When you were recently involved in an accident and you were injured by the actions of someone else, you most likely want to file an injury claim. If this is the case, you should be aware of the fact that most personal injury cases actually end up with a settlement. There are many different reasons why this is the case, but the really common ones are highlighted by the Mark Rees Law Firm below.
Remember that in most cases the driving factor behind settlements is the insurance company. An insurance firm often offers a settlement because there is enough money available to pay and more money would be paid in the future in the event the claim would end up reaching a trial. Also, insurance companies are risk averse. This practically means that they do all that they can in order to pay less. They save money when a settlement is agreed.
Here is why most personal injury claims settle:
As already mentioned, most of the insurance companies will offer a settlement as they attempt to fully control financial risks. The company wants to make an offer and then control how much is offered, as opposed to being exposed to the possibility of going to trial. If a trial starts, the jury decides the amounts that are going to be offered to cover suffering and pain for plaintiffs.
Insurance companies also often want to offer a settlement in order to protect their reputation. This is quite important these days since social media platforms are more relevant than ever. A large company is always interested in reputation protection as the profile is public. All reputation damage will jeopardize earnings. Settlements are quietly offered and the company can negotiate suitable terms. This can increase confidentiality clauses.
Avoiding The Long Trial
A plaintiff often chooses to settle in order to avoid the really long trial. Victims cannot actually get financial relief in the event that there is no settlement, until the trial is over. Personal injury trials can often continue for years. Financial suffering can easily become truly problematic. Money might be needed really fast in order to pay for damages and losses, like medical expenses, physical therapy, lost wages or hospital bills.
A Guaranteed Win
Last but not least, this is another very common reason why settlements are accepted. If you agree to a settlement, it is a guaranteed win. Whatever happened is recognized. Offer acceptance quickly guarantees you are awarded a compensation. If you go to trial, it is possible that you are not going to get any payment in the event the jury decides the claim is not valid.
As you can so easily notice, the personal injury claims are often settled because of things involving the insurance companies and the plaintiffs. You want to be patient and weigh in the positives and negatives. Always discuss this with your attorney so that you can make a good choice, one that is suitable for your personal situation.