| Compensation Amount – Is
The Offer Reasonable? |
Compensation
Amount – Is The Offer Reasonable?
By : Matrix Jones
It is important for you to understand something about personal
injury compensation
amount
or claim value in
order to know whether the offer of settlement is reasonable or not.
It is one thing accepting another person’s advice as to
whether an offer or compensation
amount is a good one and actually knowing for yourself.
What if you accepted a solicitor’s advice that the compensation amount
from
the insurance company is reasonable but later discover that he obtained
a much larger compensation
amount for another client with similar or less
extensive injuries.
Are you then prepared to mount a claim against your solicitor for
incompetent advice? Do you think that if you personally had accepted
the lower compensation
amount after pursuing the claim personally that this would
make a difference to how you felt about the outcome.
Of course you would feel different because on the one hand you have
scored a personal victory whereas on the other hand due to a third
party’s incompetence you have been short-changed in the compensation
amount due to you for pain and suffering and loss of
amenities.
You need to understand that there are two elements to a personal injury
claim, namely general damages and special damages. One is precisely
calculable and the other is for an un-liquidated sum of money and you
need to know how the calculation of each is arrived at.
You also need to know what are the elements comprising each head of
claim so as to know under which particular elements your individual
claim falls.
Also interest rate is a factor and different rates apply depending on
which head of claim we are discussing. This is an important aspect and
could represent a substantial part of your claim depending on how long
you have been deprived of the head of claim in question.
When you consider that an average settlement compensation amount may
take 18 months to 3
years and for more significant injuries much longer then you begin to
appreciate the importance of interest to your claim.
So if after 3 years of negotiations your solicitor announce that the
insurance company has finally caved in and is offering you
a compensation amount
of £5000 all-in, can you tell whether this is a reasonable
offer
or not?
Is your solicitor going to sit down with you and explain the different
elements of claim and the impact of interest on your claim with you at
the point of offer.
Or more likely is he going to send a short letter to you recommending
acceptance of the offer without further explanation leaving you to
decide whether or not to accept the compensation
amount.
On what basis then are you going to make the decision as to whether the
compensation
amount is reasonable and by what yardstick can your
decision be measured?
Can you not see the benefit of being better informed about such an
important aspect as your personal injury compensation amount
and that the time to do so is not
after you have sustained an injury but now!
Every day you get into your motor car you risk being a highway
statistic and, bearing in mind the ratio of fatalities to
non-fatalities chances are if you sustain a nasty injury you owe it to
yourself to know beforehand what all that pain and suffering is worth
financially in compensation
amount.
To be informed of what compensation amount you deserve for your
personal injury obtain a copy of the "Personal
Injury Claims Guide for DIY Claimants".
About the author:
Matrix Jones is a graduate of the University of East Anglia and an
Associate of the Chartered Insurance Institute.He has accumulated more
than 25 years in the evaluation and settlement of personal injury
claims.
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Disclaimer:
The Publisher has strived to be as accurate and complete as possible in
the creation of this website, notwithstanding the fact that he does not
warrant or represent at any time that the contents within are accurate
due to the rapidly changing nature of the Internet.
This
site
is a common sense guide to Understand Claim Values – Is The
Offer Reasonable?. In practical advice websites, like anything else in
life, there are no guarantees of income made. Readers are cautioned to
reply on their own judgment about their individual circumstances to act
accordingly.
This
site
is not intended for use as a source of legal, business, accounting or
financial advice. All readers are advised to seek services of competent
professionals in legal, business, accounting, and finance field.
Any
perceived slights of specific people or organizations are unintentional.
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