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What Is a Motor Vehicle Settlement A motor vehicle settlement is a financial offer that makes a collision victim whole for the losses incurred due to the collision These include property damage and medical bills loss of wages as well as pain and suffering Insurance companies typically rely on formulas to calculate the amount of claims The extent of your injuries determines the amount you will receive What is a settlement A settlement is a resolution of your claim for compensation from a car accident It typically covers compensation for your medical bills as well as lost wages and property damage However the law is different in each state and there are many other factors that could affect how much you receive motor vehicle accident attorneys st petersburg can also impact the amount you are awarded It is therefore important to wait until youve fully recovered to settle your car accident case Insurance companies are in business to earn money which is why they strive to settle car accident cases quickly and as cheaply as they can Often they will make a lowball offer and hope youre not wellversed in personal injury law or the best way to assess your damages If you have an attorney they may assist you in negotiating a more favorable settlement After you reach a settlement you sign an agreement and release the right to pursue any further claims against the person at fault or their insurance company It is important to find a car accident lawyer with experience in settling claims Depending on the severity of your injuries you could be entitled to additional compensation for noneconomic damages such as pain and and disfigurement These damages are difficult to quantify and they may not even appear in your medical documents Your lawyer can help you explain the damage and fight you to secure the highest compensation for your injuries How do I know whether I have an appropriate case If youve been injured in a car crash caused by another person you are entitled to compensation Both noneconomic and economic damages are covered Your injuries will determine how much money you get in a settlement from your insurance company More severe injuries could result in higher medical expenses and a loss of future income Your settlement will also be affected by the extent of your property damages In general you will be paid for the repair or replacement value of your vehicle and the other personal belongings which were lost in the collision Noneconomic damages are typically calculated by adding a multiplier on quantifiable costs like medical expenses or lost wages This multiplier can vary between 15 and 5 with the severity of your injuries influencing which number is used A lawyer who is experienced will be able to help you assess the worth of your case after reviewing all evidence and formulating a comprehensive strategy They will also be capable of negotiating with the insurer on your behalf and try to negotiate with them to get you the best price possible Most cases will settle without going to trial though a tiny percentage do go all the way to the courtroom Its important to choose the law firm with an established track of winning at trial as this can make the difference in maximizing the settlement offer What kind of settlement can I expect The amount you receive in a settlement will be determined by a number of factors including the degree of your injuries and the cost of any property damage It is important to determine if the person responsible for your accident has committed any other offenses that could support your claim Its extremely rare that a car accident case will go to trial Most cases settle which saves both parties time and money while still ensuring you get the compensation you deserve In nofault states you will typically rely on your own personal injury protection policy to cover your medical expenses and lost wages Only after that has been exhausted will you be able to pursue a lawsuit against the driver at fault the remainder of your damages Your personal injury lawyer can help you calculate and quantify your damages This includes any property damage that occurs including your vehicle and items inside your car such as mobile phones or car seats It is also important to document your medical treatment for any injuries sustained in the collision This includes all doctors visits surgeries and physical therapy sessions It is crucial to maintain patience during the settlement process Some cases take several months to a year for the insurance company to finally settle This can be very frustrating particularly when you are dealing with high medical costs as well as repair costs and lost wages It is essential to keep in contact with your lawyer throughout the process and not abandon the cause if it is longer than you expect How do I know whether I should accept the offer When an insurance company offers you an offer of settlement its typically because they wish to close your claim as quickly and as cheaply as they can To stay in business they have to make money Paying claims reduces their profit margin They also assume that youre not familiar with personal injury claims and how to calculate the value of your injuries They might even force you to settle before knowing the full extent of your injuries or speaking with an attorney for car accidents Your lawyers will assist you in determining the worth of your claim They will also prepare a demand package detailing all expenses which include medical expenses lost wages future earnings along with pain suffering and property damage Your attorney will then submit the demand package to the insurance company and wait for a response If the insurance company will not accept an acceptable amount you can decide to decline the offer or make an offer of counteroffer or even make a claim in court Hiring an experienced lawyer for your car accident is usually the best option to receive the amount youre due Lawyers are welltrained and educated to defend the rights of their clients They are also more likely to negotiate fair offers Research shows that those who employ an attorney are guaranteed more settlements than those who do it on their own
