When you get injured, the at-fault party's insurer will more likely reach out and offer a big payout in exchange for you dropping any future claims. They will tempt you with a large compensation package which, at the surface, seems fair. However, if you dig a little deeper, that amount of money won't cover the actual extent of your suffering.
There will be cases when the other party decides to settle with terms favouring your side. This would be the only time that you will get to accept the offer. Here are five tips to help you navigate around this quandary and leave with the best possible deal in your hands:
1. Trust your attorney throughout the process
Dealing with a personal injury claim by yourself is difficult enough, so don't expect a smooth ride at the negotiating table without legal representation. For this reason, you need to get an experienced personal injury attorney to lay down the facts of your case and analyze offers pushed by the other side. Relying on your intuition alone won't benefit you, so consult with your attorney and find out what options provide the best advantage.
2. Take present and future suffering into account
When it comes to understanding personal injury cases, you need to consider other variables such as potential economic damages that include loss of income, medication, and a decrease in your quality of life.
The other side's initial offer may seem hefty, but it only represents a fraction of your suffering. Have your attorney compute a specific amount for your claim and stand by it. Unless the other party gives a better offer, you're well within your right to turn it down.
3. Avoid speaking to the other party's insurer
In the event of an accident, the at-fault party's insurance company will try to reach out to you. They will act friendly and offer "help," but that's not their only intention. Without your attorney weighing in, speaking directly to the other side's insurer jeopardizes your claim. Even if it's a phone call, they could use your words as a basis to devalue your injuries.
Let them know that your attorney is working on your case. You should also avoid talking about your injuries and property damages you sustained. If anything, give out only information that has been recorded by the police and what you and your attorney have agreed on.
4. Know when to say "yes" to an offer
A personal injury settlement could take months of back-and-forth negotiations. Allowing it to drag on will rack up your legal costs and delay your compensation. To cut their losses, the other party will come up with an offer that's within your terms.
Typically, you're given up to 90 days to respond to the offer, so you will need your attorney to review the terms of the settlement agreement and check with medical and other experts if the amount accounts for a fair deal. So long as your attorney approves it, accepting the deal will lead to a favourable conclusion where both you and the other party are happy.
Endnote
Before accepting a settlement, it pays to know what's at stake and consult with your legal expert. After all, it's your financial and social future that's on the line, so you will need to ensure you're getting out of this battle with enough to get you back on your feet.
