First and foremost, do you have an attorney? If not, the answer is your offer is probably not fair. Insurance companies prey on plaintiffs who do not have an attorney for one simple reason: they can settle their claims for less than they are worth.
If you do not have an attorney, please consult with one today before agreeing to anything with an insurance company. Insurance companies often try to settle with plaintiffs shortly after an accident because it limits their exposure. Once you sign with a qualified attorney, the insurance company knows it will no longer be able to talk to you directly about your claim.
Be sure to check out our article, 5 Tips for Hiring the Right Auto Accident Lawyer.
If you do have an attorney and you are trying to do your own research as to whether the offer they have presented to you is fair, you first need to consider whether you have the right attorney. The fact that you are here researching for yourself suggests you do not fully trust your attorney, or worse, you cannot reach him or her for a full explanation of your offer.
If that is the case, be sure to check out our article, 8 Ways to Tell if You Hired a Bad Lawyer.
There are countless factors that go into valuing injury claims, but the most important are grouped into 2 main categories, economic damages and general damages.
Economic damages are comprised of your quantitative (able to be counted) damages, e.g., your medical expenses, lost wages, and out-of-pocket expenses.
Your general damages are comprised of the more subjective portions of your claim, like compensation for your past and future pain and suffering, inconvenience, emotional distress, etc.
There is no exact formula to determine the value of a claim, but the ultimate goal of an injury attorney is to obtain what a jury would award if your case went to trial. If a jury would likely award more than the defendant has in insurance coverage, your offer may seem low because it is limited by the defendant’s ability to pay.
Did you receive an offer from the defendant’s insurance company for the policy limits of the defendant’s liability insurance policy? You should consult with a qualified attorney, as he or she will be able to confirm whether you are in fact obtaining the best possible outcome on your claim. There are certain items a good attorney will require from the defendant and their insurance company to prove they are in fact offering all available money.
Unfortunately, there is no magic formula that will tell you exactly what your claim is worth. However, you can get the best idea as to the value of your claim by consulting with a qualified personal injury. The good news is the vast majority of them offer free consultations.
Curious if You Have a Fair Offer? Consult with a Lawyer Today!
Contact Younglove Law Group for a 100% free consultation.
