If someone injures you and causes you to make a personal injury claim, a question that may arise is: “Should I settle my personal injury case?”
Choosing whether to settle or go to trial depends on a number of factors. Consider whether you know the full extent of your injuries and whether the offer includes compensation for the emotional toll of your injuries, the amount of negotiating you’ve done, and whether you’ve obtained an experienced attorney’s advice. Call personal injury attorney Robert Smoler at 312-332-9800 for advice and guidance through the personal injury case process in Chicago.
Factors to Consider Before Settling Your Personal Injury Case
Be sure to consider the following factors before accepting a settlement offer from the at-fault party’s insurer:
Do You Know the Full Extent of Your Injuries?
If you settle too early before understanding the extent of your injuries and resulting damages, you could be forced to pay for losses out of pocket when your condition worsens, and new expenses arise. That’s why lawyers for personal injury cases recommend waiting until your doctor determines you’ve reached maximum medical improvement (MMI). At this point, the long-term impact of the injuries on your life, such as the inability to work and the need for ongoing medical care, will be clearer. This will allow for your future economic losses to be included in your compensation.
Does the Settlement Offer Fairly Compensate You for Pain and Suffering?
A personal injury case —be it a car accident injury claim, third party claim, premises liability, or any other type of personal injury case — impacts you mentally and emotionally. Aside from the economic damages for your tangible and quantifiable financial losses, your settlement should include non-economic damages for your non-financial losses, such as pain and suffering and emotional distress.
Have You Tried to Negotiate?
Insurance companies are for-profit businesses looking to resolve cases for the lowest amount possible. You should think twice before accepting a settlement if it’s a first-time settlement offer. You may need to go back and forth with the insurance company a few times to reach a fairer settlement agreement. A personal injury attorney can handle negotiations with the insurance company on your behalf.
Is Going to Trial Better Than Taking the Settlement?
Most personal injury cases in Chicago and the rest of Illinois settle before trial. According to the 2022 Illinois Courts Statistical Summary, newly filed cases from 2018 to 2022 decreased by 40.6%. Nevertheless, there are circumstances in which going to trial could be better than accepting a settlement offer. For example, when you have catastrophic injuries or substantial damages and defendants and their insurers are employing bad faith tactics or are unwilling to provide a fair offer, it will likely benefit you to go to trial.
Sometimes, filing a personal injury lawsuit might be the only way to make an insurance company pay out fair compensation. The pre-trial discovery phase allows you to obtain more information about the other party and the evidence they have. Settlement negotiations usually become more serious at this stage, which can take months to complete. Regardless of how long the discovery process takes in a personal injury case, you can still accept a settlement during or close to the end of the discovery stage.
What Are the Pros and Cons of a Settlement Agreement?
Once you agree to a settlement, you’ll have to sign a settlement agreement. There are upsides and downsides to settling your personal injury case.
A settlement agreement provides a guaranteed payout and lets you get your money and move on more quickly. It also costs far less and is less stressful than the trial process. However, a settlement agreement usually requires you to compromise by agreeing to an amount that may be less than your claim’s estimated value. Your settlement agreement is permanent, so you can’t ask for more damages or take your case to trial later if your condition worsens.
Benefits of Consulting an Attorney in Chicago
Deciding whether to settle your personal injury case in Chicago or proceed to trial is challenging, requiring you to consider several important factors and the particulars of your case. It’s best to consult an attorney if you get to the point where you’re wondering, “Should I settle my personal injury case?”
A Chicago personal injury attorney at our law firm will explain how causation works in an injury case and the relevant Illinois laws that apply to your case. We know the tactics that insurance companies and their defense attorneys use to devalue claims, and we will help ensure you receive fair compensation. Contact us at Smoler Law Office for a free consultation about your personal injury case in Chicago.
