When Should I Settle With the Insurance Company?
First and foremost, it’s important to understand that personal injury cases — especially ones that involve serious injuries — can take months to settle. There are many benefits to being patient. In order to settle, the injured party must know the exact past medical expenses as well as possible future medical expenses, based on the doctor’s advice.
The injured party must also know the amount of wages lost during recovery and any potential future wage loss. It is also necessary to be aware of the liability insurance coverage of the at-fault driver in order to help determine what is or is not a reasonable settlement.
If the at-fault driver doesn’t have liability insurance, then there is a different path involving “uninsured coverage.” It is difficult and confusing to gather all the correct information in regards to insurance coverage. That’s why having a personal injury attorney is beneficial — we will extensively discuss your case with you and help decide the best option for settlement.
Wait to Settle for a Better Outcome
When considering when to settle with the insurance company, the most important thing to remember is that a claim can only be settled once. Once a claim is settled, the injured party releases all known and unknown future claims. That’s why it’s important to be medically stable, and know your long-term medical prognosis (your doctor’s opinion about your medical future), because there is no opportunity to go back for more money. For this reason, we advise that you always wait to settle.
If you retain our services, it will be a long process because we will not settle until you have reached maximum medical improvement, or MMI. Then and only then can we know the full extent of your injuries and damages. If a settlement cannot be reached, we will go to trial. As your attorneys, we start preparing for trial from day one, on the chance that the other party does not agree to a fair settlement.
Contact an Experienced Fairbanks Personal Injury Attorney Today
We at Ringstad Law Office, P.C. are a different firm. Click here to learn more about our skilled team. We recommend that you contact us before initiating a claim. We can advise you on when to settle with the insurance company as well as negotiate with them on your behalf.
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