It is enough to be frustrated by being injured in an accident, having your life disrupted, not being able move around without pain, or even when you are unable to work. The frustration increases when you learn that the accident was preventable, and that someone else caused it. It would be a mistake to not pursue legal action when it is possible for someone to be held responsible for something that could have been prevented. You should receive the compensation you deserve. A lawsuit can bring about responsibility and recoveries, even though it may be difficult and at times questioned if it is worth it. This brings with it new decisions: What would constitute a fair settlement?
The two settlements are not the same
Settlements are offered by many people who sue. A defendant has multiple advantages. They avoid the high cost of court and the risk that they will lose badly. A settlement that is lower than what the actual cost of responsibility and what might happen in court could be reached. It’s no surprise that defendants will settle for as little as possible. It doesn’t necessarily mean that a settlement is good.
Element of a Solid Settlement for Recovery
The plaintiff (the party who is suing) must make sure that the agreement they reach is the best option. There are certain elements that one should consider.
Comparative Value vs Value Offered Depending on where you live, there may be laws in place that govern the sharing of responsibility in a lawsuit for personal injury. Comparative fault is a legal theory that looks at fault in proportion. If it is determined that both parties (or other parties if there are more than two) were responsible, the cost of accountability will be shared on a percent basis. The same percentage is applied to the total cost of responsibility. The settlement must be sufficient if it is less than the comparative fault.
Coverage for All Medical Costs– The immediate medical response when you are injured by someone else is the most expensive. The first medical bills will show you everything associated with emergency rooms and initial medical care. But that’s not all. In the case of a serious injury, rehabilitation and recovery will cost more in the long-term. This can include costs for physical therapy, chiropractic treatment, hospitalizations, repair surgeries and additional hospital visits, as well as prescription drugs. It is possible that you will also need expensive medical equipment. Include all of the above, including future treatment. Once an agreement has been signed, it is final and nothing can be done afterward. A settlement will release the defendant in full.
Suffering & Pain Have Value Injuries don’t have to be physical. Serious injuries can have a life-altering impact. If permanent, the loss of enjoyment in life could continue. This can include your ability to work and be active. It could also include the value of your relationship. In addition to the costs of recovery, all of these should be compensated to some degree in a settlement.
Property Recovery– Any property that is destroyed as a result of the personal injury must be valued at its replacement value and not market value. If you choose the latter option, the amount paid will not be enough to replace damaged property. The settlement should restore the plaintiff to the “status-quo” he or she had before the accident.
Punitive Components While not necessary to make a settlement work, the punitive element has value. Even a costly element is still cheaper for the defendant than losing at trial. The settlement should include a component that restores the plaintiff and compensates him or her for the initial trouble. This is especially true when there has been negligence, fault that could have been avoided, and where the issue should have never arisen in the beginning.
Income Opportunity When injured, you may miss work and, if your employer doesn’t accommodate, that can mean lost wages. If a person’s career was moving in the right direction and an injury halted it, or the victim can no longer earn income because of the injury, that is also income opportunity lost. Where applicable, both should be considered in the settlement.
Assistance & Recovery Services – In cases of serious injuries, victims might need professional medical assistance or living assistance for a long time. The cost of this is significant. It would be a mistake to not include cost recovery for long-term care expenses when a patient falls into this category.
Representation Skills– The lawyer used to represent you makes a huge difference in the settlement outcome. General counsel with little or no experience in personal injury cases will produce better results. Lack of negotiation skills or awareness of the subtleties in a case can lead to a great deal of risk, mistakes, and key elements being overlooked. Working with the first lawyer that appears can lead to a plaintiff choosing counsel who does more harm than good.
You Have One Chance to Make Things Right
You should be able to rely on a solid settlement if you are injured in an accident that could have been prevented. Do not shortchange yourself by accepting a settlement that is too low or too quick. Too often, victims accept smaller settlements because they seem like a “sure thing,” but the money is not enough to cover their full recovery. The victims end up paying years later for an error that was preventable and never should have occurred.
It’s in the interest of a party responsible to settle as quickly and as cheaply as possible. You want to ensure that the settlement you receive represents your best possible recovery. Do not repeat someone else’s mistakes. Protect yourself instead.
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