Damages sustained as a result of the occurrence are often taken into account when determining a settlement’s amount. Your injury attorney should compile all of the costs associated with your case and present them to the insurance company as part of a demand to settle your claims for compensation. Medical expenses lost wages or property, and emotional distress is all possible outcomes. After examining everything, an insurance adjuster will get in touch with you with a possible settlement. The insurance adjuster and your injury lawyer in Toledo will next negotiate a settlement based on the power you have granted them.
Typically, what happens once a personal injury settlement is reached?
If you settle your lawsuit, you will get financial compensation, and the matter will be closed. You’ll be able to pay your medical expenses, get your lost income back, and get some compensation for the pain and suffering you’ve endured. You might expect to pay a low amount for the settlement. Avoiding a lengthy and expensive court battle is a major benefit. Rather than waiting a few years for payment, you receive the money immediately.
In a settlement, how much should I ask for?
When seeking compensation for personal injuries, there is no “right” amount to request as a settlement. For this reason, it must include all reasonable compensation for losses caused by the carelessness of Defendant. Depending on the statute of the state in question, this may encompass a wide variety of compensation, including special damages and pain and suffering.
To calculate your compensation, add up all the costs associated with your injuries and any lost income, property damage, and emotional distress. Although there is no universal rule, most settlements are reached by supplying the insurance company with an accurate accounting of any special damages and an honest assessment of the case.
This paves the way for your attorney to demand payment for everything from medical expenses to lost wages to the damaged property to the emotional anguish you’ve endured as a result of your accident. Ohio (and many other fault-based states) are notoriously difficult places to reach an agreement on issues involving pain and suffering. A third of the total settlement amount is typically set aside as the attorney fee if you have one.
The settlement check will arrive between 7-10 business days, depending on whether you choose to have the cash delivered overnight or by normal mail.