![]() Is the Agreement in Your Best Interest or the Insurance Company’s Best Interest? ![]() A multiplier method may be used, but knowing what factor to use to calculate the value can be difficult if you are not familiar with personal injury laws and settlements. There is no standard formula for placing a value on pain and suffering damages. The company should compensate you for the loss of enjoyment of life or quality of life caused by the car accident injuries.Ĭalculating damages for a car accident claim can be challenging. You may also receive compensation for any permanent disabilities, impairments, disfigurement, or scarring. These damages include the pain, suffering, discomfort, and inconvenience caused by the car wreck. However, you can also receive compensation for non-economic damages. They may include your loss of income, travel expenses, medications, medical treatment, personal care, and other out-of-pocket expenses. Economic damages cover your financial losses caused by the car crash. In most car accident cases, the accident victims are entitled to compensation for their economic and non-economic damages. You also need to understand how much each of those damages is worth. If you do not know how much your car accident claim is worth, you do not know if the insurance company is undervaluing your damages.īefore you sign a settlement agreement, you should understand the types of damages available in a car accident claim. It is in the insurance company’s best interest if you do not know the value of your claim. The insurance company has no incentive to tell you the actual value of your car accident claim. Do You Know the Value of Your Car Accident Claim? That applies even though you did not know about the injuries or damages when you signed the settlement agreement. Therefore, if you discover additional injuries or damages, you cannot file a personal injury lawsuit or demand more money for your claim. The car accident settlement agreement also releases all parties from further liability for your claim. However, if you sign the settlement agreement, you could give up your right to pursue that claim. ![]() You could have a product liability claim against the car manufacturer or other party. Therefore, if you have a claim against another party, you could be giving up your right to pursue that claim if you sign the settlement agreement.įor example, suppose that your car accident injuries were worse because of a defective airbag or seat belt. The clause applies to parties that are known and unknown. Most agreements prepared by the insurance company include clauses that release all parties from any further liability for claims. And, you are also releasing other parties when you sign the agreement. The agreement ends your claim against the insurance company and the driver who caused your accident. You Are Releasing All Claims and Parties From Further LiabilityĪ car accident settlement agreement is final. Five Things to Know Before You Sign a Car Accident Settlement Agreementĭo not sign a settlement agreement for your car accident claim until you consider these five important issues: 1. The agreement is lengthy and contains numerous clauses and legal terminology about liability, fault, claims, negligence, third parties, etc.īefore you settle your injury claim and sign an agreement that the insurance company prepared, there are some things that you should know about settlement agreements and your legal rights. A representative from the company explains that you must sign the agreement before the company can pay your claim. The insurance company prepares a car accident settlement agreement outlining the details of your settlement. The amount of compensation paid for damages depends on the facts of the case. In personal injury claims, a settlement generally results in payment of compensation to the accident victim. A settlement is an agreement between two parties that settles a dispute.
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