Being involved in a personal injury claim can be stressful and overwhelming. The insurance company will give multiple offers to “settle” your personal injury claim that will somehow be beneficial for their company. Many people consider one of the most prominent questions, “should I settle my claim?”
However, there is no direct answer to this question. Settling your claim depends on various factors. Unless you are confident about whether the settlement amount will compensate for all your losses, including medical bills, loss of income, emotional trauma, rehabilitation, and more, avoid settlement.
It would be in your best interest to talk to experienced Philadelphia, PA personal injury attorneys who can help you understand whether you should settle your personal injury claim. Your decision to settle your claim can impact you and your family’s life.
Here are a few things to consider before settling your claim:
Did you consult an attorney?
Many personal injury victims try to complete the negotiations process with the insurance company without considering an attorney. However, you are less likely to receive fair compensation without legal representation. An attorney will consider all your expenses and decide if the settlement offer is right for you or not.
Have you completed the entire medical treatment or reached complete recovery?
A vital mistake that people commit is settling too early before even completing their medical treatment or reaching their maximum recovery stage. You want to include all your medical bills, including your future expenses. Unless you are totally recovered and do not need further treatment, do not consider settling for any offer.
Have you considered filing a personal injury lawsuit?
Although it is not necessary to file a personal injury lawsuit in many cases, filing a lawsuit will help in maximizing the compensation amount. When you file a lawsuit, you are willing to fight for your rights and collect all your evidence, making your claim stronger against the at-fault party.
Is the compensation amount sufficient for your pain and suffering?
It can be challenging to calculate pain and suffering in economic terms. However, considering all your mental stress, decreased quality of life, and other mental disorders is crucial. A lawyer will help determine an approximate value of all the non-economic damages.
Did you explore all the other options?
Another crucial factor in understanding is whether you have explored all the options you have. The insurance company will offer a settlement to avoid all the other options you could try. Other options include mediation, bench trial, arbitration, jury trial, and others. It would be best to consider a lawyer to explore all your options instead of settling for the offer.
After understanding all the factors, you and your lawyer can take the right steps regarding the settlement offer.