How to Tell if an Insurance Settlement Offer Is Unfair

Recovering the damages your personal injury case genuinely merits is never a foregone conclusion. Keep reading to discover how to tell if an insurance settlement offer is unfair.  

Considerations for Deciding if an Insurance Settlement Offer Is Unfair

No matter how clear-cut you may believe your case for recovering damages may be, earning a settlement that actually covers your needs is never guaranteed. 

Both the plaintiff and defendant in personal injury cases may push for an out-of-court settlement, which accomplishes two things: It speeds up the process in order to keep civil court costs down, and it allows both parties the chance to reach an agreement that works for them. With that being said, personal injury plaintiffs need to practice extreme caution in order to avoid being taken advantage of by an insurance company. 

When it comes to paying out damages in a settlement, there are two different types of damages: tangible and intangible. Tangible damages are those that are perhaps more easily identifiable, and include things such as: 

• Hospital/ambulance bills
• Special surgery expenses
• Physical rehabilitation expenses
• Counseling bills
• Lost income from missed work
• Property damages

Intangible damages, on the other hand, refer to those that aren’t quite as readily apparent. These could include damages for things such as emotional trauma, pain and suffering, or loss of enjoyment of life. Although an insurance company may try to downplay the impact—and ultimately the economic value—of these types of damages, as a personal injury victim, you know they matter. 

Negotiating a Fair Settlement Offer with the Insurance Company 

Unfortunately, insurance companies too often put the interests of the company’s bottom line above the well-being of personal injury victims. When it comes to receiving fair compensation for your intangible damages, never is this more evident. 

Insurance companies may use something called a “pain and suffering multiplier” to put a number on your emotional damages. This is done by multiplying the sum of your medical bills by a number, usually between one and five. 

For victims of severe or disfiguring injuries, understanding the impact of this number can go a long way toward helping them decide if a settlement offer is fair. For example, if you’ve been disfigured or suffered burn injuries that will last a lifetime, you may feel compelled to find an alternative method to calculating your damages for pain and suffering. 

The complexity of deciding whether an insurance settlement offer is really adequate for their needs is one of the primary reasons why personal injury victims in North Carolina may seek out the help of an experienced lawyer. 

Contact a Personal Injury Lawyer in Charlotte

If you’ve been injured, don’t let an insurance company downplay the emotional turmoil and other losses you’ve suffered. At The Nye Law Group, we fight for the rights of North Carolina personal injury victims, and we want to help you negotiate a maximum settlement. 

Call 704-285-6319 or fill out the form below to set up a free consultation with a Charlotte personal injury lawyer with our firm.