Being eager to settle your personal injury claim is only natural. After all, it can feel like a long process. After the accident, you will have doctor’s appointments, follow-up appointments, and much more. You are likely ready to get things wrapped up and move on with your life. Insurance companies, however, are aware that most claimants feel this way and are thus quick to offer lower settlement offers in the hopes that you will jump at the chance to resolve your claim and move on. So, what would an actual good settlement offer for your claim look like? We will explore this question in more detail here.
What’s a Good Settlement Offer for my Claim?
A good settlement offer for your claim will depend on a variety of factors. No personal injury claim is going to look exactly the same and a settlement offer is completely dependent on the details of the claim itself. First, it can be instructive to go over what type of damages are included in a personal injury claim settlement offer. Damages in a personal injury claim will include economic and non-economic damages. Economic damages include those more easily quantifiable damages such as medical bills, cost of future medical care, lost wages, and loss of earning capacity. Non-economic damages are those damages that are much more difficult to put a number on. Pain and suffering damages, for instance, are classified as non-economic damages.
So, a good settlement offer will take into consideration the amount of medical bills and expenses you have incurred as a result of the accident injuries. The amount of medical bills you have totaled up over the course of your treatment will largely depend on the nature and extent of your injuries along with the level of treatment you have received for those injuries. Your injuries and the treatment needed to address your injuries may have also resulted in you missing work and incurring lost wages as a result. The amount of wages you missed out on due to your injuries should be included in a settlement offer. Furthermore, if your injuries have impacted your future earning potential, such as by placing limits on your ability to advance in your job, then the settlement offer should also account for your loss of earning capacity.
Your attorney will likely set forth solid estimations of these damages, among other things, in the demand letter sent to the insurance claims adjuster. A demand letter lays forth the nature of the accident, the resulting injuries, the damages incurred as a result, and a proposed settlement amount. Upon receipt of the demand letter, the insurance company will do one of three things. The proposed settlement amount may be accepted, the claim as a whole may be completely denied, or, in the most common situation, the insurance company will counter with their own settlement offer and negotiations will kick-off.
Philadelphia Personal Injury Attorneys
If you have been injured in an accident, do not hesitate to reach out to the trusted team of personal injury attorneys at Cooper Schall & Levy. We are here to help make sure you are properly compensated for your losses. Contact us today.