When someone suffers an injury due to another party’s negligence or wrongdoing, they may pursue a personal injury claim to recover compensation for their injuries and losses. If the experienced team at Jurewitz Law Group Injury & Accident Lawyers successfully negotiates a settlement on your behalf, you’ll likely have questions about how and when you’ll receive the money you owe. This post explains the typical payment process for personal injury settlements in the Tampa area.
Receiving Settlements for Injury Cases
If you get injured due to someone else’s negligence and file a valid personal injury claim, the at-fault party’s insurance company may offer a settlement alternative to going to trial. Settlement agreements allow both sides to resolve the matter out of court more efficiently.
However, it’s important to understand that insurance companies are motivated to pay as little as possible to resolve claims. Their adjusters may try to downplay the extent of your injuries and losses. This is why having an experienced Tampa personal injury lawyer from Jurewitz Law Group Injury & Accident Lawyers on your side is crucial. Our attorneys fight aggressively to ensure any settlement amount accounts for all your losses – including your medical expenses, lost income, pain and suffering, and any future losses you might incur.
The Personal Injury Settlement Payout Process
Once Jurewitz Law Group Injury & Accident Lawyers has successfully negotiated a final settlement amount that’s acceptable to all parties, the insurance company is legally obligated to compensate you per the agreed-upon terms. While the specific timeline can vary, the payout process typically follows these steps:
Preparing the Release Documentation: The first step is for the insurance company to draft a release form that officially outlines the settlement terms in writing. This document will cover the total dollar amount the parties agreed to and the specific claims covered under the settlement.
Reviewing and Signing the Release: Before the payout can be issued, you will thoroughly review the release documentation with your personal injury lawyer. They will ensure you understand exactly what you agree to when you sign the release forms.
Paying Liens and Legal Fees: The insurance company will send a check made out to you and your lawyer to your lawyer’s office. From the total settlement amount, your lawyer must first pay any outstanding liens attached to your personal injury case before you can receive your portion of the money. Some of the most common liens that need to get paid include:
- Medical costs that your health insurance company covers. These insurers have a legal right to get reimbursed from the settlement.
- Any outstanding ambulance fees or medical bills from providers you still owe payments to.
- Legal fees owed to your attorney per your contract. Most personal injury lawyers work on a contingency basis, which means they collect a percentage of your final settlement amount as their pay.
Receiving Your Settlement Portion: Once all attached liens, legal fees, and costs are properly paid from the settlement sum, you will receive the remaining portion owed to you. Your lawyer will issue a check to you or send an electronic payment to your designated account for the remainder of the money. This final step of getting your money typically takes several weeks after signing the official release paperwork.
Understanding Compensation in Injury Cases
When Jurewitz Law Group Injury & Accident Lawyers takes on your personal injury case, our legal team will work diligently to compile evidence and calculate a settlement amount that accounts for all of your accident-related losses, which typically include:
- Medical Expenses: This covers the costs you’ve already paid for ambulatory care, hospitalization, surgery, medication, medical equipment, therapy, and rehabilitation related to your injuries. It also factors in anticipated future medical costs you may incur.
- Lost Income: In addition to wages you’ve already missed out on due to being out of work while recovering, this also accounts for potential future lost earnings and diminished capacity to generate income due to any permanent disabilities.
- Property Damage: The settlement calculation includes repair or replacement costs for any damage to your car, motorcycle, or other property that was harmed in the injury incident.
- Pain and Suffering: Money paid for pain and suffering attempts to compensate you for the physical pain, emotional and mental anguish, and overall diminished quality of life caused by your injuries.
The overarching goal is to vigorously pursue a full and fair settlement amount that provides maximum compensation to account for all the economic hardships and human losses you endured. You should never have to pay Jurewitz Law Group Injury & Accident Lawyers any out-of-pocket legal fees unless they achieve a successful settlement or court award on your behalf.
Factors That Can Affect the Settlement Payout Timeline
While the insurance companies understand they have a contractual obligation to pay out settlements promptly, several factors can influence the specific timeframe, which include:
- Severity of injuries and extent of losses: Cases involving more catastrophic injuries take longer because you shouldn’t enter into a settlement until your injuries have healed. These cases might require persistent negotiations before reaching a reasonable settlement.
- Clarity around liability: If there are questions about who was at fault or what degree of negligence contributed to the incident, this dispute must be worked out before the negotiation process, which can add delays.
- Source of compensation funds: Settlements covered by a larger insurance provider with ample resources might be paid faster than cases where an individual is paying out-of-pocket.
- Outstanding liens resolved upfront: Having all the math sorted out for any liens that need to get paid from the settlement amount can accelerate the final disbursement.
- Structure of the settlement: While most cases involve paying a single lump sum amount, in severe injury cases, the settlement could be structured to be paid out over time.
Contact Jurewitz Law Group Injury & Accident Lawyers for Help Today
From conducting a thorough investigation into your injury incident and handling the negotiations with the insurance companies all the way through to properly reviewing releases and expediting the final payout process, the legal team at Jurewitz Law Group Injury & Accident Lawyers manages every aspect of your personal injury claim with professionalism and dogged persistence.
If someone else’s negligence or wrongdoing injured you or a loved one in the Tampa area, don’t try to handle this process alone. Call the trusted personal injury lawyers at Jurewitz Law Group Injury & Accident Lawyers right away at (619) 233-5020. Our team will work tirelessly to secure the maximum financial settlement amount you rightfully deserve. The first consultation is free, so get Jurewitz Law Group Injury & Accident Lawyers on your side today.
