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Personal Injury Settlements: What You Need to Know
July 02, 2024
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If you’re considering a lawsuit after being injured in an accident, you might be wondering how the settlement process works and what type of compensation you’re entitled to receive. The answer depends on a host of factors, most of which are specific to your case details. Although it’s always best to get answers and advice from your attorney, this article will outline some key information regarding settlements.

Common types of personal injuries that generate settlements

Almost any type of injury that was caused by another person’s negligence can make you eligible for a settlement, either through the responsible party’s insurance policy or a lawsuit. These are typically accidents like:

·  Car accidents

·  Pedestrian accidents

·  Construction accidents

·  Slip-and-falls

·  Defective product injuries

·  Dog bites

·  Premises liability

·  And more

If you don’t know if your accident is worth pursuing a lawsuit, get a consultation with an attorney right away before you accept a settlement from an insurance company.

Most lawsuits are settled before going to trial

Of all the reasons to hire a personal injury lawyer, the fact that most cases settle out of court is the biggest. You need an attorney to negotiate your settlement, otherwise you risk accepting a settlement far below what you deserve. The problem with negotiating your own settlement is that you don’t have the experience of an attorney and you won’t know what your case is worth, which makes it impossible to recognize a fair offer. Fair settlement offers don’t just cover medical bills – they cover lost wages, future lost wages, and sometimes pain and suffering.

It's a good thing that your lawsuit will likely settle out of court and avoid trial because trials are expensive and exhausting. However, that means you won’t have a jury to determine your award, and an attorney is your best chance at recovering fair compensation.

How fault impacts your settlement

While your case is being heard, the court will establish fault. The fault could rest entirely with the other person, or you might be determined to be partially at fault. If the court determines that you share some of the blame, your settlement amount will be lowered to account for that. There is no exact formula because it all depends on your case details, but generally, compensation is lowered by the percentage of fault. For example, if you’re found to be 20% liable for your accident, your compensation will be reduced by 20%.

There are three possible types of compensation

Unlike accepting an insurance settlement, which only covers medical bills, a lawsuit settlement can potentially include additional forms of economic compensation, non-economic compensation, and punitive damages. For instance, if you’ve been off work, there is a possibility of recovering lost wages. If you’re permanently disabled, you might recover future lost wages plus non-economic damages, like loss of enjoyment of life, pain and suffering, and other, similar awards.

This is the best reason to pursue a lawsuit over negotiating with insurance. The more severe your injuries are, the better chance you have at recovering a higher settlement through the courts.

Insurance companies are not on your side

Most importantly, insurance companies are not on your side. Even though they claim to exist to protect you and pay out financially when you are hurt, their main objective is to keep as much of their profits as possible by paying out the least possible compensation. Each case is given a maximum dollar amount that can be paid out, and insurance adjusters always lowball their offers. If you try to get compensation from an insurance company, you can expect to fight hard for what will amount to an inadequate settlement, no matter what.

You can get a settlement without paying up front

You might be relieved to know you can get a settlement without paying your attorney up front when they take your case on a contingency. This means you pay nothing unless they win your case. If money is the only thing holding you back, now you know you don’t have to worry.

There are time limits

Each state has a statute of limitations that requires personal injury lawsuits to be filed within a certain time after the accident. Those time limits vary between one and six years. Make sure you don’t wait too long to get your case filed because exceptions for missing the timeframe are rare and most people don’t qualify.

You deserve to be compensated for your injuries

Most importantly, you deserve financial compensation for your injuries. Don’t hesitate to talk to an attorney to see what your case is worth. 

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This article was sponsored by:
Signature Closets
6550 Denver Industrial Park Rd, Denver, NC 28037
(704) 543-3100

Open M-F 8AM-6PM and Saturday from 8AM-12PM

Located in Denver NC and serving the Metro Charlotte area, they provide affordable custom closets without breaking the bank. Craig Amick and his wife, Fran, have worked with North Carolina homeowners for over 30 years and bring quality installations and customer service to every project; regardless of size. Five-star rated on Google!

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