What You Can Expect From An Insurance Settlement

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What Kinds of Compensation Can You Receive?

If you have been injured in an accident, you have rights. You have the right to recover money damages. However, what you are entitled to varies from state to state. I will address Nevada law since that is where I practice. However, I will also comment on issues that you need to identify within your own state. You are entitled to recover from the person who hurt you for all of your losses. You are entitled to be made "whole." This general rule has been altered in states where there is "no-fault" insuance or where there are recovery caps on damages. Otherwise, here are some of the kinds damages you are entitled to:

o Repair or replacement of your damaged property, including the car and other personal property

o Loss of past and future wages and earning capacity

o Payment of medical bills relating to your treatment from injuries sustained in the accident, including anticipated future medical expenses

o Compensation for your pain and suffering, mental and physical--past, present and future.

It is very important you know the value of these things and your potential for recovery before settling with the insurance company.

How Much Are My Damages Worth?
There are different ways of valuing your case. Your case is worth (1) what you are willing to be paid, (2) what the insurance company is willing to pay, or (3) what an arbitrator, judge or jury says it is worth. Attorneys and insurance companies keep track of these figures, and there are even books and databases that contain this information.

There are several ways of convincing an insurance company, judge or jury what your case is worth. The main thing is to provide documentation of all of the losses you have sustained. You have to document ALL of your losses in order to prove your case to the insurance company. After all, they are not in the business of handing out money. You have to prove your case.

Often, you will think your case is worth more than what the insurance company is willing to pay. Hiring an attorney with legal expertise will help you put a fair value on your case. Without professional help, you can research the value of your case in a library or on the Internet. These methods will not be as valuable as hiring your own professional.

How Do I Recover Money?
Typically, in order for you to recover money from the insurance company, you must suffer injury or sustain damages that caused by the negligence of a person or business that is a client of that insurance company.

When Will I be Paid?
Most of the time, you will not be paid the money until long after the accident, after you have finished treating for your injuries, your prognosis is known, and after the insurance company has had a lot of time to evaluate your all of the available evidence: the police report, witness statements, recorded statements of you and the other driver, the medical records and bills, and wage loss information. Usually it will take 6 to 9 months before you see a recovery.

You do not have to accept the first offer the insurance company makes you. You have the right to make counter-offers if you do not feel their offer is fair. Many people seek professional advice from an experienced attorney regarding this decision.

Once you agree on a figure, you sign documents releasing the adverse driver, their family and insurance company from any future obligation to pay.

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