A good settlement offer will cover all current and future medical expenses you may accumulate as you recover from your injuries. Depending on the severity of your injury, you could end up needing long-term care or rehabilitation, which costs a lot. A good settlement offer works in your favor and puts you back in a favorable position once the agreement is final. Settlement offers must take into account all the factors that have affected you in relation to your losses, damages and personal injuries. For example, insurance companies use charts, graphs, and calculations to determine the best offer for a claim.
They are usually fair in their decisions, but make no mistake in saying that the insurance company wants to reduce part of the agreement if they can get away with it. Some say that the measure of a good agreement is when both parties leave the agreement unhappy. This means that the defendant paid more than he wanted to pay and the plaintiff accepted less than he wanted to accept. There are several factors that can serve as guidance as to whether the agreement should be accepted.
In general, if an agreement close to the face value of the case can be reached, it should be considered that this is a very good agreement. A good agreement is one that creates solutions that meet and promote to a certain extent the needs of both parties. Your solution may not be perfect, but it should benefit all parties. Over time, the parties are more likely to comply with such an agreement than with a judge's order. When the defense makes a settlement offer, it will review the evidence and see if it believes that you were involved in the accident or not.
When evaluating the merits of a settlement offer, it's crucial to consider the specific circumstances and an accurate assessment of your claim. The types of compensation you can recover through a settlement include both the financial costs of the accident, which are known as economic damages, and the psychological impacts of the injury, which are called non-economic damages. Therefore, if the fault of others, including the plaintiff, is reasonably assessed at approximately 20%, then the defendant who reaches a settlement must offer close to 80% of the plaintiff's damages. If you were seriously injured, it's likely that you've been out of work for a while and that you'll be out of work even after the trial ends and a settlement has been accepted.
While these damages are difficult to measure, your settlement offer should allow you to get professional help for your emotional distress. If all of this is considered, reimbursed and returned to you in a sizable settlement package, that's the definition of a good agreement. However, several insurance attorneys and adjusters use a mathematical method called the multiplier method as a starting point when creating settlement offers. Many claimants would not have received such an important settlement or any other settlement if they had not had an attorney to assist them in the claims process.
This is difficult if one of the guilty parties is not solvent or cannot make a contribution to reaching an agreement. When evaluating whether you have a good settlement offer, the experience of a legal representative is invaluable.
