Accepting a personal injury settlement is the final point in the claims process before receiving payment. However, once you accept their offer, you cannot hold the insurance liable for more compensation in the future.
It is critical to negotiate a personal injury settlement as strategically as possible. This approach can help you get the money you need to recover from your injuries, replenish lost income, and more.
In This Article
A personal injury lawyer serving central and northern New Mexico shares what to know about accepting a personal injury settlement. Grano Law Offices, P.C. wrote this post to help injury victims of negligence and their concerned loved ones.
Important Settlement Negotiation Concepts
Even though if have a copy of the settlement in your hand, do not celebrate just yet. The circumstances of your situation and relevant laws determine if the offer you received is fair.
To underscore this point further, here are a few essential concepts to understand when approaching the negotiation table:
Concept 1. You Have a Right to Fair Compensation
You can get a settlement that meets your needs. If an insurer tells you that your options are limited, you do not have to take it as fact. Insurers look out for themselves and could be looking to pay you as little as possible.
Concept 2. Paying for Future Medical Costs
Injuries do not go away without intervention. Some may even last a lifetime, meaning that an insurer will make you an offer based on their assessment at this point. They might not consider ongoing medical costs that could skew your award.
Concept 3. Personal Injuries Can Cause Financial Stress
Due to the accident, you may be out of work and unable to earn money that pays for your living expenses. This loss of income significantly impacts you in the short term, but it could also affect your future.
Concept 4. New Mexico’s Fault System Is a Factor That Should be Considered
Under NMSA § 41-3A-1, New Mexico follows a comparative fault system. Therefore, at trial you may be limited to recover a settlement equivalent to the degree of the at-fault party’s liability. For instance, if they were 70 percent at fault, you may be limited to a recovery of 70 percent of your damages.
Your Insurance Settlement: A First Offer Is Rarely the Best
Insurers can kick off negotiations by offering you a meager settlement. This strategy is a way for them to meet the promises in their policy while still getting a great deal for the company.
Remember, the first settlement offer is rarely the best.
Put a stop to this practice with legal representation. A personal injury lawyer has the training and legal resources to tender a fair counteroffer on your behalf.
Related Article: Can You Get More Money After An Accident Injury Without A Lawyer?
You Might Be Entitled to More
It is in the insurer’s best interest to offer you as little compensation as possible while still meeting applicable laws and policy terms. However, they could be undervaluing your claim significantly, even in good faith.
Until you conduct a complete accident investigation, you take them at their word, which could be incorrect. Basing your settlement decision on inaccurate information can result in a lesser settlement.
Avoid Settling Your Claim “Too Quickly”
The insurer may offer you a fast settlement for your accident injury claim. In some cases, they may issue an offer even before you complete the necessary medical treatment for your injuries. Be wary of a settlement issued before the accident victim finishes medical treatment.
Until you complete your medical treatment, you do not know how much you will need for future medical costs and lost wages. An undervaluation of these financial losses, also called damages, may affect your pain and suffering award.
Related Article: How to Respond to a Low Personal Injury Settlement Offer
All Settlements Are Final
Once you accept a settlement offer, there is no going back for money in the future. This discovery is much to the dismay of injury victims who discover they are in a worse position than previously thought. As such, it is critical that you get the money you need before signing a release of all claims, a provision of receiving a settlement.
If you hire a personal injury lawyer to represent your case, we will review it for all recoverable damages, including:
- Current medical bills
- Future healthcare costs
- Lost work wages and benefits
- Future lost earnings
- Physical pain and suffering
- Mental anguish
- Lost enjoyment of life
- Scarring and disfigurement
Your case may include additional damages, depending on the severity of your injuries and the facts of your case. If you want to know how much your case is worth, you should consult with a personal injury lawyer before signing the agreement. We will ensure that you demand a fair amount.
Related Article: Calculating Future Medical Expenses After a Personal Injury
A Personal Injury Lawyer Will Demand What You Are Owed
Insurance companies will treat you with respect when you have an experienced legal professional. A seasoned personal injury attorney can provide you with negotiation skills that place you in a stronger position. Your attorney can also handle the entire investigatory, and evidence preservation process on your behalf, so that you can concentrate on recovering from the injuries you did not cause.
Call Grano Law Offices, P.C. for a Free Case Evaluation
Do you need legal advice about a personal injury settlement offer in northern or central New Mexico? If so, the legal team at Grano Law offices, P.C. wants to help. Schedule your Free Case Evaluation now by calling (505) 426-8711 or message us via the contact form below.
If you hire our team, we will not get paid until your personal injury case is won!
