How Can You Tell If Your Personal Injury Settlement Is Fair?
When an injury accident happens due to negligence, it can be possible to file a personal injury claim to obtain compensation for noneconomic and economic damages. Noneconomic damages are losses that do not have a tangible value, like pain and suffering. Economic damages are losses that do have an associated concrete cost; medical bills are an example.
The claims process can be complicated depending on the nature of the injury accident and the extent of the damages that a claimant suffers. As a result, to ensure that full compensation is sought, it must be determined how much a claim is actually worth. To do so, a claimant must identify all losses, including those that are immediate, such as missed wages from time away from work, as well as those that may exist in the future, like the need for more surgeries or therapy.
If damages are not accurately calculated, a claimant may accept a settlement lower than what they are entitled to. The claim is closed when a claimant agrees to accept a settlement offer and signs off on it. There is usually no way to go back and demand more compensation when it is realized that the settlement that was obtained was insufficient.
Due to the complexity of the claims process and the difficulty that exists when trying to secure fair compensation from an insurer, having an attorney’s assistance can be advantageous. After an injury accident in New Jersey and Pennsylvania , the personal injury attorney at Monaco Law PC can evaluate your case and help you determine what it is truly worth.
Insurers Do Not Want To Pay Claimants Fairly
When a claimant calls an insurer, the insurance agent may come off as caring and compassionate. This is done intentionally to make a claimant feel comfortable with the agent and to encourage trust. However, an insurance company will try to limit their losses wherever they can because they are not in business to pay out large sums to claimants. This leads to agents offering claimants low settlements.
Claimants who are injured may be feeling overwhelmed, and vulnerable after an accident. At a time of such distress, it can be difficult to think clearly, and a low settlement offer may initially sound like a lot, when, in fact, it is not. A claimant who signs off on a settlement that is not enough to cover their losses will be stuck with the little money that they were paid and likely unable to get any more from an insurer.
To avoid this, you can take your case to an attorney and have it reviewed. An attorney will know how to identify damages and calculate a realistic settlement amount. Doing so will keep claimants from signing off on a settlement that is too low and put them in a better position to negotiate for a fair amount.
Speak to a New Jersey and Pennsylvania Personal Injury Attorney Today
To discuss your case for free with our experienced personal injury lawyer at Monaco Law PC, please call (609) 277-3166 for our New Jersey office and (215) 546-3166 for our office in Pennsylvania.
We are a New Jersey and Pennsylvania personal injury law firm serving Atlantic County, Bucks County, Burlington County, Cape May County, Camden County, Chester County, Cumberland County, Delaware County, Gloucester County, Mercer County, Middlesex County, Montgomery County, Philadelphia, Ocean County, Salem County, and all of South Jersey.
Source:
cdc.gov/nchs/fastats/accidental-injury.htm
