Step to Settling a Personal Injury Claim
Although settling a personal injury claim may be tempting as it often tends to be an easier and faster legal process, when you choose to settle your personal injury claim you are choosing to settle out of court. While accepting a settlement out of court means that you do not have to file a civil lawsuit, it also means that you will not receive as much money as you would if you were to file a personal injury civil lawsuit. And know that while you may be tempted to accept the first settlement offer, understand that negotiating tends to be a big part of the personal injury claim process.
The fact that there are many complex rules when it comes to personal injury claims makes hiring an experienced personal injury lawyer highly recommended.
Steps to settle a personal injury claim
The first step to settling a personal injury claim requires filing a claim with the insurance company as soon as possible after the accident. The insurance company will respond with a letter stating their intent to investigate the claim. The injured party will then send a demand letter informing the insurance company of the details of the accident along with a settlement demand amount. The insurance company, in turn, will respond with a lower settlement offer.
This initial settlement offer is often rejected, requiring the injured party to make a counteroffer. Once an arranged amount to settle is agreed upon by both parties, the injured party is no longer able to file any additional claims and must accordingly sign a contract releasing them from any further liability responsibilities. If no settlement agreement is made then it is now time for the injured party to file a personal injury lawsuit.
Because settling a personal injury claim requires an insurance company to first offer a certain amount of money to the injured party, they often do not expect the injured party to agree to this first amount offered. This is why there tends to be a lot of back and forth negotiations.
Best settlement offer
In order for the injured party to get the best settlement offer, they are going to need to be prepared, persistent and patient. Settling a personal injury accident claim can take a little bit of time as both parties do their best to come to a mutually agreeable solution. The fact that the job of insurance companies is to get the injured party to accept the least amount of money makes it necessary for the injured party to hire an experienced lawyer if they want the absolute best settlement offer.
While settling a personal injury claim may sound like a simpler legal process because you do not have to file a personal injury lawsuit, it is still necessary for you to the deal with the insurance company. There are a number of factors to consider when you are thinking about settling a personal injury claim, making having a knowledgeable lawyer on your side who can advise you a great idea so you are sure to get the best settlement offer.
Call (888) 938-5393 to schedule a consultation with The Law Offices of Chen & Tran in our Riverside office.
NOTE: This is for informational purposes only and does not constitute legal advice.