After an accident, victims may want to settle quickly because of financial and emotional stress.
However, the problem with early settlement is that one may end up losing compensation for long-term losses, such as future medical bills or lost earnings.
Experienced personal injury attorneys are helpful in such scenarios. They can take all potential losses into account. This helps the victim receive fair compensation for immediate and future needs.
The sections below talk about some losses that an accident victim may miss.
1. Future Medical Expenses
One of the biggest losses that often gets overlooked by victims is future medical care. Personal injury settlements often cover current medical expenses, but they may fail to account for long-term medical needs related to the injury.
Injuries that require ongoing treatment, therapy, or surgeries should be factored into the settlement to ensure that victims don’t face financial strain in the future. If the settlement is accepted without considering these costs, victims may be left to deal with future medical expenses on their own.
2. Loss of Future Earnings
If the injury has long-lasting effects on the victim’s ability to work, the settlement must reflect the loss of future earning potential. This is more important in cases where the nature of the injury does not allow the victim to continue with the same job or career path.
Personal injury settlements should include not only compensation for lost wages but also a reduction in future income. Many times, victims accept a settlement before determining what this figure should be and end up without the money needed to earn a living.
3. Pain and Suffering
In many cases, personal injury victims experience significant pain and suffering that continues long after the physical injuries have healed.
While medical expenses and lost wages are commonly included in settlements, pain and suffering are often undervalued. Pain, emotional distress, mental anguish, and diminished quality of life should be properly evaluated to ensure that the settlement compensates for the full scope of the victim’s experience.
4. Loss of Consortium
Loss of consortium is a potential loss an accident victim can face. It refers to the personal relationship between the victim and their family members, especially spouses. Such injury may lead to the victim being disabled, disfigured, or losing a companion, leading to emotional and social hardship for the injured and their loved ones.
Loss of consortium is often the most overlooked part of any settlement. It may also form a major part of a claim.
5. Hidden or Undiagnosed Injuries
Many of these injuries, especially soft tissue injuries or those related to internal organs, might not reveal symptoms right at the accident scene. Such injuries will eventually deteriorate and bring on complications with further medical complaints later on.
Accepting any settlement when the victim does not yet understand their injury could cause them to leave valuable compensation on the table for the hidden or undiagnosed injuries.
Bonus: Punitive Damages
In cases of severe negligence or intentional harm, punitive damages may be awarded to punish the defendant and discourage future harmful actions. These are not included in out-of-court settlements and are only awarded in court.
