You can often settle a car accident claim without ever stepping into a courtroom, which is reassuring for many people who simply want to move forward after a crash. If you are facing losses from a car accident that was someone else’s fault, seeking compensation will be an important part of the recovery process. But, does this mean that you will have to go to court?
While car accident claims occasionally go to court, the vast majority of successful claims settle long before trial. When you hire an experienced Chicago car accident lawyer to represent you, your lawyer will focus on settling your claim without the need for litigation. Your lawyer will work to secure a favorable settlement offer on your behalf; and, if an offer is on the table, your lawyer will help you decide whether to accept a settlement or keep fighting for more. Many clients are surprised to learn that you can almost always settle a car accident claim through negotiation rather than litigation.
After a serious car accident, securing an out-of-court settlement that fairly compensates you for your losses is the best-case scenario. But, with that being said, there are several important factors you need to consider before you accept a settlement. These factors include (but are not limited to):
If you accept a settlement offer after your car accident, your claim will be over. Even if you unknowingly settle for less than you deserve, you won’t be able to seek additional compensation in the future. This makes it essential that you do not rush the process—and that you do not let the insurance companies talk you into settling before you know the true extent of your accident-related losses. Before you settle a car accident claim, you must be confident that the offer reflects the full value of your damages.
If you have received a settlement offer and you haven’t yet hired a lawyer to represent you, the offer almost certainly represents just a fraction of the total value of your car accident claim. How do we know? In this scenario, the insurance companies’ goal is to pay as little as possible. If they think they can convince you to accept a small settlement before you know what your claim is worth, they will try to settle your car accident claim for much less than you deserve.
In serious car accident cases, victims’ long-term costs can far exceed the costs they incur in the immediate aftermath of the accident. If you are facing future medical bills, other out-of-pocket costs, and loss of earnings, it is imperative that you have a clear understanding of these future costs before you consider an insurance settlement. This is another reason why you should never settle a car accident claim without full documentation of your long-term needs.
It is equally important that you know what constitutes “fair compensation” for your non-financial losses resulting from the accident. If you don’t know the full extent of your damages—including your long-term pain, suffering, and emotional trauma—you won’t have any way of knowing whether a settlement offer is fair under the circumstances at hand. Understanding these losses is critical if you want to settle a car accident claim for an amount that truly reflects your experience.
Calculating your financial and non-financial losses requires evidence that only you (and your doctors) have in your possession. With this in mind, the insurance companies aren’t going to calculate your losses for you. Even if they had your best interests in mind, they simply don’t have the information they need to understand the full extent of the damages you are entitled to recover. When deciding whether to settle a car accident claim, you must ensure the numbers are accurate and complete.
With all of this in mind, when should you accept a settlement after a car accident in Illinois?
Deciding whether to accept a settlement in your car accident claim starts with understanding how much you are entitled to recover. This means that you need to know the present and future costs of the accident—including your:
If you receive a settlement offer that adequately covers these losses, then accepting the offer may be in your best interests. To find out how much you should be willing to accept, you should discuss your claim with an experienced Chicago car accident lawyer as soon as possible. Getting legal guidance before you settle a car accident claim is one of the most important steps you can take.
If you have been seriously injured in a car accident in Illinois, we can provide a comprehensive assessment of your legal rights and help you make informed decisions about your next steps. Our goal is to help you understand when to negotiate, when to push back, and when it truly makes sense to settle a car accident claim based on your circumstances.
Contact the Chicago car accident lawyers at Coplan + Crane online or at (312) 982-0588 today for a FREE case evaluation. We proudly serve clients across Illinois, including Chicago, Oak Park, Rockford, and other areas.
