Insurance Settlements

After you are injured in an accident, getting the amount of money to which you are entitled can be a painstaking process if you are uninformed. The truth is, most of the general population is uninformed when it comes to determining how much a claim is worth—and most insurance adjusters are counting on that.

Determining the value of a claim can be very complex depending on the nature of your accident and the extent of your injuries. Injury victims generally are not only entitled to the direct costs associated with their injury (e.g., medical bills), but the indirect costs that are a result of that injury (e.g., time missed from work). Common damages that most injury victims are entitled to receive compensation for in an insurance settlement include:

• Medical bills

• Prescription drug costs

• Rehabilitation expenses

• Future medical care associated with your injury

• Time missed from work

• Loss of future income from inability to work as you once did

• Pain and suffering

• Inability to enjoy life as you did before (see Hedonic Damages )

• Any other costs you incurred as a result of your injury (e.g., childcare)

Depending on your state and the specific nature of your accident, you may be eligible to receive compensation for more than the above mentioned damages, or less. Every state has its own statutes that determine what and how much a personal injury victim is entitled to. A personal injury attorney in your state should be able to help you determine exactly what damages you are entitled to recover in an insurance claim. Keeping all documentation of injury-related expenses is important to prove your actual out-of-pocket expense.

Since many people are unaware of all the damages they are entitled to, and exactly what those damages amount to, insurance companies generally offer a low settlement first. It is important not to jump at an initial offer, as settling too early does not allow you to fully assess your damages. Keep in mind that injuries are not always readily apparent immediately after an accident and may become apparent over time.

It is usually a good idea to let a personal injury attorney handle all communication between you and another person’s insurance company. While insurance companies must compensate you for your claim, you may inadvertently damage your insurance settlement by saying the wrong thing. An experienced attorney should be experienced in dealing with insurance companies, and able to help you fight for the maximum compensation you are entitled to under the law—even going to court if necessary.