A settlement is a deal between two people that ends a discontract. In case of claims related to personal injury, when a settlement is reached, the person who was hurt is usually given money as compensation. The extent of damage inflicted determines how much money needs to be paid.
The firm creates a contract with the terms of your payout outlined. A professional from the firm informs you that you must sign the contract before the firm agrees to encash your claim amount. The contract is quite long and contains several sections and legal words about claims, the parties involved in the accident etc. It is quite difficult for a common public to understand the meaning behind these legal terms. Thus, it’s advised to hire a personal injury lawyer.
Before you finally settle all your injury claims and accept a contract made by the insurance firm, you should understand contracts and what your rights legally are. Make sure you are signing a vehicle accident claim settlement contract only after you equipped with the following information:
1. You Are Freeing All Involved Parties From Any Responsibility
Once you’ve signed the contract, the other party or the firm is no longer liable to pay you even a single penny. Once you are done signing the contract papers, you can no longer accuse the other party of anything related to the accident.
Most insurance contracts include terms that protect both parties against future claims. Signing the settlement contract may imply that you forfeit your legal power to pursue a lawsuit against someone else.
For example, the presence of a malfunctioning airbag or even a defective seat belt in your car has made your accident even worse. But, since you have signed the contract, you can no longer file any case against the car dealer.
Everyone involved in your settlement contract is relieved of any future liability related to your claim once you sign the documents. As a result, you are unable to pursue a personal injury case or request more compensation if you discover additional injuries or losses. This holds true regardless of whether you were aware of your injuries or losses prior to signing the settlement contract or not.
2. Do You Know What Is The Worth Of Your Claim?
The firm will not let you know the actual worth of your car accident claim. This way they will be able to benefit from the surplus amount without your knowledge. Thus, it is important you find out how much your claim is actually worth and whether or not the insurance firm is trying to outsmart you.
Before you sign any contract for a car accident claim, you should know what kinds of damages you are getting paid for and how much they are worth. Most of the time, people who get hurt in car accidents have the right to get paid for their financial and non-financial losses. Your travel costs, medications, medical care, personal care, and various other costs may be among them.
But you can also receive money for things like pain and suffering. Some of the non-financial losses include pain, fractures, broken bones and trouble that the car accident caused.
You could also receive money for any permanent injuries, disabilities, disfigurements, or scars. The insurance firm should give you money to make up for the fact that you can’t enjoy life as much as you used to because of your injuries.
Damages for an accident claim are often hard to figure out. There is no sureshot way to figure out how much emotional and mental damage are worth. You could use a ‘multiplier’ method, but it can be hard to figure out which pointer to consider if you don’t know much about laws and regulations.
3. Are The Settlement Papers In Your Favor Or The Insurer’s?
The firm will always write the settlement contract for a car accident in a way that benefits the firm itself. It will try and settle your claim for the least amount it thinks you will readily accept. It will also put in the contract regulations that are good for the firm.
You are not represented by the insurance firm. They will not work towards giving you the right justice or the best settlement. If you don’t agree, don’t sign the contract.
The firm may want you to sign a legally binding contract before you know how bad your injuries are or talk to a reputed personal injury lawyer like the ones available at https://www.maconcaraccidentlawyer.com/.
Well, you must understand that the insurance firm is not working for you. For that, you will need to hire a lawyer. The firm will do everything in its best interests.
4. Have You Thought About All The Options Available To You?
You don’t have to settle your claim about the car accident. The insurance dealer may put a lot of pressure on you to sign the contract. This is because the dealer does not want to get sued. But do not sign it until you are done talking to your lawyer.
Also, in case you are confused about whether you wish to go for a trial or not, it is recommended to reach out to a lawyer. There are many ways to settle your case without going to court. They might prove to be an excellent choice in case you are looking for a larger settlement amount.
Don’t wait for a long time thinking about what you should do. If you do not adhere to the timeline set by the state, you might lose your right to go to court.
Final Word
Go through the following pointers before signing your settlement contracts. These are some of the things you must know about car accident settlement amounts to make an informed choice. Before you sign a legal contract, you might want to talk to a lawyer in case you aren’t quite certain that the contract is in your favor.
