In it's truest sense, this is
the final phase of your traffic accident. You will only be offered a
settlement if you were injured in the traffic accident. If you were not
injured in the traffic accident, there is no settlement phase. If you
were injured, someone caused you pain and suffering as well as mental
anguish. If you lost time from work, someone needs to make up for that
lost time. Money is the only means used to compensate you for your
loses. Your fighting for how much money it is going to take to settle
your claims against the insurance company. That is the settlement phase
in a nut shell. In most cases, the settlement phase starts right after
the traffic accident and lasts until your injuries are healed and you've
collected you settlement monies.
The insurance company
wants me to sign off on my medical claims, should I do it ... ?
NO. NO. NO. You sign nothing
until your vehicle is repaired and all of your injuries are healed and
you are feeling 100%.
Until that moment happens, you sign nothing that has to do with your
medical claims. Most insurance companies know that you are a little
dazed and confused right after your traffic accident. They would like to
take advantage of this and have you sign your rights away. Don't do it!
How long does the
settlement phase last ... ?
There is no set time table for
the settlement phase. The settlement phase starts the moment right after
impact and goes till you are ready to settle all of your claims. If you
were hurt in the accident, this phase can take years to settle. Each
case is different and no two people are alike in their wants and needs.
Do not rush through this phase to get to the money. If you do, you will
leave money on the table that should have gone in your pocket.
Yes you can. There is no law
that says you can't. However, if you didn't use our booklet after your
accident, it is highly recommend that you don't handle your settlement
yourself. Settlements are all about information. They're about gathering
the right information and using it to your advantage at the right time.
That's what a lawyer does best. Before you handle your settlement
yourself, you need to know what information to use and when. If you
What information do I
need to use to settle the case myself.. ?
Check out our
Book Zone and go
to where the handbook is located it contains most of the necessary
information about the accident it also guides you on how to collect your
medical evidence. In most cases this is all you will need to settle up
with an insurance adjuster. It will allow you to present a complete
picture of your accident and recovery. If you case is going to go to
court to be settled then we suggest that you hire a Personal Injury
Attorney to put the case together in legalese terms.
What is a fair
settlement ... ?
This question has
been asked by man for over a hundred years. The question is not a simple
one to answer and there are a lot variables to consider. Here are some
rough guidelines to follow:
There are 2 hard cost and 8 variables to consider when figuring out what
your settlement is worth to you:
1) the cost to repair your
vehicle and any other property
2) the cost to repair you.
3) the length of time it took for you to be completely healed
4) your past health care expense
5) your future health care expense (if any)
6) your physical pain and suffering (past)
7) your physical pain and suffering (future)
8) your mental pain and anguish (past)
9) your mental pain and anguish (future)
10) any physical impairment (past & future)
Here are 3
examples to give you a little insight to your settlement figures:
Example #1
$500 vehicle repair bill
$700 in medical bills
$1200 total cost
Breakdown: not much damage to the
vehicle, not much damage to the occupant of vehicle, expect a small
settlement figure of around 1.4 to 1.8 times your medical expenses,
expect a settlement offer to range from $700 to $2160
Example #2
$2000 vehicle repair bill
$2500 medical bill
$4500 total cost
Breakdown: a serious traffic
accident, accompanied by more server injuries, expect a larger
settlement figure of around 1.9 to 2.4 times your medical expenses,
expect a settlement offer to range from $2500 to $10,800
Example #3
$5000 vehicle repair bill
$8000 medical expenses
$13,000 total cost
Breakdown: this was a
serious to life threatening accident, accompanied by more severe
injuries and a longer recovery period, expect a settlement offer of 2.3
to 3 times you medical expenses, expect a settlement offer to range from
$8,000 to $39,000.
As you can see the multiplier gets larger
when the accident becomes more severe.
Don't expect a much larger multiplier than 3 for any type of traffic
accident. The insurance industry is stingy with their money.
If you need or want more than 3 times your medical
bills, be prepared to tell your story in a court of law. One
other point to know is this, you are limited to the amount of money you
can recover due to the amount of insurance coverage the other driver has
on his or her vehicle. If their insurance policy tops out at say
$20,000.00 then that's all your going to get out of them. There isn't
any set formula to what you can recover as a result from your traffic
accident. Good Luck ....
What is an out
of court settlement ... ?
Simply put, it is any monetary
offer made to you by an insurance company or their attorney to settle
your claim against them, without going to court. Over 90% of all civil
lawsuits, end up being settled out of court. It has become almost
standard practice within the industry. Settlement offers will and can be
offered to you at any time after the accident and right up to the point
where the jury is about to read the verdict. Do not be offended by this,
it's normal practice.
