Should I Settle My Personal Injury Claim?

Making a decision about whether to accept a settlement from an individual or insurance company on your injury claim is a personal one that should not be taken lightly. There are many factors that should go into making this decision and they all need to be carefully considered before arriving at a conclusion. First, it is important to determine if the settlement is enough to cover your medical bills, lost wages, and any follow up care you may need, such as physical therapy or psychiatric appointments due to psychological trauma. If the settlement is not large enough to cover these expenses, then you will almost certainly need to refuse the offer and take legal action if the opposing party does not respond with a reasonable amount.Secondly, taking legal action will take time. If you are in need of a quick resolution to your claim, accepting a lesser amount may be a better option than waiting for a larger payout in your particular situation. If, however, you have nothing but time, then seeking full compensation should be a priority.Thirdly, filing a lawsuit will cost you money. Fortunately though, you can find many experienced law firms that specialize in personal injury cases and that will be willing to argue your case without up front fees. If you win, they will take an immediate percentage from the compensation that you are due; however, if you lose, you will owe the firm nothing. This is possible because such firms will carefully review your case and only take it on if you have a very good chance of winning. This will keep you from spending money on a case in which you legally have no real chance at winning and the firm can also give you a reasonable estimation on how much you can receive. Fees will be discussed up front and you should talk to several firms before finally deciding on one. After your consultation, you should compare your expected lawsuit compensation minus fees that you will pay with the settlement that was initially quoted. If they are close in amount, then you may want to take the settlement anyway.Fourthly, a lawsuit may cause you to take additional time off of work and lose more wages that may not be factored into your final settlement. You need to decide if the loss of these wages is worth the amount you will receive after all is said and done.No matter whether you take the proposed personal injury settlement or decide to receive higher compensation through the court system, you need to make sure it is the right decision for you and your family. In the end, depending on the strength and circumstances of your case, declining a settlement could ultimately end up being the best or worst decision you ever made.

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