At times, when negotiating a settlement for an accident victim, it may be in my client’s best interests to accept a structured settlement. Although deserving of its own post, a structured settlement generally means periodic payments over a relatively long period of time. The benefits of this to my clients are many and varied, but often it results in a greater amount recovered for their injuries.
Recently, an entire industry has sprung up to buy and sell these annuities. Plaintiffs are sometimes willing to sell future payments at a fraction its value for the benefit of having immediate access to the money. Unfortunately, some of the companies who purchase these uncollected future income streams are opportunistic predators looking to make a quick buck at the expense of accident victims. I urge my clients to only deal with reputable companies, and am always available to past clients to discuss their financial needs as they develop through time. As I’ve said before, a settlement or jury award in an accident case is intended to replace what a victim has lost. By agreeing to reduce the amount an accident victim recovers, he may be leaving himself incomplete.
There’s an old saying that says a bird in the hand is worth 2 in the bush. Common wisdom that sometimes can serve you very well. After all, a sure thing is always better than a risk. Right?
When it comes to settling your accident claim, taking the first offer that comes along could cost you in the long run. Often, if insurance companies realize that you are eager to settle, they will try to exploit that by making low-ball settlement offers that, while tempting, don’t even begin to approximate the amount of loss you’ve suffered. But, by waiving $500, $1,000, or $5,000 around, try to convince victims to quickly settle on a case worth 10 or 100 times more. The offer of a quick settlement is a tempting one.
Remember, that recovery in an accident case is based on the amount you lost because of someone else’s carelessness. By taking the early offer, you’re leaving bills unpaid and lifetime losses unreimbursed. In our legal system, you only get “one bite at the apple.” This means that by settling your claim today for a fraction of what it’s worth, you are forever waiving the right to be made whole again. You can’t go back to court later and ask for more money. That’s why it’s so important to take things slowly and fully develop an accident claim before deciding on anything. And this is exactly where your accident attorney can be a big help.
As a Montana Accident Attorney, I always caution my clients to resist the temptation of a quick buck. It may be nice to get a check for $1,000 today, but when your hospital bills are hovering around $50,000 (with more treatments on the horizon), it won’t do much good in the long term. Before you make any decisions to settle, please contact myself or another Montana Injury Attorney. After all, the consultation is free, so what do you have to lose?
