How a Personal Injury Settlement Is Paid Out
When you suffer a personal injury, the impact is wide-felt across many areas of your life. The good news is filing a personal injury claim can help.
Personal injury settlements help you get cash for the many losses and related problems you’ve experienced because of someone else’s negligence. Read on to learn more about how a personal injury settlement is paid out and how a Dallas personal injury lawyer can help.
How Are Personal Injury Settlements Paid Out?
There are many misconceptions about personal injury law out there. Perhaps the biggest is that all personal injury claims result in a formal lawsuit being played out in court. In reality, most personal injury disputes are concluded out of court via the settlement process.
In order for a settlement to be reached, you have to come to an agreement over the amount of money you will receive for your losses with the liable party.
Then, the settlement money is paid from the liable party to the plaintiff in order to end the dispute.
In most cases, the person or entity directly responsible for causing your injuries doesn’t pay this money. Instead, the insurance company representing them is who foots the bill.
For example, a car accident settlement would likely be paid to you by a car insurance company. Similarly, a dog-bite settlement could be paid out by the responsible party’s homeowners insurance company.
However, the responsible could still be on the hook for monetary damages if the settlement amount exceeds the policy limits of their insurance plan.
Common Types of Personal Injury Damages
Personal injury settlements can include financial compensation for both economic and non-economic damages. Economic damages include things such as the cost of any medical bills, emergency care, or physical therapy you’ve received. It also can include lost income, or loss of earning capacity.
Non-economic damages refer to the non-financial ways an accident has changed your life. The good news is you sometimes receive financial compensation for these losses, such as
- Pain and suffering
- Loss of enjoyment of life
- Loss of consortium
- Disfiguring injuries
- Other related damages
Contact a Personal Injury Lawyer Today
When a personal injury upends your life, you deserve to be compensated for your damages. Let a personal injury lawyer from Chris Lewis & Associates P.C. review your case for free—we could help you maximize your personal injury settlement.
Give us a call at 214-665-6930 or fill out the form below to get started today with a free consultation.
