When you’re injured in an accident, the last thing you want to do is battle with an insurance company over what you’re owed. Unfortunately, that’s exactly what many people find themselves doing. After filing a claim, you might get a settlement offer that looks tempting, especially if you’re dealing with medical bills and time off work. But the reality is personal injury victims should almost never accept the first settlement offer.
Insurance companies are businesses. Their goal is to protect their bottom line, not yours. They count on the fact that you’re overwhelmed, stressed, and unsure of what your claim is actually worth. That’s why it’s so important to understand the value of your case, document everything thoroughly, and most importantly, speak with a personal injury attorney before taking action.
Let’s walk through what you should know and what you should do if you receive a lowball settlement offer, and why involving an experienced legal team is the smartest move you can make.
Understand How Much Your Settlement Should Be
Every personal injury case is different, and so is the value of each claim. A settlement should reflect the real losses you’ve suffered due to someone else’s negligence (typically broken down into non-economic and economic damages). It’s not a payday, but a way to recover the costs and burdens the accident has placed on your life.
To get a general idea of what your case might be worth, consider the following:
Medical Costs
Medical costs are often the largest factor that determines the total settlement amount. Medical costs include:
- ER visits
- Hospital stays
- Surgeries
- Medications
- Rehabilitation
- Ongoing treatment
Be sure to include not only current expenses but also future costs related to the injury.
Lost Wages
If your injury forced you to take time off work, you’re entitled to recover that lost income. If your ability to work is permanently affected, that should also be factored into your compensation.
Property Damage
If the accident involved a car, motorcycle, or other personal property, the cost to repair or replace those items should be included.
Pain and Suffering
These non-economic damages can be harder to calculate, but they’re just as important. Pain, emotional distress, anxiety, and loss of enjoyment in life can and should be compensated.
Punitive Damages
In rare cases where the at-fault party’s behavior was especially reckless or malicious, you may also be eligible for punitive damages. These are meant to punish the wrongdoer and deter similar conduct in the future.
Keep in mind that putting an accurate value on a personal injury case is not something most people can do on their own. An experienced personal injury attorney can help you identify all the damages you’re entitled to, gather the evidence to prove them, and present a strong case that insurance companies can’t easily ignore.
