3 Things To Consider When Deciding Whether To Accept A Car Accident Settlement
The majority of lawsuits over car accidents end in settlement, so the one thing that you can count on when you're involved in a car accident lawsuit is that you will eventually receive an offer for a settlement. You are the only one who can decide whether the lawsuit will proceed to trial or stop at the settlement, so you need to know how to decide whether or not to accept the settlement that you've been offered. Here are the factors that you need to consider before you make the decision.
How Strong Is Your Case, Really?
With your personal injury attorney, evaluate the evidence in your case with an honest eye. The stronger the evidence in your favor, the better your chances are if you go all the way to trial. If the evidence is weak, then you're better off taking a settlement than risking it all in the trial.
Do you have witness statements? Do the witness statements match up, or do some witnesses have a version of events that suggests that you were at fault or negligent, while others blame the other driver? How about the physical evidence – does it clearly support your version of events, or is it inconclusive? If the witness statements and the physical evidence all align with your claim, you have a strong case that may do well at trial. If not, you may be better off taking a settlement.
How Much Are They Offering?
The next thing to consider is whether or not the settlement you've been offered is enough. Is it close to what you were asking for, or is it much lower? Even if you prefer a settlement to a court trial, you don't have to take the very first settlement offer that you get – in fact, it's usually best to reject the first one, because there's usually a better offer behind it.
In order to decide whether the settlement that the insurance company is offering is enough, you need to have an idea of the value of your lawsuit. You can use a calculator to figure out the approximate amount that you should hold out for. You'll need to take into account your medical expenses, the extent of your property damage, your lost wages, and your estimated future medical expenses and lost wages.
Once you add all that up, you'll multiply it by a number between 1.5 and 5. This number, called the multiplier, represents the negative effects of the accident on your life – your pain, your mental or emotional stress, your anxiety, your inconvenience. The more impact the accident has had on your life, the higher the multiplier – so, for example, if you experienced permanent paralysis, the multiplier would be 5, or close to it. If your greatest injury was a sprained wrist, your multiplier would be closer to 1.5. The result of your current and future damages times your multiplier equals the amount of damages you should be looking for.
How Long Will The Lawsuit Take?
Time is an important factor to take into account when you're deciding whether or not to accept a settlement. After an injury, your bills can mount up quickly, and you need money fast in order to ensure that you get your car repaired or replaced and your medical bills paid. You also need money to live on, especially if you can't go back to work yet. Once you accept a settlement, you'll have the money fairly quickly. A trial can drag on for a long time – even years.
This can lead to a tough decision. Even if you have a great case and you're liable to get more at trial, you may have to consider taking a settlement in order to survive financially. You need to be realistic about how long you can wait for funds, so take a hard look at your bills and your finances. Don't settle for too little, but don't get so hung up on getting your day in court that you bankrupt yourself while waiting for a bigger payoff, either.
Your personal injury lawyer has to present you with any settlement offer, and he or she cannot pressure or influence you into accepting the settlement or holding out for trial. The decision is entirely yours. Make sure that you take all of these factors into account and make the choice that's right for you. If you are looking for an attorney to represent you and help you make this tough choice, you can find one at a site like http://www.attorneyinjury.com/.
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