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Calculating Louisiana Car Accident Settlements

A settlement is an agreement where the injured party is willing to accept the money offered by the insurance company or the defendant or the defendant or the insurance company is willing to pay the money the injured party desires. An accident settlement is mutual, but it can be difficult one side comes up with an acceptable number for the other.

If you have been injured in a car wreck due to the negligence of someone else, contact a skilled attorney who has experience in calculating Louisiana car accident settlements. It is crucial that you get the compensation you deserve after a car collision, which is why you should call today to schedule a consultation.

Determining the Amount

The defense attorney rarely comes up with a settlement number. It is possible in a situation where the odds of recovering are slim or the amount is beyond the liability insurance coverage. That would then mean the party at fault could have the option to file for bankruptcy. Under these circumstances, the party at fault may submit an offer of judgment where they would tender the full amount of the liability insurance. The plaintiff needs a well-trained lawyer who can make sure the number offered by the defendant is acceptable for the damages.

Process of Calculating the Settlement

The jury has very little involvement in the way a settlement is calculated. However, the jury members can send questions to the court regarding damages that may influence the size of a potential settlement offer. In that case, the jury is sending a message that they are likely to award excess damages. When that happens, a jury might have some involvement in the settlement, but most settlements are going to take place either before trial or in the middle of trial. A settlement can occur when the jury is deciding the case or even after the case has gone to verdict.

Calculating a Louisiana car accident settlement is going to involve economic, non-economic and consortium damages.

  • Economic damages – include past medical expenses, future medical expenses, past lost earnings, future lost earnings, or impairment of the earning capacity
  • Non-economic damages – pain and suffering, mental pain and anguish, impairment of quality of life
  • Consortium damages – if the injured party has a spouse and suffered a loss of companionship due to the accident

An experienced lawyer will have the ability to negotiate with the other side to reach a favorable settlement for the person injured in the case.

What to Consider When Settling a Claim

If someone is unable to settle a claim, that means they are going to trial. If they go to trial, the case could be appealed. A settlement involves a quick transfer of funds and a swift conclusion of the case. Somone’s desire to put the matter to an end and receive a fixed amount of money is significant. If there is no settlement, there is no guarantee that the jury is going to award a similar amount that the plaintiff was seeking. However, it is possible a judge or jury awards more money than the settlement offer. The injured party could get more money or less if the case goes to trial.

Time it Takes to Receive a Settlement

In Louisiana, once an insurance company has agreed to settle a case and it is sent to all the parties, they are required to make payment within 30 days. If they do not make the payment within 30 days of a settlement agreement being executed in writing, they could pay for additional damages such as penalties and attorney fees.

Calculating Louisiana car accident settlements requires a professional attorney to be part of the process so that the plaintiff can get the legal advice they need. A lawyer will keep the injured person’s best interest in mind when negotiating a settlement.