating skills and thorough evidence preparation are crucial to maximizing your settlement.
Free Consultation for Personal Injury Settlement Cases
Going through a case that’s leading to a settlement? Give us a call today for a free consultation. We have offices in the following locations:
