A lot of personal injury claims in Palmdale Lancaster are settled out of court. The settlement usually happens before a case reaches trial. However, knowing if settling your claim is better than going to trial can be tricky. The answer depends on the circumstances and facts of your case. Settling your claim without court intervention is an easy and quick way to secure the compensation and justice you need. But you must not be able to tell if a settlement offer from the at-fault party or their insurer is fair. That is why you should work with an attorney at Oaks Law Firm who can help determine your options and the right legal strategy to employ in your case. Also, the attorney can determine whether you have a good settlement offer in your hands:
What is a Good Settlement Offer for Your Personal Injury Claim?
Saying whether a settlement offer is good or not is challenging. After all, every case is unique. What seems to be fair in one case could be unreasonable in another. To determine the fairness of an offer, below are important factors that must be considered:
- Medical expenses (current and future). A settlement offer can be deemed good if it covers your present and expected medical expenses in the future that you might accumulate during your recovery. Depending on how serious your injuries are, you must need long-term rehabilitation or care, which is quite costly.
- Property damage. If you were involved in a vehicular accident and your car sustained serious damage, a fair settlement offer should reflect the pair or replacement cost.
- Emotional trauma. If you are like other accident victims, you may sustain anxiety, depression, and PTSD following the accident. Thus, a good claim settlement offer must cover your pain and suffering. While such damages are not easy to measure, the offer must allow you to seek help from a professional for your emotional distress.
- Lost wages. If your injuries had left you unable to go to work for a few days, a good settlement offer must include the wages you lost. Also, if you lost the capacity to work or earn because of the injuries, your settlement must also consider this matter.
How to Calculate Settlement Offers
There is no particular formula to calculate personal injury claim settlements. But many attorneys and insurers use the multiplier method to create an offer. This method works by calculating your overall expenses, from your medical expenses to lost wages, multiplying the total by a number from 1.5 to 5. The seriousness of your injuries will influence the multiplier. For instance, if you sustained minor injuries, the multiplier can be between 1.5 and 3 but if you suffered serious or permanent injuries, the multiplier will be 5.
What Impacts a Settlement Offer?
Apart from your damages, insurers must take other factors into account when calculating a claim settlement offer. These factors include the following:
- Liability. Under state law, your possible compensation will be reduced based on your level of fault. For instance, if you are found 20% at fault for the accident and your claim is worth $100, 000, you may get a $80, 000 settlement offer.
- Coverage limits. Insurance coverage is not the same. The majority of coverage varies in liability limits. For instance, while some policies cover just minor injuries, others can cover serious injuries. Your possible settlement will depend on the coverage limits of the source insurance policy.
- Pre-existing injuries. A pre-existing condition can leave the other party or an insurer arguing that your injuries have to do it with. This can also be their argument if your claim includes chronic pain.
