When someone suffers an injury due to another party’s negligence or wrongdoing, they may pursue a personal injury claim to recover compensation for their injuries and losses. If Jurewitz Law Group Injury & Accident Lawyers successfully negotiates a settlement, you’ll likely have questions about how and when you’ll receive the money you’re owed. How are personal injury settlements paid out? This post explains the typical payment process for personal injury settlements in the Tampa area.
Receiving Settlements for Injury Cases
If you get injured due to negligence and file a personal injury claim, the at-fault party’s insurance company may offer a settlement as an alternative to going to trial. Settlement agreements allow both sides to resolve the matter out of court more efficiently. But, how are personal injury settlements paid out?
Understand that insurance companies are motivated to pay as little as possible to resolve claims. Their adjusters may try to downplay the extent of your injuries and losses. This is why having an experienced Tampa personal injury lawyer from Jurewitz Law Group Injury & Accident Lawyers on your side is crucial. Our attorneys fight aggressively to ensure any settlement amount accounts for all your losses – including your medical expenses, lost income, pain and suffering, and any future losses you might incur.
The Personal Injury Settlement Payout Process
How are personal injury settlements paid out? What is the payout process for injury settlements? Once Jurewitz Law Group Injury & Accident Lawyers successfully negotiates a final settlement amount, the insurance company is legally obligated to compensate you. While the specific timeline can vary, the payout process typically follows these steps:
Preparing the Release Documentation
The first step is for the insurance company to draft a release form that outlines the settlement offer terms in writing. This document will cover the total dollar amount the parties agreed to and the specific claims covered under the settlement.
Reviewing and Signing the Release
Before the payout is issued, you will thoroughly review the release documentation with your personal injury lawyer. They will ensure you understand exactly what you agree to when you sign the release forms.
Paying Liens and Legal Fees
The insurance company will send a check made out to you and your lawyer to your lawyer’s office. From the total settlement amount, your lawyer must pay any outstanding liens before you can receive your portion. Some of the most common liens that need to get paid include:
- Medical treatment costs that your health insurance company covers. These insurers have a legal right to reimbursement from the settlement.
- Any outstanding ambulance fees or medical bills from providers you still owe payments to.
- Legal fees owed to your attorney per your contract. Most personal injury lawyers work on a contingency basis, collecting a percentage of your final settlement amount as their pay.
Receiving Your Settlement Portion
How are personal injury settlements paid out once all fees and liens are paid? Once all attached liens, legal fees, and costs are paid from the settlement sum, you will receive the remaining portion. Your lawyer will issue a check to you or send an electronic payment to your designated account for the remainder of the money. This final step of getting your money typically takes several weeks after signing the official release paperwork.
Understanding Compensation in Injury Cases
When our firm takes on your case, our legal team will compile evidence and calculate a settlement amount that accounts for all accident-related damages. How are personal injury settlements paid out? Some compensation can typically include:
- Medical Expenses: This covers the medical-related costs you’ve already paid for. This includes ambulatory care, hospitalization, surgery, medication, medical equipment, therapy, and rehabilitation related to your injuries. It also factors in anticipated future medical costs you may incur.
- Lost Income: In addition to wages you’ve missed due to being out of work while recovering, this also includes potential future lost earnings. This also includes the diminished capacity to generate income due to any permanent disabilities.
- Property Damage: The settlement calculation includes the repair or replacement costs for any damage to your car, motorcycle, or other property.
- Pain and Suffering: Money paid for pain and suffering attempts to compensate you for the physical pain, emotional and mental anguish, and overall diminished quality of life.
The goal is to pursue a full and fair settlement amount that provides the maximum amount of compensation to account for all the economic hardships and human losses endured.
Factors That Can Affect the Settlement Payout Timeline
What factors affect how are personal injury settlements paid out? While insurance companies have a contractual obligation to pay out settlements promptly, several factors can influence the specific timeframe. These can include:
- Severity of injuries and extent of losses: Cases involving more catastrophic injuries take longer because you shouldn’t enter into a settlement until your injuries have healed. These cases might require persistent negotiations before reaching a settlement.
- Clarity around liability: If there are questions about who was at fault or what degree of negligence contributed to the incident, this must be worked out before the negotiation. This can add delays to the process.
- Source of compensation funds: Settlements covered by a larger insurance provider with ample resources might be paid faster than cases where an individual is paying out-of-pocket.
- Outstanding liens resolved upfront: Sorting out the math for any liens that need to be paid from the settlement amount can accelerate the final disbursement.
- Structure of the settlement: While most cases involve paying a single lump sum amount, severe injury cases could have a settlement structured to be paid out over time.
Contact Jurewitz Law Group Injury & Accident Lawyers for Help Today
Don’t know how are personal injury settlements paid out? Understanding injury compensation is easier with Jurewitz Law Group Injury & Accident Lawyers. From conducting a thorough investigation and handling negotiations to reviewing releases and expediting the final payout process, the legal team at Jurewitz Law Group Injury & Accident Lawyers manages every aspect of your personal injury lawsuit.
If someone else’s negligence or wrongdoing injured you or a loved one in the Tampa area, don’t try to handle this legal action process alone. Call the trusted Tampa personal injury lawyers at Jurewitz Law Group Injury & Accident Lawyers right away at (619) 233-5020. Our team of personal injury attorneys will work tirelessly to secure the maximum financial settlement amount you rightfully deserve. The first consultation is free, so get our firm on your side today.
