If you have sustained preventable injuries because of other people’s negligence, a claim settlement can help you obtain the financial relief you need. But you must take the decision seriously because this can have long-term consequences. Although you don’t want to grab the first settlement offer from the at-fault party or their insurance company, you must observe some rules and deadlines that dictate how long you must respond. To ensure you make an informed decision, it is important to seek legal advice from a skilled personal injury lawyer.
What are Personal Injury Claim Settlements?
Settlement offers are proposals to resolve a personal injury claim by compensating the claimant with a particular amount. When you accept a settlement offer, it means you are not taking the case to court and that you give up your right to further claims. However, settling your claim can be complex and involve paperwork and negotiation.
After you get an initial settlement offer, it’s best not to accept it immediately. Initial offers usually do not reflect the true value of claims and are starting points for negotiations. A personal injury attorney can make a counteroffer with details on why the initial offer is not enough. This counteroffer is supported with evidence that shows why you deserve a higher amount of compensation.
It can take days, weeks, or months for both parties to reach a settlement agreement. If negotiations do not lead to an agreement, your attorney can take your case to court.
How Long Do You Need to Accept a Settlement Offer?
Although you may want to move on from the devastating experience, you want to ensure you accept a favorable outcome. The majority of settlement offers come have expiration dates. Once an offer expires, the at-fault party can withdraw it or make the terms of the offer less favorable. Expiration dates for settlement offers can range from a few days to weeks.
Why Settle Out of Court
Settling a personal injury claim without going to court comes with some benefits. These include the following:
- Faster resolution. Cases that are handled in court can take months or years to be concluded. Thus, settling your personal injury claim outside of court allows for a faster resolution.
- Lower costs. Court cases involve significant expenses that include higher legal fees. Accepting a settlement offer can save you or the other party in court fees.
- Less stress. Often, court proceedings are emotionally draining. A claim settlement lets you avoid the stress associated with a drawn-out court battle.