How to obtain a cash settlement for your insurance claim
Personal Injury - November 2, 2023 by Horwitz, Horwitz & Associates
Life doesn’t come to a stop after being injured in an accident. If anything, the pressing matters that come daily often seem to build, growing into a mountain of problems that need solving. There are many tasks you are equipped to handle, but taking on the critical responsibility of negotiating with insurance companies while you recover should not have to be one of them.
Having the financial support you need is critical to balance your needs and find steady ground. A Chicago personal injury attorney can tackle the daunting negotiation task, ensuring a fair cash settlement for insurance claims.
What does a cash settlement look like?
When you’re injured, have bills that need to be paid, and have basic needs like groceries and gas for the car, it may seem simple to choose what type of payment you want from a settlement. Insurance companies will generally pay settlements in two ways. Often, it depends on the amount of the compensation.
Lump sums
A cash settlement, or lump sum, is the payment of a sum of money distributed all at once. An injury victim receives all the money at one time and then must determine the best method of distribution and ensure the money lasts as long as possible to care for financial needs.
Structured payments
Settlements, mainly when larger, may be put into a fund or annuity by the insurance company, allowing regular payments to be made to the injured party over time. This payment is a guaranteed amount that will come to the injured party on a fixed schedule.
How to negotiate a cash settlement with insurance company
Most individuals file very few insurance claims, so the negotiation process is new territory. It would seem that turning in the receipts for the bills relating to your injuries is all there would be to reaching a settlement. But the fact is that this can be a long, daunting process that requires in-depth knowledge of what information provides for a strong personal injury claim, proving your injuries were the fault of someone else, quantifying all of the losses that are suffered, and then ensuring fair compensation.
Present your damages to the insurance company
The damages that you can claim in an insurance settlement include economic and non-economic damages. Economic damages are those expenses that have a dollar value assigned to them, such as medical bills and lost wages. Non-economic damages, such as pain and suffering, are challenging to quantify, but injury victims suffer tremendously, and often, these damages cost more than those with a defined monetary value.
One of the best ways a Chicago personal injury attorney can benefit a case and secure cash settlement for an insurance claim is to help quantify these impactful damages.
Offer proof of damages
It will be up to the injured party to prove these damages. Typical tactics of insurance companies are to ignore injuries, downplay their severity, value the cost of damages much lower than they cost the individual, and use other methods to reduce the payout owed to you.
Agree on a cash settlement
One of the primary skills of negotiating a cash settlement is to find a way to ensure the settlement amount you need for your injuries. The insurance company will often make a quick offer, much lower than your injuries cost you. You have the right to reject a settlement offer, and it is always good practice to have a counteroffer.
Research suggests that the percentage of claims with lump sum settlements in workers’ compensation claims goes up after four weeks, and the involvement of solid legal representation is also needed as claims become more complex and require negotiation.
If a cash settlement cannot be negotiated, a lawsuit must be filed.
How can a Chicago personal injury attorney help my case?
Often, when the insurance company is aware that an injury victim has legal representation, a settlement is more easily reached because they understand that the job of personal injury attorneys in Chicago is to relentlessly pursue the maximum compensation you deserve. Horwitz, Horwitz & Associates have earned a reputation for standing up for individual rights, removing the responsibility of negotiating a fair cash settlement.
How else can our personal injury team negotiate a cash settlement for your insurance claim?
- Act as a mediator between the injured party and the insurance company
- Ensure that vital evidence to support your claim is obtained
- Meet all the deadlines of the claim
- Help quantify the losses a person has suffered
- Never back down from large insurance companies offering small, unacceptable cash settlement
The case results are a proven record for any team of Chicago personal injury attorneys. Vital information about a claim, such as video recordings and dash cam videos, can be destroyed or erased if this crucial information is not requested immediately. The injury victims we have represented speak best about our abilities and why having a driven team on your side is critical when negotiating a cash settlement.
Maximize your cash settlement with the insurance company today
You deserve compensation for your injuries. While insurance companies actively work to reduce your compensation, Horwitz, Horwitz & Associates want to ensure these tactics are not used against you in negotiating a cash settlement. Years of experience have helped us learn what our clients need most, and we offer support from the beginning by providing a free consultation until a resolution is found.
Our team is ready to serve you. Call (800) 985-1819, and let us get to work negotiating on your behalf while you get back to life.
