How to Know if An Insurance Settlement is Fair
- DON’T BELIEVE SETTLEMENT CALCULATORS. Some attorney websites will tell you that the insurance companies will figure out...
- FIGURING OUT WHAT IS FAIR. A fair personal injury settlement is the amount a jury would pay the injured person for the...
- THE INSURANCE COMPANY’S MOTIVATION. Although they are not supposed to, insurance...
Full Answer
What happens after a serious injury?
After a serious injury, the insurance company might offer you a settlement and discourage you from contacting a personal injury lawyer. You might understandably feel tempted to take this offer and just put the whole thing behind you so you can focus on recovering.
What does insurance consider when deciding on a case?
Additionally, the insurance company will consider how much it might spend on attorney’s fees, expert witnesses, and litigation expenses if your case went to trial. If your case would be expensive to defend and hard to win, the insurance company might be more willing to offer you fair compensation for your injuries.
How to contact a North Carolina injury lawyer?
Call our offices today at 888-376-2889 or fill out our online contact form to schedule your free initial consultation with an experienced North Carolina injury attorney. We’ll use this time to get to know you, learn about your case, and inform you about your legal options so you can go forward with confidence.
Is an insurance adjuster a negotiation?
The process of settling a case is very much a negotiation, and as in most negotiations, the first offer is rarely the “real” offer. Typically, an insurance adjuster will offer you much less than the true value of your case when they give you an initial settlement offer, especially if you don’t have a personal injury lawyer. Most likely, the adjuster is just “fishing” to find out whether they can easily make your case go away by offering you a relatively small amount of money.
Is a settlement calculator worthless?
You might find tools that claim to be “settlement calculators” on the Internet, but they’re typically worthless. Assessing the value of your personal injury claim involves more than simply punching some numbers into a calculator. We’ve tested out some of these online calculators, and we frequently encountered the following problems:
Is a claim value based on numbers?
Your claim’s value isn’t simply based on numbers . You’ll also have to weigh factors that might impact your chance of success at trial — which is also what the insurance company is doing on the other side when they decide how much to offer you.
Can accepting a settlement offer put things behind you?
Even though it may seem like the simpler and easier option right now, however, hastily accepting a settlement offer might not put things behind you at all. In fact, it can create serious financial problems for you that could lead to a lot of stress, hardship, and regret before long.
What do you want to do when you're injured?
When you’re injured, you want to be able to focus on your recovery. Because of that, many times you don’t want to go through the trouble of fighting for additional compensation or a more favorable pay structure.
What is structured settlement?
With a structured settlement, payments get broken up via a pay schedule. You can expect regular checks in the mail to cover your disability, medical expenses and any future expenses you may incur as a result of your injury. Many times you won’t be presented with the settlement option you prefer right away.
What can a lawyer do for you?
A lawyer can help you maximize your financial support. Remember this, accepting an initial offer presented by your employer can be a short-term solution to a potentially long-term problem. Taking the time to fight for what you’re entitled to is a future-focused approach.
How does impairment affect your work?
The severity of your work-related impairment directly affects the amount of money you’ll receive from a claim. You will need to decide to accept what you’re getting offered, negotiate a higher amount, or take the matter to court.
Do insurance companies pay out the minimum amount they have to?
Insurance providers do their best to pay out the minimal amount they have to as is required by the law in compensation claims. They also take advantage of recipient’s limited legal knowledge. Insurers will make you feel as though what you’re being offered is the best you’re going to get.
Are You Getting the Type of Settlement You Need?
Workers compensation claims can come in two types. A lump sum or a structured settlement.
How to know if a settlement is fair?
No one can tell you whether your settlement offer is fair until they know the details of your specific case. Know your policy limits. Get familiar with your own insurance policy. If you have been injured in a car accident, make sure to get the insurance information of the person who hit you.
What should a fair car accident settlement cover?
The bare minimum a fair car accident settlement should do is to cover your medical bills. They may even argue that your injuries are worse because you failed to seek treatment, and they may use that to deny you coverage. There’s also the statute of limitations on your case.
What Else Affects the Value of My Car Accident Settlement?
The type and quantity of the damages you’ve sustained greatly affects your car accident settlement. However, there are a few other factors that might affect the value of your car accident settlement.
Why Are Property Damages Separate?
The insurance company may offer a car accident settlement that covers both your property damage claim and your personal injury claim . However, it’s typically helpful to keep these two claims separate.
How much should you be at fault for a car accident?
As long as you are fewer than 51 percent at fault for the car accident, you should be able to receive a car accident settlement from your insurance company or the insurance company of the at-fault driver.
What happens if you settle before you get treated?
If you settle before you’ve finished treating, then the insurance company is only obligated to cover the medical bills you’ve incurred so far. Any additional bills you receive will be your responsibility.
What is the common thing in car accident settlements?
But every car accident settlement has one thing in common: damages.
