A personal injury claim inevitably evokes questions around whether it’s best to accept the insurance company’s settlement offer. The circumstances of your case will determine the best way to move forward.
Working with a skilled and knowledgeable Denver personal injury attorney is the best way to the most desirable outcome. They can advise you on whether or not the insurance company is offering a fair settlement offer or if you should negotiate.
It’s always best to consult with an attorney before accepting any offers, unless you’re absolutely sure the settlement offer is enough to cover all your damages including medical bills, lost income, and [ropery damage, and pain and suffering.
If your have doubts or are unsure about what a fair settlement offer should look like after you’ve been injured by another person’s negligence, call our legal team today for a free
A Few Critical Points to Consider Before Accepting a Settlement Offer
You need to consider several factors before deciding to settle a claim or not, as this is an important decision that could impact you, your family, and your financial future.
Do You Have an Experienced Denver Car Accident Lawyer Advising You on Legal Matters?
Too many accident victims try to handle insurance companies independently. While you can do this, and even get a settlement, it’s not advised. You’re much more likely to get a larger settlement when you have strong legal representation.
Statistics show that personal injury claimants without a lawyer only get a payout about 51% of the time, as opposed to 91% of the time with legal representation.
How Long Will It Take You to Reach Maximum Recovery and Have You Reached It Yet?
Compensation for Medical expenses will be a crucial part of your settlement. That includes any past, current, and future anticipated medical bills associated with the accident. Unless you know that you know the full extent of your medical expenses, you should not settle.
Furthermore, if you have not fully recovered from your injuries, or reached maximum medical recovery, you won’t be able to seek full compensation for all your medical expenses. Make sure you have all the information you need before settling.
For Example, what if you have more doctor visits, prescription medications, physical therapy and rehabilitation, down the line that you don’t yet know about? If you havent reached maximum medical recovery yet, you can’t be sure about the total cost of your medical expenses or how much medical care you’ll require. Speak with your attorney to help review all the medical documentation and your current medical situation before thinking about settling.
What Is the Value of Your Pain and Suffering?
A settlement is supposed to compensate you for non-economic damages that include pain and suffering and other mental and emotional damages. Additional examples of non-economic damages include reduced quality of life and PTSD.
Your non-economic damage recovery will be worth more if:
- you’ve endured a particularly long and painful recovery
- You are permanently disabled
- You experienced permanent scarring and disfigurement
Determining the value of non-economic damages can be challenging and requires a legal professional who has experience handling personal injury cases. To assess your non-economic damages and calculate a fair value, it’s necessary to consider specific legal factors and outcomes from similar cases. While this sounds complicated, a knowledgeable Denver personal injury lawyer can help you determine a fair value for your non-economic damages.
Do You Need to File a Lawsuit?
Just because you need to file a lawsuit, that doesn’t necessarily mean you need to file a personal injury claim. In fact, a large majority of car accident claims get settled out of court. That said, you could potentially win a much larger financial award if you file a lawsuit.
Having strong legal representation and being willing to go to court shows the insurance company that you’re serious about getting justice and that you won’t back down. You can also collect more information through the discovery process involved in a lawsuit, which can help strengthen your claim.
On average, personal injury victims receive higher compensation when they file a lawsuit, but again, it’s not always necessary. According to expert legal sources, injury victims who file a lawsuit receive an average of $50,000 more than those who don’t file a lawsuit.
Have You Negotiated a Fair Amount?
Deciding whether to settle or not depends on what kind of offer you’re looking at. If you have solid legal counsel, they should be able to negotiate a strong offer on your behalf. However, this doesn’t always happen. Sometimes, the insurance company acts in bad faith or gives a lowball offer. You may even go back and forth with them to reach the current offer and think it’s a fair one. The first offer is usually not enough, so think about it and discuss it with your attorney.
Could You Potentially Get a Better Financial Award if You Go to Trial?
Many people choose to settle a personal injury case out of court for several reasons. First, it will keep your legal matters private and will usually be a faster process. However, if you can’t reach a fair agreement on a settlement offer with the insurance company, it may be better to go to trial. If there’s a chance the jury will award you a higher financial award, you may have a better outcome from taking your case to trial. There’s no guarantee that a jury will give you a higher compensation amount but a knowledgeable attorney can advise you and give straightforward legal advice depending on your case circumstances.
Contact Experienced Denver Car Accident Lawyers Who Can Help Maximize Your Financial Recovery
We recommend consulting with a Denver personal injury lawyer before you settle with an insurance company. This is a process that shouldn’t be rushed and often requires a skilled negotiator to get you a better outcome than the initial offer.
Sometimes, the best option is to take your claim to court. Our legal team can assess your case to give you legal advice on how to proceed.
Our priority is to get you the best possible outcome and we always keep your best interests in mind. Contact us today to schedule a free initial consultation.