Throughout an injury claim case, an injured individual is understandably eager to reach a just settlement that alleviates their financial hardships and resolves the case. While a settlement helps many people recover, not every offer from an insurance company is adequately valued. Insurance adjusters evaluate a case, investigate a claim, and attempt to lessen the payout that the negligent party owes.
If you received an insurance check throughout an injury case, you must consult with your attorney before accepting the check. An attorney is on your side and works to ensure you do not agree to a low settlement for a seemingly quick fix. Our personal injury lawyers at Mintz Law Firm work diligently to ensure a claim is valued correctly and the injured is offered a fair settlement.
Different Types of Settlement Payouts and Schedules
After a car accident, slip-and-fall, or other circumstance resulting in serious injury, settling an injury case helps the injured recover. If you are awaiting a case conclusion or are in the duration of a case or lawsuit, it is vital to understand the different types of settlements and payout schedules you may qualify to receive.
Types of injury claim settlement schedules include:
- Lump Sum Settlement: A larger payout that may help recover the costs of attorney fees, medical expenses, and other accumulated costs. An initial lump sum may be higher than a final payout.
- Structured Settlement: In a structured settlement, the injured are compensated in portions and payouts are delivered weekly, monthly, quarterly, or annually. Depending on the terms of your settlement check payout, several payouts may decrease or increase in value depending on interest and the claim value.
A quick settlement offer is often an attempt to resolve a claim before its true value is determined. Settlement checks are inclusive of varying damages and calculated values. Understanding the difference between payout schedules and how settlements are distributed may help avoid errors when considering accepting a payout outside legal counsel. As time progresses after an accident, your life may continually change, and compensable damages may rise in value depending on the severity of your circumstances and recovery needs.
Should I Cash a Check to an Insurance Company Sent to Me?
Once accident victims deposit or cash an insurance check and sign a settlement, there is little to no opportunity to recover compensation for damages and injuries that worsen or appear later. An experienced personal injury attorney helps accident victims by protecting their rights against insurance company tactics and thoroughly evaluating all compensable damages an individual requires.
Every case is valued differently after an accident because varying injuries and damages are considered. While receiving a check may seem like an easy fix to financial troubles and hardships after an accident, it may not include short- and long-term recovery needs. At Mintz Law Firm, our injury lawyer keeps your short and long-term well-being in mind when negotiating and fighting aggressively for the compensatory damages you deserve.
How Is a Personal Injury Settlement Calculated?
Most personal injury cases resolve with a settlement and without a lawsuit in court. Insurance companies are skilled in refuting claims, gathering evidence against the injured, disproving medical costs and injuries, and other tactics. Despite this, people injured due to another’s negligence in Colorado are permitted to pursue non-economic and economic damages and may receive punitive damages by filing a claim. Considering mental, emotional, financial, social, and other changes in various life areas, your attorney may help value your claim.
Our Injury Lawyer at Mintz Law Firm Can Help Negotiate a Settlement You Deserve
Suffering injuries in an accident causes varying non-economic and economic damages for any individual. Insurance companies strive to reduce payouts and costs associated with insuring their party’s negligence. We understand no two cases are the same for personal injury claims. Before cashing a settlement check, it’s best to consult a knowledgeable attorney who is experienced in defending the rights of injured parties.
By steering your case in the right direction, our seasoned personal injury attorneys at Mintz Law Firm may help you recover total compensation with short and long-term considerations. Additionally, our attorney may skillfully negotiate offers of settlement from negligent parties. To schedule a free case review and consult with our attorney, complete a contact form or call us at (303) 462-2999.