When a person sustains injuries in a car accident, addressing the settlement becomes a challenge. They are trying to recover from their injuries and must deal with insurance agents. However, if this individual views negotiations with the insurer as they would negotiations in any other matter, the process becomes easier. The hardest part often lies in determining a value for the claim.
Starting the Claim Process
Immediately file a claim following the accident to ensure you adhere to all deadlines. This begins the process, which will take some time to resolve. However, the insurance company may offer to settle. Before agreeing to any settlement, know what steps you need to take. If and when you decide to settle, the insurer should provide fair compensation. That’s where the focus should be throughout this process.
Calculating the Value of the Claim
Determine the value of the claim. When doing so, consider the medical bills incurred because of the accident and any wages lost because of the injuries sustained. Long-term care requirements and pain and suffering are part of the claim, as is property damage. With this information, determine a minimum settlement figure.
Negotiate with the Insurance Company
Send a demand letter to the insurance company. Include all details regarding the accident and the injuries sustained in this letter. Only include those facts that you can prove with evidence. The insurance company will respond and make an initial offer. Don’t accept this offer. Make a reasonable counteroffer, explaining why the company should provide more funds. Emphasize the elements of the case that favor your claim and justify the amount of compensation being asked for.
Require Everything in Writing
When working with an insurance company, document everything, including all conversations. If the insurer makes a settlement offer, they should put it in writing. When you reach an agreement, have a written contract drawn up for both parties to sign and date.
Documentation Required with a Settlement
When the parties agree to a settlement, they sign certain documents. This includes the settlement agreement, which outlines the terms and serves as a contract between the parties. At a minimum, the document states the lawsuit is dismissed for an agreed-upon amount of money. More involved documents include payment limits and plans, a confidentiality clause, and other terms unique to the agreement.
Once the parties sign this document, they cannot change their minds. In addition, the plaintiff will sign a full liability release, one which states the plaintiff releases all claims against the defendant. The plaintiff cannot sue the defendant again for the same reason.
Completing the Process
After they have turned the paperwork in, the plaintiff receives the funds, and the attorney distributes these funds to the appropriate parties. This includes medical lien holders. In addition, the attorney deducts their fee from the settlement funds.
Receiving the Funds
Victims often want to know how long it will take to receive the funds once they reach an agreement with the insurance company. This time frame varies based on many factors. However, certain factors could delay the funds, so there is no single answer to the question of how long the process will take.
Settling an accident claim takes time and patience. Many people choose to work with an attorney throughout this process as they want to ensure fair treatment. They also want their rights protected. Reach out to an attorney for help if you find settling the claim to be a challenge. The right attorney will simplify the process while ensuring you get the compensation you deserve.
