What to Know Before You Accept a Settlement Offer

When you are pursuing compensation for a personal injury claim, receiving a settlement offer can seem like the light at the end of the tunnel. However, it can be difficult for many people to determine whether a particular offer is fair and meets all their needs.

When you accept a settlement offer, that concludes your case. You cannot go back to the insurance company later on and ask for more money, even if you discover new injuries or losses. Accordingly, there are many factors you should understand before you accept a settlement offer, such as the different types of damages you may be eligible to receive. Here are settlement offer FAQs and our answers. 

What Are Personal Injury Damages?

In legal cases, the term “damages” refers to the amount of money you may be entitled to in a personal injury claim. Injury victims may be awarded damages in court if they can demonstrate that another party’s negligence violated their rights or caused them to incur personal or financial losses.  

Types of Damages

There are two primary types of damages awarded in a personal injury case: economic and non-economic. Economic damages are awarded to reimburse you for any measurable financial losses you incur as a result of your injuries, while non-economic damages are intended to compensate you for more intangible, personal losses.

Common types of economic damages in a personal injury case include:

• Medical bills – Past, current, and future medical expenses you incur for the treatment of your injuries, such as the cost of doctors’ visits, hospital stays, medication, and physical or psychological therapy

• Incidental expenses – Out-of-pocket costs you incur for incidental, accident-related expenses, such as the costs of traveling to and from medical facilities, hiring in-home healthcare services, or making home modifications to accommodate your injuries

• Lost income – The value of any wages, tips, bonuses, benefits, or other earnings you lose due to missing time at work to heal from your injuries

• Lost earning capacity – The losses you suffer if you are unable to return to your regular line of work because of your injury

And here are some common examples of non-economic damages:

• Pain and suffering – The subjective cost of the physical pain, emotional anguish, and psychological suffering you endure due to your injuries

• Loss of quality of life – The subjective cost of losses in your overall quality or enjoyment of life, such as the enjoyment of hobbies you can no longer participate in because of your injuries

• Loss of society, companionship, or consortium – The subjective cost of the deprivation of any companionship you enjoyed and the harm to your relationships with family members

Contact a Gainesville Personal Injury Lawyer Today

If you were injured in a Gainesville car accident, truck accident, slip and fall, or other accident, the Gainesville personal injury lawyers of Fine, Farkash & Parlapiano P.A. are here to help. We can help you calculate a reasonable estimate for the value of your claim, review all settlement offers as you receive them, and negotiate forcefully on your behalf to help ensure you do not leave any money on the table. 

Contact us today to get started with your free initial consultation in Gainesville.