If you’ve been injured in an accident in Houston, you may wonder if the insurance company will want to settle your claim. The answer is not a simple yes or no. It depends on various factors, including the severity of your injuries, the strength of your case, and the insurance company’s policies.
In this article, Houston personal injury lawyer Greg Baumgartner from Baumgartner Law Firm will explore the factors influencing an insurance company’s decision to settle an injury claim and how to increase your chances of receiving a fair settlement.
Understanding Settlement Agreements
Before deciding whether insurance companies want to settle injury claims, let’s define a settlement agreement.
A settlement agreement is a legally binding contract between the injured party and the insurance company. It outlines the settlement terms, including the compensation the injured party will receive in exchange for releasing the insurance company from further liability.
Settlement agreements are often reached through negotiations between the injured party and the insurance company. Sometimes, a mediator or arbitrator may be involved to help facilitate the process.
Types of Settlement Options
There are two main types of settlement options: lump-sum and structured settlements. How the settlements are paid out is the main difference.
A lump-sum settlement is a one-time payment that covers the entire compensation agreed upon in the settlement agreement. This type of settlement is typically used for smaller claims or when the injured party needs immediate funds for medical expenses or other financial obligations.
On the other hand, a structured settlement is a series of payments made over time. This type of settlement is often used for larger claims and can provide a steady income stream for the injured party.
Factors That Influence an Insurance Company’s Decision to Settle
Now that we understand a settlement agreement let’s explore the factors that can influence an insurance company’s decision to settle an injury claim.
The Severity of Injuries
One of the most significant factors that can influence an insurance company’s decision to settle is the severity of the injuries sustained by the injured party. If the injuries are minor and do not require extensive medical treatment, the insurance company may be more likely to settle the claim quickly.
However, the insurance company may be more hesitant to settle if severe injuries require ongoing medical treatment. They may want to wait until the full extent of the injuries is known before agreeing to a settlement.
Strength of the Case
Another factor that can influence an insurance company’s decision to settle is the strength of the case. If the injured party has a strong case with clear evidence of the other party’s liability, the insurance company may be more likely to settle to avoid the risk of a larger payout in court.
Drunk Driving Accidents
An example of a strong case for liability would be if a drunk driver hit you. An insurance company will take a long look at settling that case for reasonable compensation.
On the other hand, if the case is weak and there is little evidence to support the injured party’s claim, the insurance company may be less inclined to settle and may choose to fight the claim in court.
Red Light Swearing Match
An example of a personal injury claim likely to go to court would be a car accident where both parties claim they had a green light and no independent witnesses saw the crash.
Insurance Company Policies
Each insurance company has its policies and procedures for handling injury claims. Some companies may have a policy of trying to settle claims, while others may prefer to fight claims in court. Regardless if it’s State Farm, Geico, Allstate, or Progressive, each has unique procedures for handling claims.
It’s essential to understand the policies of the insurance company you are dealing with to understand better their approach to settling injury claims.
Consult with a reputable personal injury lawyer in your area, as they will know the practices of most insurance companies regarding settlement policies.
How to Increase Your Chances of Receiving a Fair Settlement
Now that we’ve explored the basic factors influencing an insurance company’s decision to settle, let’s discuss how you can increase your chances of receiving a fair settlement.
Get Vital Evidence
The more evidence you have to support your claim, the stronger your case will be. Gather relevant documents, such as medical records, police reports, and witness statements, to support your claim.
Seek Medical Treatment Early After the Accident
It’s crucial to seek medical treatment for your injuries immediately. Not only is this important for your health, but it also provides evidence of the severity of your injuries and the treatment you have received.
Consult with an Injury Attorney
Navigating the legal process of an injury claim can be hard, especially if you are dealing with injuries and medical treatment. Consulting with a top-rated personal injury attorney can help you understand your options and increase your chances of receiving a fair settlement.
It’s essential to be patient during the settlement process. It can take time for the insurance company to review your claim and decide. Rushing the process may result in a lower settlement offer. How long a personal injury case takes in Texas will vary depending on many factors.
Real-Life Examples of Insurance Companies Settling Injury Claims with Baumgartner Law Firm
There have been many cases where insurance companies have settled injury claims. Here are a few real-life examples from our personal injury lawyer in Houston, TX:
$ 250,000 Settlement for Car Accident Injuries
In 2023, a woman was awarded a $250,000 settlement for injuries she sustained in a car accident. The insurance company initially offered her $10,000. Still, after hiring an attorney at Baumgartner Law Firm, we negotiated a significantly higher settlement.
$2.5 Million Settlement for Truck Accident Injury
Recently, a man was awarded a $2.5 million settlement for injuries he sustained in an 18-wheeler accident. The insurance company initially denied the claim, but Baumgartner Law Firm got a full and fair settlement.
Who Is Responsible for Settling Injury Claims?
Insurance companies should act in good faith and handle injury claims of their insureds fairly. However, In Texas, the other person’s insurance company owes no duty to be fair or even reasonable. Their primary responsibility is to their shareholders, and they may minimize their financial liability by offering lower settlement amounts.
Having an experienced personal injury attorney on your side is essential to ensure your rights are protected and receive a fair settlement.
Contact Baumgartner Law Firm for Help with an Injury Accident
In conclusion, insurance companies may want to settle injury claims, but their decision depends on various factors. Understanding these factors and taking the necessary steps to strengthen your case can increase your chances of receiving a fair settlement. If you have been injured in an accident. In that case, consulting a personal injury attorney near me is important to protect your rights and help fight to receive the compensation you deserve
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