If you are injured, you will likely be approached by the insurer of the party at fault. They may offer you a large payout if you agree to drop any claims in future. You will be tempted by a generous compensation package that, on the surface, appears fair. If you dig deeper, the money will not cover your actual suffering.
In some cases, the other side may decide to settle on terms that are in your favor. You will only have one chance to accept an offer. Here are five ways to get the best deal possible and avoid this dilemma:
1. Your attorney is your best resource throughout the entire process
It’s difficult to deal with a personal injuries claim on your own, so you shouldn’t expect an easy ride at the negotiation table without legal representation. You need an experienced personal injury lawyer to analyze the offers made by the other party and lay out the facts in your case. Consult your lawyer to find out which options are best for you.
2. Consider both present and future suffering
You need to take into account other factors when analyzing personal injury claims, such as the potential economic damages, which include lost income, medication and a reduction in your quality-of-life.
Although the initial offer from the other party may seem generous, it is only a fraction. Your attorney should calculate a specific claim amount and stick to it. You have every right to reject the offer if it is not better.
3. Do not speak to the insurer of the other party
The insurance company of the party at fault will reach out to contact you in the event of an incident. The insurance company will try to be friendly and “help” you, but this is not the only reason. Speaking directly to the insurer of the other party without your attorney’s input could jeopardize your claim. They could devalue your claim based on your words, even if you’re just talking to them over the phone.
Tell them that you have an attorney working on your case. Avoid talking about the injuries you have sustained and any property damage. Give only the information recorded by police or what you and your lawyer have agreed upon.
4. When to say “yes”, to an offer
Negotiations could last for months. Delaying your compensation and increasing your legal fees will only delay it. The other party may make you an offer to reduce their losses.
You have up to 90 calendar days to accept or reject the offer. Your attorney will review the terms and consult with experts to determine if it is a fair settlement. Accepting the settlement agreement will result in a positive outcome for both parties as long as it is approved by your attorney.
Endnote
It’s important to consult your lawyer before accepting any settlement. It’s important to know what’s at stake and consult with your legal expert before accepting a settlement.