Calculating a Toledo car accident settlement involves many parts. The settlement process involves the attorney meeting with the client and obtaining all the information, being in constant contact with the person, and gathering the medical bills, records, and liens. The liens are the funds that must be paid back to creditors from the settlement.
Other documentation needed for the settlement process are copies of reports from the doctors, wage losses, and economist reports for future lost wages. The attorney works with the person and their index statement to write a demand letter to the insurance company suggesting an opening number that is larger than what they believe the case is worth.
Typically, there are negotiations back and forth and, eventually, a final number that the insurance company agrees to pay is determined. The attorney and the person discuss the pros and cons of the settlement and what the person ends up with from the settlement once the outstanding liens are paid. Anything they receive from a personal injury settlement is non-taxable under North Ohio and federal law. The attorney advises the person about the advantages and disadvantages of the settlement to help them make an intelligent and wise decision.
The process of a car accident settlement can be confusing, contact a skilled attorney today if you have any questions.
Determining a Settlement
Calculating a Toledo car accident settlement can be interesting because a good settlement is a number that both sides do not like. The amount of a settlement is a negotiation between both parties. Some settlements are done pre-lawsuit between the attorney and the insurance adjuster. Once the lawsuit is filed, the courts often have court mediators from each county court. Also, there are private mediators who are attorneys that specialize in negotiating cases.
The mediator’s job is to talk the plaintiff’s attorney down to a number that makes sense and the defense attorney up from the number they want. With any negotiation, both sides have goals they want to achieve in the negotiation. Typically, cases settle at a number where both sides have too much risk and too much expense. It is a number that both sides are happy with, but there is too much risk for either side not to settle at an exact number.
How a Settlement Is Calculated
A settlement is a case that, by definition, is settled without the jury or the judge making a determination on the value of the case as part of an official record. When a jury or a judge makes a decision, it is considered a jury verdict or a bench trial, which is a judge’s determination.
A settlement is made outside of an actual trial by a judge or a jury. A Toledo car accident settlement is calculated in a private situation that is conducted by a court mediator, a private mediator, or the parties negotiating among themselves. The jury and the judge do not have an impact in that situation.
Other Aspects to Consider
There are other factors to consider in calculating a Toledo car accident settlement. One is the risk. The same case tried 10 times would have 10 different verdicts based on various individuals coming up with different numbers. First, there is the risk of uncertainty and there is a loss of control with a trial. Second, there is a cost involved when a personal injury case goes to trial.
The person must pay doctors to testify, which they usually refuse to do. The person must get a video tape deposition of each expert witness. That involves paying the court reporter, the videographer, the doctor for their time in the deposition, and their time preparing for the deposition. In a standard video deposition, the person may spend $3,000. When there are three or four witnesses, the person could easily spend $10,000 in additional costs. Often, the person must decide whether the risk and the additional costs are worth going to trial in a case. Also, the person must weigh the possibility of getting a large verdict in a case.
Sometimes the other side appeals and the injured party is given a much larger verdict than they would have settled the case for. However, they do not get the money for a year or more because the other side takes the case to the court of appeals. The person might have a good result which indicates that the other side may appeal.
Hiring an Attorney
There are many intricacies and complications involved in calculating a Toledo car accident settlement. To understand all aspects of a case, contact a skilled Toledo car accident lawyer.