Were you injured in a car accident, fall, or pedestrian accident? Is the insurance adjuster for the other person offering you a lump sum settlement for your case? If so, you need to consider your options carefully before you accept the settlement. Insurance companies understand what accident victims go through after an injury. They know that many victims are in a financial crisis trying to pay medical bills and make ends meet, especially if they were out of work for an extended time because of the injuries.
While it may seem logical to accept a lump sum settlement, it may end up costing you money in the long run. If you have not consulted with a Louisville personal injury attorney, we strongly urge you to contact our office before you sign any forms regarding a settlement. Call 888-761-7204 for a free case evaluation!
What Are Lump Sum Settlements?
Most personal injury cases end in lump sum settlements; however, those settlements should not be negotiated until the person reaches maximum medical improvement. Accepting an initial settlement in a personal injury case is usually the wrong move for an accident victim. Insurance companies begin with a low offer to entice you to settle the claim. If you settle, you are bound to your settlement agreement. Every settlement agreement includes a release and waiver.
Once you sign a release and waiver, your claim is over. Even if you discover an additional injury or you require additional surgeries or treatment for your injury, you cannot go back to the insurance company for more money. If you find you cannot continue to work because of your injury, you cannot demand additional compensation from the insurance company. Your lump sum settlement agreement releases the insurance company and all parties involved in the accident from any future liability. You are responsible for all other costs and expenses related to your injuries. This could be a costly mistake if you try to settle your accident claim without consulting with a Louisville personal injury lawyer.
We Will Evaluate Your Accident Claim
When you hire our firm, we will begin by investigating your accident. We want to identify and preserve evidence to use to prove fault. The first step in recovering compensation for an injury is to prove the other party caused the accident. To do this, we must use evidence to show negligence by the other party. For example, in a car accident, we need evidence to show the other driver caused the collision that resulted in your injury.
The next step is to ensure you receive medical treatment. We work with doctors to determine when you reach the point of maximum medical improvement. This is the point at which you have recovered fully, or you have recovered as much as possible. If you have a permanent disability, we want to know this before settling your claim because you can receive additional compensation for permanent disabilities, future medical expenses, and future lost wages. However, we can only determine this after your doctor releases you and provides a prognosis related to your injury.
Once it is determined if you can return to work and if you have a permanent impairment, we can then begin the process of calculating the value of your claim. The value of your claim includes both economic (i.e. medical bills, lost wages, etc.) and non-economic (i.e. physical pain and emotional suffering) damages. Calculating the value of an accident claim is a complex process. Our Louisville personal injury attorneys have extensive experience determining the value of a claim and negotiating for full compensation of claims.
Call for Your Free Consultation
If you have been injured, we want to help. Call the Shelton Law Group at 1-888-761-7204 or use the online contact form for more information or to schedule your free appointment with a Louisville personal injury attorney.