One constant concern of car accident victims is whether they will receive a reasonable settlement if they decide to settle instead of going to trial. They often wonder will it be enough? Will it be fair? How will I know if I am getting a good deal?
This blog will answer these questions and more. We will discuss the factors influencing settlement amounts and provide negotiation tips. You can contact our car accident attorneys at Terry Bryant Accident & Injury Law if you need further guidance. We will examine your case, evaluate its worth, and tell you the possible settlement you can receive. Call us now at (713) 973-8888 or toll-free 1 (800) 444-5000 for a free case review.
Why Choose Terry Bryant Accident & Injury Law to Represent You?
A good settlement offer is crucial to returning to everyday life after a car accident and not getting saddled with debt. At Terry Bryant Accident & Injury Law, we understand this, so we commit time and resources to ensure accident victims’ cases are rightly assessed and insurance companies offer and pay fair settlements. Our attorneys are experienced negotiators with the skills to secure a favorable outcome.
Additionally, we are not afraid of insurance companies but know the tricks and tactics they employ to deny claimants fair compensation, and we know how to counter them. We will protect your interests when negotiating with the at-fault party’s insurance company and guide you so you don’t make a mistake that can jeopardize your claim or reduce your settlement amount.
If you need a legal team with a successful track record, committed to securing the best possible outcome for you, we are the ones to call. Call us now to learn more about how we can help you.
We have secured over $1 billion in settlements and verdicts for our clients and are confident we can help you receive a reasonable settlement.
Does Insurance Coverage Affect Car Accident Settlements?
The at-fault party’s insurance coverage can significantly affect your settlement after a car accident. If your damages exceed the policy limit, you will not receive total compensation unless you pursue additional compensation by filing a lawsuit against the at-fault driver.
The minimum coverage in Texas is:
- $30,000 for each injured person
- Up to $60,000 per accident
- $25,000 for property damage.
If the at-fault driver does not have enough or lacks coverage, you can use your underinsured or uninsured motorist coverage to cover the difference up to your policy limit. Aside from insurance policy limits, the comparative negligence law of Texas affects your settlement. If the at-fault party’s insurer determines that you were partly to blame for the accident, they will reduce your settlement by your fault percentage.
What Is a Good Settlement Offer After a Car Accident?
You must evaluate several factors to know whether you received a reasonable settlement offer after a car accident lawsuit. We discuss them below.
Total Medical Expenses
A good settlement offer should cover all your reasonable medical expenses. It should cover the following:
- Medical Treatment Cost: From ambulance rides to emergency treatments for your injuries, your medical debt will increase exponentially.. Therefore, your compensation should factor in these costs.
- The Cost of Hospitalization: If you sustain severe injuries, you are likely to be hospitalized and spend a long time in the hospital undergoing treatment. The more severe your wounds, the longer you will stay in the hospital and the higher your medical bills will be.
- The Cost of Long-Term Care: Severe injuries that result in a disability require long-term care. In some cases, the victim might end up in a long-term care facility or have medical personnel taking care of them at home.
- Assistive Medical Equipment: Those whose accident injuries led to a disability will require durable medical equipment to move around and make their lives easier. However, they are costly, so if this applies to you, ensure your compensation covers it.
- Physical Therapy and Rehabilitation: Some injuries require physical therapy before the injured person can return to everyday life. Therefore, these costs should be included in the settlement.
Present your receipts and bills to your lawyer to add up the costs of your medical expenses. Remember that medical costs comprise a substantial part of your settlement, so ensure you factor in all your costs to ensure a fair settlement amount..
We know what a reasonable settlement offer is and will ensure you do not accept a lowball offer that does not adequately cover your damages.
Lost Wages and Loss of Earning Capacity
Your accident injury might keep you away from work for a long time; in some cases, you might never be able to return. This results in lost income and loss of earning capacity, which, in turn, impacts your finances and quality of life. Therefore, a reasonable settlement should adequately account for lost wages and loss of earning capacity.
We can help you calculate the amount you lost by paying attention to the following:
- Actual wages lost because of the accident
- Lost vacation hours resulting from the accident injury
- Lost work time for the period you went to therapy or follow-up appointments.
Property Damages
Car accidents often lead to damaged vehicles or loss of valuable personal property. A reasonable settlement should cover the cost of repair or replacement of your vehicle. If your car was totaled, you will likely receive the car’s fair market value at the time of the accident. This is also true for personal property lost or damaged in the accident.
Pain and Suffering
If you sustain injuries, you will undoubtedly experience pain and suffering. Pain and suffering do not have a fixed dollar value, but we can help you calculate it and ensure it is included in the settlement. Also, the settlement should cover emotional distress, loss of enjoyment of life, and other applicable non-economic damages.
Out-of-Pocket Expenses
If you spent any money out of pocket — for example, on transportation to medical appointments — the amount should be accounted for in the settlement. It is the same with any money spent on carrying out modifications to your home, like a wheelchair ramp.
Ultimately, a reasonable settlement will adequately cover economic and non-economic damages, align with your expectations and legal standards, and provide a sense of justice and closure. It should cover all your losses, including medical expenses, lost wages, and pain and suffering, while also considering the cost of legal fees and your degree of fault in the accident.
If you feel your settlement offer is inadequate, you can make a counter-offer for a higher sum. However, if the insurance company is unwilling to make another offer, you can sue and leave the decision to the jury.
Settlement Negotiation Tips
Negotiating a settlement after a car accident requires skills, experience, and the right approach. The following are tips on how to handle settlement negotiations.
Be Prepared and Organized
Before starting negotiations, you should have enough evidence to back your claims. Standard car accident evidence includes police reports, medical records, repair bills, eyewitness and expert witness statements, and photos from the crash scene. Also, calculate your claim’s value, including medical expenses, lost wages, property damage, pain and suffering, and other losses. Ensure you have a clear idea of what a fair settlement is for cases like yours.
Understand the Value of Your Claim
If you don’t know your claim’s value, it will be undervalued, and the settlement offer might be insufficient to cover your damages. Therefore, factor in the severity of your injury, the impact on your life, and the at-fault party’s insurance policy limits. Also, factor in future medical costs, long-term care, and loss of earning potential.
Don’t Accept the First Offer
Never accept the first offer from the at-fault party’s insurer, as it is never the best, even if they claim it is. The first offer is to entice you to settle quickly, and once you reject it, negotiation begins. When rejecting the offer, explain why you can’t accept it, focusing on the fact that it does not cover your damages, and make a counter-offer.
Be Patient
It might be challenging, but don’t be in a hurry to settle. Carefully assess your injuries and the full extent of your damages before settling. We always advise clients to wait till they reach maximum medical improvement (MMI) so they’ll know if they need future medical care or assistive devices.
Seek Legal Advice
The at-fault party’s insurer will take you more seriously and is less likely to infringe on your rights if you have legal representation. Therefore, seek legal advice and retain the services of an experienced legal team. Don’t accept or sign a settlement agreement without having a lawyer look at it because once you do, your claim ends.
Do You Want to Seek Compensation for Your Car Accident Injuries? We Can Help!
Settlement negotiations require patience, preparation, and strategic thinking, which you get when you retain the services of our car accident attorneys. Our lawyers will approach your case with a clear understanding of the value and advocate for you to receive a reasonable settlement offer. Rather than facing the insurance company alone, let us help you. Call Terry Bryant Accident & Injury Law at (713) 973-8888 or toll-free 1 (800) 444-5000 for a free and confidential consultation.
Attorney Terry Bryant
Terry Bryant is Board Certified in personal injury trial law, which means his extensive knowledge of the law has been recognized by the Texas Board of Legal Specialization, setting him apart from many other injury attorneys. The 22 years he spent as a Municipal Judge, Spring Valley Village, TX also provides him keen insight into the Texas court system. That experience also helps shape his perspective on personal injury cases and how they might resolve. This unique insight benefits his clients. [ Attorney Bio ]
