Personal Injury Settlements

When a person suffers an injury or becomes hurt due to another person’s negligent actions, the victim may be entitled to pursue compensation through a personal injury claim or lawsuit. Personal injury settlements are agreements reached between the injured party and the at-fault party (or their insurance company) to compensate for injuries and damages suffered by the victim. 

Furthermore, the purpose of the personal injury settlement is to provide fair compensation to cover the claimant’s medical expenses, lost wages, property damages, and other accident-related costs. Understanding how personal injury settlements work can help you navigate the process efficiently and ensure you receive the compensation you deserve.

What are Personal Injury Settlements?

A personal injury settlement is a financial agreement between the injured person (plaintiff) and the party responsible for the injury (the at-fault party or defendant). The settlement provides financial compensation for the damages caused by the injury or the defendant’s negligent actions. Settlements can be reached at any point during the legal process, even before a lawsuit is filed. They help avoid the time, cost, and uncertainty of a trial.

Types of Personal Injury Claims

Some common types of personal injury claims include:

• Car accidents
• Slip and fall accidents
• Medical malpractice claims
• Product liability cases
• Workplace injuries
• Dog bites and animal attacks
• Assault and battery
• Nursing home abuse
• Wrongful death
• Bicycle accidents

Common Types of Damages

Some damages that may be recovered through personal injury settlements include:

Economic Damages

• Medical Bills: Costs of doctor visits, hospital stays, surgeries, and rehabilitation.
• Lost Wages: Income lost due to inability to work during recovery.
• Property Damage: Costs to repair or replace damaged property, such as a car.
• Future Medical Expenses: Estimated costs of ongoing medical treatment and care.
• Loss of Earning Capacity: Reduced ability to earn income in the future due to injuries.
• Out-of-Pocket Expenses: Miscellaneous costs related to the injury, like transportation to medical appointments.

Non-Economic Damages

• Pain and Suffering: Compensation for physical pain and emotional distress.
• Emotional Distress: Psychological impact, including anxiety and depression.
• Loss of Enjoyment of Life: Reduced ability to enjoy daily activities and hobbies.
• Loss of Consortium: Impact on relationships with family members.
• Disfigurement: Compensation for lasting scars or disfigurement.

Punitive Damages

Punitive damages are awarded to punish the defendant for particularly reckless or malicious behavior and to deter similar conduct in the future.

Steps in the Settlement Process

Here are some crucial steps that you must follow to navigate your personal injury settlement:

Seek Medical Treatment: Get medical care immediately after the injury to document your condition and begin recovery.

Retain an Attorney: Hire an experienced personal injury attorney to help file your claims and guide you through the process. Also, your lawyer can negotiate on your behalf and help protect your legal rights.

Investigate the Claim: Your attorney will gather evidence, such as medical records, accident reports, and witness statements, to build a strong case.

Send a Demand Letter: Your attorney will send a demand letter to the at-fault party or their insurance company outlining your injuries, damages, and the financial compensation you seek.

Negotiation: Both parties will negotiate to reach a fair settlement. This step can involve multiple rounds of offers and counteroffers. Your attorney will handle the negotiations on your behalf and help you recover the maximum possible settlement.

Settlement Agreement: Once you and the defendant or their insurance carrier agree on the terms, a settlement agreement is drafted, outlining the compensation and any conditions.

Receive Compensation: Upon signing the agreement, you will receive the settlement funds, which you can use to cover your expenses and damages.

Factors Affecting Settlement Amounts

Some of the factors that can affect the settlement amount you may receive in your personal injury claims include:

• The severity of your injuries, as more severe injuries typically result in higher settlements due to greater medical costs and impact on quality of life.
• The total cost of your medical treatment, including future medical care.
• The number of days or periods you were unable to work during recovery.
• How the injury affects your ability to enjoy life and perform daily activities.
• Whether there is clear evidence that the other party is at fault or responsible for your injuries.
• The type of insurance coverage or policy the at-fault party has.

In addition, having a skilled attorney can significantly impact the negotiation process and the final settlement amount.

Tips for Negotiating a Settlement

Here are some insightful tips for negotiating a personal injury settlement:

• Gather all necessary documentation, such as medical records, bills, and evidence of lost wages.
• Understand the full extent of your damages and personal injury claims to avoid settling for less than you deserve.
• Settlement negotiations can take time. Avoid rushing into an agreement without careful consideration.
• Communicate clearly and keep your attorney informed about any developments. Also, follow their advice during negotiations.
• Approach negotiations calmly and professionally to facilitate a smooth and productive discussion.
• Account for future medical expenses and potential long-term effects of your injuries when negotiating.
• If the settlement offer is too low, be prepared to hold on for your deserved financial compensation or proceed to trial. 

Rather than accepting a low offer, you can apply for non-recourse pre-settlement funding while your case is ongoing.

Apply for Personal Injury Pre-Settlement Funding

Personal injury settlements usually involve a complex and lengthy process. If you are facing financial hardship while your case is ongoing or while negotiating a personal injury settlement, you may apply for pre-settlement funding. The legal funding can provide you with the immediate cash advance you need to pay your bills, settle debts, and cover essential living expenses. Moreover, getting a settlement loan can give your attorney more time and leverage to fight for your rights and help recover your rightful compensation.

At High Rise Financial, we offer risk-free settlement funding to claimants with ongoing personal injury cases. Contact us today to learn more about the cases we fund and determine your eligibility. Our experts can walk you through the application process and help you navigate key decisions. Call our toll-free at (866) 407-6404 today to start your pre-settlement funding application.