Navigating a personal injury settlement negotiation can be tricky. However, understanding what to expect makes a significant difference in achieving a fair outcome. Whether you’re negotiating for your medical expenses, lost wages, or compensation for pain and suffering, preparation is crucial.
To make the most of your settlement, you must know what damages you’re entitled to and how to navigate the initial offer. You must also consider other factors that affect the negotiations. Let’s explore what to keep an eye out for during the process.
Navigating the Initial Offer During the Negotiation
During a personal injury settlement negotiation, one party may make an initial offer to settle the claim. When this happens, the claimant either accepts or rejects the offer. In some cases, counter-offers are made when initial offers are rejected.
The first offer from an insurance company or an opposing party may appear appealing. However, you must be cautious because it is often lower than what you may be entitled to, as insurers seek to minimize payouts as much as possible.
That is why it is crucial to evaluate the initial offer thoroughly. Always consult with a personal injury lawyer who will offer valuable guidance based on their knowledge and experience. The negotiation process involves back-and-forth exchanges, so it is essential to remain patient for the best outcomes.
What Damages Are You Entitled to Receive?
It is important to determine what damages you’re entitled to before diving into the personal injury settlement negotiation. Do not take the insurance company or claims adjuster’s word in this case. Instead, work closely with your attorney. Personal injury victims are usually entitled to recover compensation for economic and non-economic damages. They may include the following:
- Cost of medical treatment
- Personal care expenses
- Lost income
- Pain and suffering
- Out-of-pocket costs
- Loss of quality of life
The value of personal injury damages typically depends on the severity of the injuries. Higher damages are mostly awarded when there is permanent impairment, such as blunt force trauma. Overall, the facts of a case play the biggest role in determining the settlement.
Factors That Affect the Settlements in Personal Injury Cases
Several factors affect the settlements in personal injury cases. These issues typically arise during negotiations and trials, if the case proceeds, and can impact personal injury settlement amounts. Here are a few of them.
Coverage
Coverage plays an important role in personal injury settlements because it determines the maximum compensation you can receive. Insufficient coverage may limit your settlement.
Liability
Liability is crucial in a personal injury case because the degree of fault assigned to each party affects the settlement. Clear liability increases the likelihood of securing higher compensation in the case.
Extent of Injuries
The extent of injuries directly affects personal injury settlements. Severe, long-term, or permanent injuries result in higher compensation to cover the treatment, lost wages, pain and suffering, future care needs, and other related expenses.
Endnote
Going through a personal injury settlement negotiation can be a complex process. First, the initial offer is almost always lower than the fair amount; working with an experienced attorney can help. You may be entitled to economic or non-economic losses, depending on your losses or injuries, liability, and coverage.
