Mike Wells: Know your injuries before you settle a claim
July 3rd, 2022 by admin
This is the concluding column in a series to help people know the right thing to do if they are involved in a wreck that’s not their fault.
If you sustain personal injuries, when should you settle your claim?
Unless your wreck is work-related, you generally have one to three years under N.C. law, depending on the circumstances, to file a claim in court.
But why does the insurance adjuster encourage you to settle soon?
Insurance adjusters will offer to settle a case quickly because the insurance carrier, before it cuts you a check, requires you to sign a full release for all claims for injuries and damages, known or not yet known.
There is nothing unethical or illegal about this. (If the wreck were your fault, you would want your insurance company working to pay no more on the claim of the injured party than is required by the law to hold your future premiums down.) But if your injuries take longer to develop, or they are more serious than you first realized, which is sometimes the case, those claims are barred by that release after it is signed.
Remember, claims of an injured party often settle for 30% (average) of their full value. Parties state they wanted to get the matter behind them, or they did not realize injuries, especially to the neck and back, take more time to be fully felt and known. As a result, parties settle before they know the full extent of their injuries.
Two rules of thumb
- Do not settle your claim until you and your doctor are satisfied your injuries are more fully known and hopefully resolved. If your injuries are not fully known, you should not settle until they are known, including any anticipated medical expenses, disability ratings and any adverse impact on your ability to earn your previous work income. That means at least 90 days and often longer.
It is not that you’re out to “get something” to which you are not entitled. It is that you do not know what the facts may forecast in terms of future medical challenges and expenses.
- If you receive any ongoing medical treatment beyond a one-time visit to the ER and your injuries continue for several weeks to cause you pain and physical limitations, it makes sense to consider consulting an attorney.
Attorneys who handle injury cases are generally experienced at what they do. But part of the issue for an injured party is whether their case is significant enough to net them, after attorney’s fees, more dollars. These cases, as noted before, are taken on a contingency fee (percentage of recovery) basis.
If you are uncertain whether you need to hire an attorney (on a contingent fee), consider contacting the N.C. Bar Association Lawyer Referral Service. A knowledgeable attorney will consult with you for 30 minutes for no more than $50 to tell you whether the nature and extent of your claim suggest you should hire an attorney (800-662-7660). Ask the attorney: is your case likely going to net you, after settlement and paying the attorney fee, more “walking out the door dollars” than you would likely recover representing yourself?
If your injuries do not merit hiring an attorney on a contingent fee, ask your personal attorney to offer you some courtesy direction about less involved matters to assure you receive a fair resolution. These are often limited-time spent matters, which your attorney/paralegal can monitor. Attorneys should do this a courtesy to you because you are a client of the firm.
When you are injured in a wreck, take the time to get necessary medical treatment and to assure you take proper steps to receive a fair resolution of your case.
Remember: An informed choice is a smart choice.
Posted in: WS Journal Articles