Why Should I Settle My Claim? Is It Better Than Going To Trial?

Settling a claim provides surety. In contrast, leaving the matter in the hands of a Judge/Jury creates some risk. One is not necessarily better than the other. Settlement depends on a reasonable offer being made, and that reasonable offer being accepted by the injured party (the Client).

Is There A Minimum Personal Injury Settlement Amount?

There is no minimum settlement amount.

An insurance company, Judge, or Jury will make a determination of what they believe is reasonable compensation for an injury/loss.

Does The Severity Of My Injury Resulting From A Car Accident Ensure The Likelihood Of A Larger Settlement?

Usually, more severe injuries will result in larger settlements; as the cost of medicals are higher, there is more time missing from work and a greater chance of permanency. All these factors may result in a larger award for pain and suffering.

Will All Of My Future Medical Costs Be Taken Into Account For The Settlement Amount?

Yes. Future medical costs will be factored into a settlement amount. The injury may be deemed a permanent injury if the injured party cannot fully return to the pre-collision state.

Will Preexisting Conditions Impact My Settlement Amount?

Yes. Having injuries prior to an accident may be factored into a settlement if the conclusion is that an already existing injury was exacerbated, and not created by the at fault party. Therefore, the party at fault would have worsened a present condition. 

How Are Settlement Amounts Calculated?

Settlements are based on reasonable medical costs incurred, lost wages, related out of pocket expenses, and pain and suffering.

How Do You Calculate Pain And Suffering?

There is no fixed rule in calculating how much an individual has suffered as a result of an accident. 

How Are Personal Injury Settlements Paid Out?

Personal injury cases are paid by the carrier and the Attorney will deduct his/her fee from the settlement amount.

Do You Have To Pay Taxes On A Personal Injury Settlement?

The general rule is as follows:

If you receive a settlement for personal physical injuries or physical sickness and did not take an itemized deduction for medical expenses related to the injury or sickness in prior years, the full amount is non-taxable. Do not include the settlement proceeds in your income.

As always, you should seek the advice of a tax professional as the laws are subject to change.

Can I Reject A Settlement Offer?

Yes. Acceptance of a settlement is up to the Client. Notwithstanding, an Attorney may assert a claim/lien on an offer made while he/she is representing the Client should the Client decide to reject an offer that is viewed as reasonable.

How Is My Lawyer Paid?

Attorneys are paid on a contingency basis for personal injury cases. Therefore, the lawyer takes a percentage of a total settlement or court award.

Are There Potential Factors That Might Limit Or Minimize A Settlement In My Injury Case?

The normal factors that may limit a settlement is the delay in treatment, gaps in treatment, medical bills that are not billed at a customary rate, and legislative caps to pain and suffering/wrongful death awards.

What Can I Do To Assist My Attorney In Getting The Best Possible Settlement In My Auto Injury Case?

Clients who follow the treatment regimen and take good treatment notes are a big help to their Attorney.

For more information on Personal Injury Settlements In Maryland, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (800) 400-2350 today.