I was recently involved in serious mva hit and run-recovering from neck ligament damage. Thinking about submitting own settlement claim-would like to know when deciding on figure,usually 2-5 times total medical costs is what I have read. In my case my medical coverage picked up a good portion of bills now total over $10,000. When submitting settlement offer would I take total amount of bills or just portion insurance did not cover and I have to pay out of pocket?
2 Answers from Attorneys
A lot of factors go into settling a case. Length of recovery, permanent injuries, etc. When you negotiate a settlement with an insurance company the only threat you have is to take them to court. They know you cannot take them to court without a lawyer (if you do they know they will cream you). Therefore, you will not normally settle in the same range as an attorney representing you in this case.
Re: settlement figures
Settlement is not based on a multiple of damages. This is among the misconceptions that insurance companies want you to believe.
The underlying claim is the basis of recovery. Many factors apply with determining settlements.
Hiring an attorney skilled with aspects of claim presentation and settlement as well as negotiation and litigation is the best choice to maximize your recovery.
Contact me immediately as you should be represented by an attorney. Any communication that you have with an insurance company may compromise your settlement.
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