Car accidents cause severe injuries for many victims. These injuries can result in financial hardships, especially when the injuries require hospitalizations and lengthy recoveries. Some individuals have insurance that can help with the financial losses caused by a car accident, but many people struggle to pay living expenses and bills until they can return to work or settle their car accident claim.
Insurance companies are aware of the financial struggle many people face after a car accident. Some companies offer quick car accident settlements. Unfortunately, the need for funds to pay bills cause some victims to accept these settlements, even though they may not have recovered fully from their injuries. Accepting a quick settlement for a car accident claim can result in the loss of thousands of dollars in damages that a victim may be entitled to receive for a car accident claim in New Orleans.
Reaching Maximum Medical Improvement After a Car Accident
One of the most important factors in determining how long it takes to settle a car accident claim is your recovery period. Settling claims before you reach maximum medical improvement (MMI) is not advisable.
MMI is the point at which further medical treatment is not expected to result in additional improvement in your condition. For some accident victims, MMI is total recovery. They have healed entirely from their accident injuries and have no permanent impairments or disability.
However, for some victims, MMI includes permanent impairments or disabilities. They may have minor impairments, but others may have disabilities that prevent them from returning to their normal daily activities, including returning to work. The higher degree of impairment or disability, the higher the future financial losses and the greater impact on their quality of life.
Without knowing the outcome of treatment, it is impossible to calculate the actual value of a car accident claim. Future damages can be substantial, including loss of income, ongoing medical treatment, personal care, and loss of enjoyment of life. An insurance company or other party may be liable for future damages.
However, if you settle your car accident claim before your doctors complete treatment and issue an impairment rating, you release the insurance company and the other driver from any future liability. In other words, you cannot receive any more money for your claim, regardless of the severity of your disability or impairment.
Other Factors That Impact The Time It Takes to Settle a Car Accident Claim
Your recovery period is only one factor that can impact the time it takes to settle a car accident claim. Other factors that might impact how long it takes to receive money for an injury claim include:
- Disputes regarding insurance coverage;
- Disputes regarding fault for the cause of the car accident;
- Length of the investigation by the insurance adjuster; and,
- Whether a personal injury lawsuit is filed.
Contact a New Orleans Car Accident Attorney for Help
We understand that you need your settlement funds as quickly as possible. Our legal team works to settle your injury claim as quickly as possible while protecting your right to receive full compensation for all accident injuries, damages, and losses.
Contact Attorney Fred Olinde and the legal team at The Olinde Firm to discuss your car accident case. Learn about your legal rights and how our legal team can help you maximize the compensation for a car accident injury claim.
Call (504) 587-1440 or 1-800-587-1889 to schedule a free consultation with a New Orleans car accident lawyer.