5 Factors Considered when Determining an Injury Settlement
If you or a loved one has been injured in a slip-and-fall accident, an auto accident, or another situation, you need to make sure you know your rights. If the injury was caused by the negligence of another party, you may be able to file a lawsuit against them (or their insurance company). Understanding how much your settlement offer may be will help to determine whether pressing forward with the lawsuit is a good idea or if you should accept the settlement.
Limiting Risk
Settlement offers are made in order to limit the amount of risk that the insurance company faces when the case goes to trial. They would rather pay out an amount that they can control than leave it to the judge or jury to determine. Understanding the various things that are considered when coming up with a settlement offer will help you better decide whether or not it makes sense to take a settlement deal related to your injury.
Factors that Determine a Settlement Offer
When coming up with a settlement offer, insurance companies will look at a lot of different pieces of information. The following are some of the most important factors that are used by these companies:
Financial Damages – The first thing they will do is look at what financial damages you have incurred due to the injury. This would include medical expenses, any damage to property, any loss of earnings (including future income), and more.
General Damages – The general damages considered are those that may not have a specific dollar value, but nonetheless cause problems. Things like pain and suffering, emotional distress, loss of companionship, loss of enjoyment of life, and a variety of others.
Proof of Neglect – You must be able to show that negligence caused your injuries. If there is little evidence that there was neglect from the other party, the insurance company may be more willing to go to court and force you to prove your case. This often results in a lower settlement offer.
Past Case Precedence – Looking at other similar cases that went to court will give the insurance company a good idea of how much they may have to pay out if you don’t accept the settlement.
Attorney of Victim – Insurance companies know which attorneys generally recommend their clients accept low settlement offers and which ones are willing to go to court if the offer is too low. Having an attorney who isn’t afraid of the courtroom is critical for maximizing your settlement offers.
Work with an Experienced Attorney
Having an experienced attorney working with you will help determine if a settlement offer is a good one or if it should be rejected. We have helped hundreds of clients throughout Illinois, and we would be honored to help you too. Contact us to schedule a consultation and discuss your situation.