For an individual who is harmed through the fault or negligence of another party, personal injury settlements provide a means by which to recover lost funds, secure appropriate treatment, and limit further suffering associated with the injury.
Most insurance companies will offer personal injury settlements almost immediately, as it is often far less expensive to settle out of court.
In many cases, the personal injury settlements are offered immediately following the injury-even while the injured party is still in the hospital-in the hopes that an attorney has not yet been consulted. Injured persons may accept personal injury settlements that are far below the true value of the injury.
It is critical that injured persons and their families not accept any personal injury settlements without contacting an attorney to discuss the amount of the settlement offered.
In some cases, such as automobile accidents, the calculation of damages is fairly standard, and personal injury settlements in those situations may be extremely fair and simple to verify.
However, premises liability cases, or other more complex legal situations may result in the insurers offering personal injury settlements far below what the injured party could conceivably win in court.
When calculating the potential value of personal injury settlements, factors such as lost wages, pain and suffering, loss of quality of life, and punitive damages may drive up the final number.
These are frequently not included in the initially offered personal injury settlements, and many injured parties may not even be aware that they are potentially entitled to such funds.
Although many personal injury settlements are offered prior to the start of legal proceedings, another common avenue taken by insurance companies is to wait until the cases have been filed to offer personal injury settlements.
Settlements can be offered and accepted at any point in the legal process between the time of injury and the issuing of a judgment by a court of law.
Personal injury settlements can be accepted in the middle of a trial, for instance. Once the plaintiffs accept personal injury settlements, they are no longer permitted to seek compensation from that party, even if their condition should worsen.
Personal injury settlements may also be kept confidential, making it difficult for other injured parties in similar situations to estimate the amount of money to which they may be entitled.
Personal injury settlements frequently offer an attractive way out for insurance companies, but they can also be advantageous for the injured party.
Accepting personal injury settlements means avoiding long, grueling litigation, which may take years and never result in financial restitution for the injured person.
Personal injury settlements bring a quick end to the legal process, providing closure and allowing the injured party to resume life.
Personal injury settlements should, however, still reflect the amount to which the injured person is entitled. Attorneys with backgrounds in personal injury law can help you to review personal injury settlements to determine the best legal decision to secure a future for yourself and your loved ones.