Following an incident, it may be possible to settle a Statutory Accident Benefits claim. In most circumstances, you won’t be able to reach a full and final settlement within the first year, but it could be feasible after that. This necessitates you and the insurance provider agreeing to a cash offer in lieu of your monthly payments for one or more of your benefits.
So, you can only settle for the accident benefits when it is the amount of money you deserve for your physical and emotional loss and loss of wages and property.
Understanding Accident Benefits Settlements
- Income replacement assistance
- Medical coverage
- Benefits for caregivers
- Benefits for non-workers
- Benefits of Rehabilitation
- Benefits of Attendant Care
- Funeral and death benefits
What Factors Should You Consider Before a Car Accident Settlement?
Generally, people do not have enough knowledge about the rights an injured person should claim after a car accident. As a result, the insurance company or the party responsible for the accident often tries to settle with less money to avoid lawsuits or compensation claims.
Again, some individuals avoid going to court or filing a lawsuit because they need to hire a lawyer for that. Even if it costs you some money, you should hire a lawyer because, in such incidences, only a lawyer can give you the proper suggestions to win a claim against your insurer or the party at fault.
Therefore, if you face such an unfortunate situation, you should first hire a lawyer experienced in personal injury cases. After that, you need to keep the following factors in mind if you are thinking about receiving the settlement money.
Consult with Your Lawyer First:
To win a car accident insurance settlement, you should hire a professional injury lawyer and consult what you should claim for according to your injuries and loss of property. And upon receiving an offer for settlement, you should calculate and assess whether the money is enough as compensation or not.
And when you are the person responsible for the accident, you can ask your lawyer-can I get a settlement for a car accident? The lawyer will let you know the possible outcomes of such a proposition.
Negotiate with Your Insurer:
If discussing with your lawyer makes you realize that the settlement money is not enough, you have the right to state a counteroffer to your insurer.
It would help if you did the damage calculation by compiling all the bills, such as the medical bills, pay stubs, records of time missed at work, property damage, pain and suffering, and emotional distress you had to face the accident.
It is better to keep in mind that you can negotiate and change the amount before making the final decision. You cannot ask for more money once the negotiation is done.
Ask for Income Replacement Benefits:
In some cases, the injury of the accident leaves long-term effects and loss of wages. When you want to agree with the settlement, make sure that there is a clause added about the replacement benefit.
According to this clause, your insurer still has to pay income replacement benefits when you cannot work even after 2 years of the accident. This clause may also include catastrophic benefits, which means you still suffer from the symptoms.
How does an Insurance Company Calculates Accident Benefits Settlement?
Your insurer will evaluate the amount of money you have used for a year after the accident. This expenditure is known by the term called Burn Rate. The assessment will show how much money you have spent on your medical rehabilitation, repairing the property or lost wages.
According to this assessment, the insurer will estimate the amount of money you will need in the next one or two years after assessing your medical condition.
Read Also: Insurance Claim Process for Car Accidents
Can An Insurance Company Take Back A Settlement?
Yes, they can. An Insurance company can ask for reimbursement when they overpay any of their clients than the amount of money they need for the rehabilitation.
As a result, you need to keep the receipts and bills organized so that you can show the court that you need all the money the insurance company is paying you.
Why Shouldn’t You Accept the Accident Benefits Settlement?
There are a few factors that claimants do not consider before deciding on the agreement. You can accept the offer and settle for the money, but there are still some reasons why you shouldn’t do that.
They are:
- You can settle with your insurer, but it will impact the remaining claims, such as: suing the other car’s driver.
- Settling for the insurance money can cost you losing the lawsuit against the at-fault party as they will try to use this settlement as evidence that you are the one who is responsible for the accident.
- If an injured person appeals, the court’s primary concern will be to provide adequate compensation to him. But settling for the money can make you fall into an unfair situation.
Conclusion:
We hope you have your answer to can you settle accident benefits. Even though we have tried to accumulate all the information about accident benefits settlement, you should hire a skilled lawyer from your province.
Never settle for the money that will end before you can stop receiving medical treatment. And if your lawyer suggests, sue the car driver to get the compensation money for all the losses you face after the collision.
FAQs:
What Is the Average Payout for A Personal Injury Claim in Canada?
The average payout for a personal injury claim in Canada ranges from $5000 to $100,000 depending on the medical diagnosis, repairing costs and province you reside.
How Much Are Most Car Accident Settlements?
Depending on the state of the injury, the settlement money can be as low as $10,000 to $250,000. The injuries may vary from soft tissue damage to paralysis, significant brain injury or impairment.
How Long Does A Car Accident Claim Take To Settle?
Depending on your case, a car accident claim will take a couple of months to settle. The investigation of both parties takes a lot of time for the court to decide. And if the at-fault party does not accept their fault and agrees to settle, the process gets more complicated and lengthy.
Why Do Lawyers Take So Long To Settle A Case?
The lawyers will file the case in court. And after that, the claim needs to be formally served to the defendant and respondent. Moreover, the investigations are essential to proceed with the case at both ends. So, all these phases make it harder for the lawyer to solve the case immediately.
