Settlements and Personal Injury Claims
While television shows and movies love to dramatize “the courtroom battle”, the truth of the matter is that almost 97% of all personal injury cases end in a settlement, rather than a jury verdict.
Accepting a settlement for your personal injury claim can have benefits for both you and the insurance company. However, one of the best ways of generating a fair settlement offer is for you and your Passaic County personal injury attorney to be prepared for a trial.
You and your attorney’s preparation and willingness to go to trial is a key factor in influencing the insurance company to make a fair offer to you, so make sure that when you hire a personal injury attorney, you hire one with trial experience.
With that being said, this article will discuss the benefits to accepting a settlement for both sides in any personal injury dispute, and when you should, or shouldn’t accept a settlement offer.
The Benefits of Accepting a Settlement Offer, Clifton Accident and Injury Lawyers
Whether you have been injured in a car accident, truck accident, motorcycle accident, construction accident, a slip and fall, a ladder or scaffolding accident, or any other kind of accident resulting from the negligent or reckless actions of another party, there are several important benefits to resolving your personal injury claim by accepting a settlement offer.
The principal benefit you have in accepting a personal injury settlement offer is that of a greatly reduced timeline for when you actually receive financial compensation. Many serious injuries can cause a great deal of financial strain for the injured party and their family. Additionally, personal injury trials can easily last for months, if not several years. By accepting a fair settlement offer, you drastically reduce the timeline for when you actually receive financial compensation.
However, you should never accept a settlement if it does not properly account for your damages just to get “something”, so make sure you consult with your personal injury attorney regarding finding a good balance between actually meeting your financial needs, and securing that compensation in a timely manner.
The Benefits of Settling a Passaic County Personal Injury Claim for the Insurance Company
As previously noted, insurance companies can also find advantages in resolving your personal injury claim through a settlement, rather than a jury verdict.
The first of these benefits is avoiding the risk of a highly unfavorable jury verdict. Juries can be unpredictable at best, and insurance companies mathematically believe that it is better to resolve claims in settlement rather than running the risk of a jury verdict.
Another benefit comes in terms of the amount insurance companies will have to pay their attorneys. Larger insurance companies typically hire large law firms to represent their interests, and corporate lawyers are not cheap. By reducing the amount of time required to resolve a personal injury claim through a settlement, insurance companies have save a great deal of money when it comes to their legal expenses.
When Should I Settle My Passaic County Personal Injury Claim?
So while there are advantages to both sides in a personal injury dispute in resolving that dispute through a settlement, that doesn’t mean you have to resolve your claim through settlement, especially upon the first settlement offer you receive.
In general, initial settlement offers almost never accurately reflect the full extent of the damages you have suffered, and will fall short in actually allowing you to pay for your medical expenses, or recover your lost income.
On the other hand, by working with an experienced Passaic County personal injury attorney, and preparing the strongest case possible, you can convince the insurance company that a much fairer offer is not only necessary, but also in their favor when it comes to avoiding an even greater jury award.
With that being said, every situation is different, involving different aspects of negligence and proof of that negligence, and differing financial needs and concerns of the injured party. In general, your best option is to work with an experienced personal injury attorney, and have them provide you with informed guidance and counsel when it comes to deciding when to accept a settlement offer, when to continue negotiations to secure a better offer, and when to take your case to trial.
Contact Our Passaic County Personal Injury Law Firm Today
At The Law Office of Fredson & Statmore, our attorneys have over 50 years of experience recovering compensation in personal injury claims of all kinds for clients in towns across Passaic County, including Clifton, Wayne, Paterson, and West Milford.
Our firm believes that by listening closely to each of our clients unique needs and concerns, and keeping them highly informed and involved throughout the personal injury process, we can better work to secure the kind resolution that best meet those unique needs and concerns, and provide them with the guidance and counsel that they deserve in legal matters so important to their financial stability and future.
With millions of dollars in both settlements and trial verdicts already secured for past clients, and a litany of positive testimonials, reviews, and referrals, our track record of success and the high level of service we provide speaks for itself.
To speak with our personal injury team today in a free and confidential consultation regarding your accident, the injuries you have suffered and how they have impacted your life, and your options for securing financial compensation for your damages through a personal injury claim, please contact us online, or through our Clifton, NJ office at (973) 777-8600.