Know When Exactly Should You Accept A Personal Injury Settlement

8 min read

Accidents and injuries don’t only have a physical impact, they weaken you mentally too. While nothing can compensate your pain and suffering, injury settlements may help your physical recovery. Sometimes, it is fair to accept personal injury settlements if you think that the amount is enough to get you recovered from injuries and ensure your financial stability the way it was before the accident. Personal injury lawyers Toronto may help your cause regarding this matter.

How To Get started?

You should have a certain settlement amount in mind. Often insurance companies approach you to offer a settlement just after you have met an accident. The initial amount offered by these companies are generally low as they intend to wrap up the matter in lower amounts. You need to have a good judgment to decide what is the right amount that can help your cause. The minimum settlement amount should be decided with the help of Personal Injury lawyers. They let you know about the fair bargain limit and help you when the insurance companies are trying to bargain with you. If you have a bottom line in your mind, it will not let you drift away.

Choosing The Mode Of Settlement

Before choosing the mode of settlement, you must know about the different modes:

Lump Sum Payment: A lump sum payment usually refers to an average amount paid by the defender after which the case is wrapped up.

Structured Settlement: In this kind of settlement, the compensation is paid in installments and the duration of the payment is fixed by the plaintiff. In some cases, the defender might have to pay at regular intervals for the rest of the plaintiff’s life.

The mode of payment which you should choose depends on the kind of injury you have gone through. If you have met with a small accident and the insurance company is offering a lump sum payment, you should take it and get the case wrapped up. Also, if you had a project left and you met with an accident, you can go for a lump sum amount to get the money required to complete the project.

On the other hand, if your injury is way too serious and has cost you your working abilities or wages, you must demand a structured settlement. While going with a structured settlement, one thing to be kept in mind is the information about the insurance company. Make sure that the company is a trusted one. If the company fails to pay and declares bankruptcy, it is ultimately you who would suffer.

When To Hire A Lawyer?

In small cases, you don’t necessarily require a personal injury lawyer. However, in crucial cases, you should regularly keep in touch with an attorney to obtain some vital advice regarding the case. You should consult a lawyer if you have gone through any of the conditions given below:

Serious Injuries Which Cost You More Than A Few Thousand Dollars: In cases as such, the insurance companies try to get away by paying smaller amounts and if the plaintiffs don’t have knowledge regarding the laws, they succeed in doing so. You must hire an attorney in these cases. The lawyer will advise you a law-based approach through which you can obtain the best settlement possible.

Lost Income Or Working Hours: The lawyer will try to let you obtain a fair structured settlement if you have lost income due to the mishap.

The Question Of Fault: Despite being a plaintiff, if you think there are chances of your fault too, it is strongly recommended that you must hire a lawyer. Adding insult to injury will only weaken you more.

Personal injury settlements may not bring your life back to normal, but it will certainly provide you some financial stability. In the situations when life lets you down on all aspects, you would at least be able to manage the financial conditions around you. These are the situations when you must accept a personal injury settlement. Always remember, personal injury lawyers Toronto are there for you!

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