Personal injury victims suffer through many struggles during a personal injury lawsuit. The process can be long and drawn out, with many ups and downs along the way. A settlement negotiation is one of those key parts of a personal injury case that can help bring some closure to an accident victim’s life.
In spite of the obvious nature of your injuries and the fact that you are not at fault and should receive the full value of your claim, don’t expect your insurer to make a fair offer right away. Insurers are businesses, and they operate on a profit motive. They will try to settle as cheaply as possible, but it’s up to you and your attorney to negotiate for the best deal possible.
Here, we’ll discuss how attorneys negotiate personal injury settlements and what you can do to be prepared.
Negotiating Personal Injury Settlement — Where To Start?
Even if you have a valid personal injury claim, the first thing you should do is receive medical treatment immediately to document the extent of your injuries and to ensure proper treatment. It also helps determine the amount of compensation you may be entitled to receive in a settlement. Next, keep your attorney informed about anything surrounding your injuries, and know your rights. Turn your social media off, do not speak to anyone about your case, and follow your attorney’s advice.
During this time, you may receive a reservation of rights letter from the insurance company. This is to inform you that it is investigating your claim. For instance, in a reservation of rights letter, the insurance company may reserve the right to deny coverage or limit the amount of compensation you can receive. Do not be scared of this, as this is what they do.
As part of the settlement process, your attorney will gather evidence, such as medical records, witness statements, police reports and the defendant’s policy limits. A demand letter is usually the first step in the negotiation process in most cases of personal injury. The demand letter written by your personal injury attorney includes the amount of money being requested. It also includes a description of the injury, the accident, and a list of damages incurred. Since your attorney knows the insurance policy’s limits and how it affects a fair settlement, he or she may ask for the full policy amount. Your attorney will then send the demand letter to the insurance company, hoping to resolve the dispute without proceeding to court.
Through settlement negotiations, the insurance company and your attorney will try to reach an agreement that is fair for both parties. At the beginning of the conversation between your attorney and an insurance adjuster, the strengths and weaknesses of the case and the proposed settlement amount will be discussed. This can save time, money, and stress, as going to court can be a long and expensive process. Upon reaching a settlement agreement, it will be put in writing and explained to the client before signing.
Factors that Influence a Settlement Negotiation.
Not every personal injury case is worth hundreds of thousands or millions of dollars. That’s because your settlement will depend on a variety of factors, such as your medical bills, lost wages, and the severity of your injury. Most importantly, your injuries play a huge role in how much you may be able to recover. This means that if you haven’t finished your medical treatment, you shouldn’t settle your claim. You won’t know the extent of your damages until your doctor gives you a prognosis.
Compensation can also be affected by factors like the defendant’s insurance policy, whether he was liable, and whether he acted negligently or intentionally. Other factors may include your age, job, and even where you live.
If you have suffered injuries due to someone else’s negligence, you may be entitled to financial compensation. However, it is not easy to obtain the settlement you deserve for your injuries. The law is complicated, and there are many factors that go into determining how much you can recover. This is why you should talk to your personal injury attorney about your concerns and get his or her advice on what to do next. Remember, your lawyer is on your side and is there to help you throughout the process. If done properly, the settlement negotiation process may lead to a positive outcome for your case.
When you are suffering financially because of your injury, a lawsuit loan from Baker Street Funding can help pay your bills and support you during this stressful time. In addition, it can demonstrate to the other side that you are prepared to take the case all the way to trial if necessary. And if you need surgery and you are worried that it will cause a financial burden, Baker Street Funding provides medical lien funding for injured victims who require medical treatment as a result of the accident.
Contact us at 888-711-3599 to learn more about our lawsuit funding options.