3 Facts You Should Know About Personal Injury Settlements
Although you may already be aware that personal injury settlements are possible as the result of an automobile accident that resulted in significant harm to you or your property, you may not be aware of the details that will impact that agreement. That information can help you to be sure that you are agreeing to an acceptable settlement. Therefore, the following information will be very helpful.
#1-The Settlement Will End Your Case
It is important to note that when both parties agree to a settlement after a car accident, it is a way to close the case for both parties. Unless they fail to abide by the terms of the agreement or separate issues occur that are not covered by the contractual agreement, you will not be able to return to court and ask for additional money at any time. As a result, it is crucial to be sure that the amount of money you agree to is proportional to the extent of your injuries and the related expenses.
#2-The Settlement Can Be Asked For And Agreed To Without Filing A Suit
One common mistake that people make is assuming that you will only get a settlement offer after filing a lawsuit. The truth is that you can initiate a settlement request by having your lawyer draft a demand letter. By agreeing to a settlement before proceeding to court, you will be able to save the expense of additional legal expenses and time spent in court, so it is frequently a good choice for both parties.
You will only be able to have your lawyer send the demand letter after extensive research has been done on your case by obtaining the following:
Medical records and bills, including medications and pharmaceutical records
Employment records showing missed time from work
Evidence of the other party's liability for the accident
#3-You May Find That Your Ability To Ask For A Settlement In The No-fault States Is Limited
In 12 states and Washington D.C.,no-fault car insurance laws may limit your ability to sue the other party's insurance company without first going after your own. If your circumstances allow you to seek that compensation, it will typically be the result of severe bodily injury that exceeds the limits of your own insurance policy. Each state that uses "no-fault" insurance laws will have a financial cap that will impact the dollar amount you can ask for.
When the extent of your injuries necessitates contacting the other party's insurance company, only then will you have the option of asking for financial compensation for your pain and suffering. Therefore, it is a good idea to speak with an attorney like Lawyer, Lawyer, Dutton & Drake LLP to determine if a settlement from the other person or their insurance company is likely.
In conclusion, personal injury settlements are often agreed to by the courts and both parties following a serious injury or illness. If you are considering accepting a settlement in lieu of proceeding with your legal case, the above information will be useful to know.