Have you been injured in an accident and are considering filing a personal injury claim? If that’s the case, you may be wondering how the settlement process works.
Don’t worry, we got you covered. Personal injury settlements involve negotiating a financial agreement with the responsible party.
Typically, their insurance company compensates you for your injuries and losses. This process can be complex.
Understanding how personal injury settlements work is essential for victims and defendants involved in such cases.
It helps individuals navigate the legal process effectively and ensures both parties receive fair compensation for their injuries and losses.
And if you are in the Windy City, the Chicago Personal Injury Attorney is your best shot at handling any personal injury settlement claim.
Here Is A Summary Of How Personal Injury Settlement Work
When you get injured due to another person’s negligence or wrongdoing, you can seek compensation for their damages.
This compensation is typically negotiated through a settlement rather than going to court. Here’s how it usually works, although the steps may slightly vary depending on the nature of your case:
Step 1: Assessing Damages – First, the injured person gathers evidence of their damages. This may include medical bills, receipts, lost wages, or property damage documentation.
This helps determine the value of their claim. Let’s not forget this is the most important step and probably why you need an attorney.
Only an experience lawyer will be able to determine the fair settlement claim as per your case. Some of the factors that may determine your settlement amount include:
- Your injuries’ type and severity.
- The expenses for your medical care, including future costs.
- If your injuries caused you to miss work or reduced your earning capacity, this affects your compensation.
- Emotional and physical suffering resulting from the accident, but how insurers calculate these damages can vary.
- The time it takes for you to recover fully.
Step 2: Demand Letter – The injured person or their attorney sends a demand letter to the at-fault party or insurance company. This letter outlines the damages suffered and the amount of compensation sought.
Step 3: Negotiation – The insurance company will review the demand and may make a counteroffer. Negotiations occur, with both parties trying to reach a fair settlement amount.
Step 4: Acceptance or Rejection – The injured person accepts the settlement offer if an agreement is reached. If not, they can reject the offer, continue negotiations, or file a lawsuit.
Step 5: Settlement Agreement – Once both parties agree on a settlement amount, they sign a settlement agreement. This agreement outlines the settlement terms, including the amount to be paid and any conditions or releases.
Step 6: Payment – After the settlement agreement is signed, the at-fault party or their insurance company pays the agreed-upon amount to the injured person.
How Much Compensation Do You Get For Personal Injury?
Determining the amount of compensation can be a complex process. As discussed above, the compensation you receive for a personal injury will depend on various factors.
It is important to note that there is no fixed amount for personal injury compensation, as each case is unique.
The compensation awarded will typically cover the following;
- Medical expenses,
- Lost wages,
- Pain and suffering, and any other damages incurred due to the injury.
You must consult an experienced personal injury attorney to determine the appropriate compensation. Who can assess your case and guide the potential amount you may be entitled to.
Settlements vs. Trials – Success Rate
Personal injury lawsuits typically result in settlements rather than going to trial. According to the U.S. Department of Justice, only 4% to 5% of cases proceed to trial.
A study by the BJS in 2005 revealed that plaintiffs had a success rate of about 50% in cases that went to verdict.
Auto accident cases had the highest success rate at 61%, while medical malpractice trials resulted in plaintiffs being successful only 19% of the time.
Accepting a settlement offer guarantees you the offered amount. While rejecting it gives you a roughly 50/50 chance of getting a higher amount or nothing at all.
How Can A Chicago Personal Injury Attorney Help You?
If you’ve been injured in Chicago, Illinois, Horwitz, Horwitz & Associates, a leading personal injury law firm in Illinois, can help you.
They have over 350 years of combined experience handling catastrophic injuries and workers’ compensation cases.
Their team of experienced litigators is passionate about protecting your rights and interests. They strive to secure the maximum possible financial compensation in every case.
They have deep experience in complex injury cases and are dedicated to fighting for victims’ rights against big insurance companies.
Their attorneys ensure critical evidence is identified, preserved, and utilized to maximize your compensation.
This may include video surveillance, expert testimonies, accident reconstruction, etc. They ensure your claim is filed within the strict time limits of Illinois law.
And handle all cases on a contingency fee basis, meaning you pay nothing unless they recover compensation on your behalf.
Their free and confidential office consultation in Chicago or Joliet allows you to discuss your case and explore your legal options.
Trial-tested attorneys can take your case to court, ensuring that insurance companies treat you fairly and justly.
If you were injured at work, they can help you navigate the complexities of workers’ compensation cases to ensure you receive swift and fair compensation.
Contact their Chicago personal injury lawyers today for a free consultation and let them help you on your road to recovery.
Conclusion
How do personal injury settlements work? The process typically involves assessing damages, sending a demand letter, negotiating a settlement amount, and signing a settlement agreement.
It’s a common way to seek compensation for damages without going to court. The compensation awarded will vary based on factors such as the type and severity of injuries, medical expenses, lost wages, and pain and suffering.
It is important to consult with an experienced personal injury attorney to determine the appropriate compensation.
While settlements are more common, trials can also result in compensation but with lower success rates.
Do you need assistance with a personal injury case in Chicago? The team at Horwitz, Horwitz & Associates can provide experienced legal representation to help you secure maximum financial compensation.
