Albuquerque pedestrian accident settlements are intended to compensate victims for injuries caused by negligent drivers. Every case is different, and your settlement value depends on several factors specific to your accident. Understanding how these settlements work helps you determine if an offer is fair. Our pedestrian injury attorneys at the New Mexico Accident Firm help you get the full compensation you deserve.
Settlements resolve most personal injury claims, avoiding the need for a trial. The at-fault party’s insurance company pays an agreed amount, and the injured party releases the guilty party from any further liability in exchange. If you were hit by a vehicle while walking in Albuquerque, you could receive compensation faster with a settlement than if you went through a lawsuit. Just remember that settlements are final and you cannot reopen them later.
Injury severity significantly impacts settlement amounts. Minor injuries, such as sprains, typically require compensation for medical bills and mild pain and suffering. Moderate injuries, including fractures, could be valued much more highly, especially if surgery was necessary. Catastrophic injuries that require extensive treatment or result in permanent impairment might settle for hundreds of thousands or even millions of dollars.
While medical expenses are central to settlement calculations, you may also suffer other damages. Lost wages cover time missed from work. Pain and suffering compensation varies significantly from case to case and, as an intangible loss, is difficult to calculate.
Our pedestrian injury lawyers in Albuquerque could assess your specific circumstances to determine how much a settlement might be worth in your case.
As your attorneys, we would send a demand letter to the insurance company. This letter would detail the accident, injuries, and damages and be accompanied by supporting documentation. Insurance adjusters would review the demand and evidence and respond with a counteroffer. Negotiations would continue back and forth until we reach an agreement or an impasse occurs. You could call upon an Albuquerque mediator if negotiations in your pedestrian incident case stall.
Lump-sum settlements provide all compensation at once, while structured settlements pay compensation over time through an annuity. Your attorney could explain the benefits and drawbacks of each option, and the best choice depends on your financial situation and needs. Our Albuquerque team always aims to maximize the value of your pedestrian injury settlement. To do so, we use thorough documentation of all your damages to strengthen our demands and invoke expert witnesses who provide credibility to damage claims. Strategic negotiation affects settlement amounts, and our willingness to try cases often results in better settlement offers.
After accepting a settlement offer, documents must be prepared and signed. Insurance companies typically issue payment within 30 days, and we would expect them to make out the settlement check to you and your attorney at our firm.
However, before you receive your funds, the settlement must satisfy any medical liens related to your pedestrian injury as well as our Albuquerque legal team’s contingency fee. This is why we would deposit the check into our trust account and distribute your portion after deducting our fees. Then, you allocate the balance of the settlement as you wish. Fortunately, compensation for physical injuries is generally not taxable under federal law.
Only accept settlements when they fairly compensate all your damages. You should reach maximum medical improvement and conclude all medical treatments before settling. Financial pressure can force settlement consideration, but do not sacrifice your long-term security for a quick check. Additionally, never sign a settlement without attorney review, and do not discuss agreement negotiations for your Albuquerque pedestrian accident on social media.
A settlement for your pedestrian injury claim provides certainty, while a trial involves greater risk at a time when you are trying to get back to your daily life in Albuquerque. The stress of the trial process can also be significant. However, if an insurance company does not offer a settlement that represents the full value of your claim, taking the case to trial may be the best option. As your attorneys, we could weigh your options with you.
If you have been injured as a pedestrian and need help evaluating settlement offers, contact the New Mexico Accident Firm for a consultation. Our experienced team knows the area and fights for maximum compensation in Albuquerque pedestrian accident settlements. Arrange for a meeting with one of our skilled injury attorneys. Consultations are free. Call today.
