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.
