Insurance

Understanding Insurance Settlements (And Why They’re Not Usually Your Best Option)

Insurance settlements are a common legal payout in our society. Settling for a settlement, as it were, is an important decision, though. Sometimes, it’s not even your best option. Working with a qualified legal team, such as Grewer Law Group, gives you the best chance of getting the biggest payout for your damages, loss, and suffering. This article gives you the basics of insurance settlements to help you get an idea of whether you want to accept one or not.

Insurance settlements can be filed under your insurance or with the company that the at-fault party has a policy through. Insurance settlements are beneficial to the insurance company because they lower both costs and risks. They don’t have to spend time and money on legal fees, and once a settlement is agreed upon, they don’t have to continue paying money over the years. However, if you decide to go to court, you could receive payouts for years depending on the degree of loss and damage.

However, accepting a settlement means that you’ll get some compensation for sure, whereas court cases mean you could lose. A settlement means that you won’t have to spend your time and a large portion of your money in court battles, either. But when winning court cases are brought forward by experienced attorneys, victims almost always receive more than they would in a settlement.

Insurance settlements are typically divided into two parts: general and special damages. General damages are non-economic, such as physical injury, whereas special damages are monetary, such as a totaled car or loss of work.

General damages can also include:

  • Pain and suffering
  • Decreased life enjoyment
  • Loss of companionship
  • Physical disfigurement

Special damages run a large gamut as well, and often include things that are easier to put a monetary amount on, such as:

  • Medical expenses
  • Lost wages from being unable to work
  • Lost income opportunity from disfigurement
  • Property damage

All of these things can be covered in both insurance settlements and court cases. Oftentimes, it’s difficult for the injured party to make an accurate assessment of what they deserve or what is best. Working with an objective party, such as Grewer Law Group, can help get you the rest you need while fighting for your rights and getting you the biggest possible payout. Since you’ve already been struggling after your accident or injury, it can be helpful to get advice and assistance from a professional before moving forward.

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