Once you agree to a car accident settlement you will be required to sign a binding agreement that prohibits you from seeking future compensation for your car accident injuries from the person, or insurance company, from whom you are accepting the settlement. Therefore, it is very important to recognize a fair car accident compensation amount before you enter a settlement agreement.
The following information can you help you recognize a fair car accident settlement offer and make the difficult decision about whether it is time to settle your car accident claim or continue further negotiations for additional compensation.
Verdict Research
Most settlement agreements are confidential and it can be difficult to determine the amount of the settlement and how the facts of the case compare to your accident case. However, the same is not true for court verdicts. Court verdicts are public information and you, or your lawyer, can easily obtain information about prior car accident verdicts in the jurisdiction where your accident occurred. It is important to compare the facts of those verdicts to the facts of your case in order to get an idea of how much a judge or jury would likely award you for your injuries. This can help you value your case and determine your fair car accident compensation amount.
Understand the Appropriate Value of Your Past and Future Injuries
While past verdicts can give you an idea about fair compensation amounts, you will not find a case that is identical to yours. It is, therefore, important to get an accurate idea of all of your car accident expenses that have already occurred and that are likely to occur in the future, such as:
- Medical Bills;
- Rehabilitation Expenses;
- Lost Income;
- Property Damage;
- Out of Pocket Expenses (for things such as child care, driving, housekeeping help etc. that your accident left you unable to do); and
- Pain and Suffering which can be difficult to estimate but should include your level of physical pain and a list of things that you can no longer do or have to miss because of your injuries.
Your medical and legal team will help you value all of these things including the future estimates of medical expenses and lost income. Once you understand the total amount of damages caused to you by your car accident you will have a better idea of when to settle your case.
Get Legal Help
Your lawyer has experience with car accident settlements, knows how to identify a fair settlement, and can negotiate with the insurance company or defendant to get you a fair settlement. Therefore, it is important to hire an experienced accident lawyer to help you with your car accident settlement.
