How Are Car Accident Claims Paid Out?

When you’re hurt in a serious Indianapolis car accident, you probably have some concerns about getting fairly compensated for the suffering you experienced. You’re also likely concerned about when you’ll see the results of your personal injury claim—liens and other financial pressure can make it tough to feel comfortable while seeking compensation. 

Your lawyer at Kooi Law can help you determine how you’ll want to receive your funds and what you can expect from your compensation. If you’re having trouble getting compensated for the injuries you suffered, reach out to a reputable lawyer for help. 

Determining What Your Claim Is Worth

When you’re hurt in a serious car accident, your claim should cover all the costs of your injuries and subsequent losses. But what does that mean for you? 

Typically, it means you’ll pursue both economic and non-economic damages in your claim. These damages should cover all these costs and hardships you’ve suffered. 

For example, economic damages are designed to cover your financial and tangible loss. These damages may include car repairs, medical bills, and lost wages. 

Your non-economic damages should cover the intangible suffering you experienced because of your accident. For example, you may be due compensation for your pain and suffering or loss of consortium. Your lawyer can help you quantify the value of your losses so you understand how much compensation to ask for.

Structured vs. Lump-Sum Settlements

After you’ve won your car accident claim and you’re getting the compensation you’re due, you also need to know what to expect from your payments. You typically have two options for your settlement: payout through a one-time, lump-sum payment, or consistent payments through a structured settlement. 

Lump-sum settlements give you all your money outright, which can help you pay off all your expenses and bills at once. For example, you may have suffered a spinal cord injury, leaving you in the hospital for weeks or months. Wiping out that debt now, not later, can be very beneficial. 

A structured settlement, in contrast, gives you regular payments until you’ve received your settlement. This is useful for those who want regular payments over time for support, as you would receive a paycheck. 

What Option Is Right for Me? 

Choosing the right settlement payout option isn’t always easy. Each of our clients has different needs for their payments and may have different tax considerations based on that. But we’re here to ensure you get the funds you need when you need them. Choosing how to handle your car accident claim payment can be tough, but we’re here to help you make the right decisions for your future.

Speak with a Lawyer About Your Settlement

If you’ve been hurt in a car accident and you’re struggling to get compensated for your injuries and losses, consider working with a reputable lawyer to get the payout you need to recover. 

The lawyers at Kooi Law are ready to help you get the compensation you’re due. Start with a free consultation, and we’ll help you gather evidence, file a claim, and negotiate a fair settlement. To learn more about your claim, reach out by calling 317-569-1335 or by completing the online contact form below.