Negotiating a Vermont Personal Injury Settlement

There is no hard and fast rule when it comes time to discuss the settlement of your personal injury claim with an insurance adjuster. However, rushing to these negotiations without an understanding of how the insurer is valuing your claim is not an efficient way to reach an acceptable number. If you have suffered an injury in Vermont and an insurance adjuster is rushing to have you agree to a settlement, it may be prudent to take a step back and consider the following:

Have I Reached End Medical Result?

You may be feeling better and, as a result, feel that it is time to put this matter behind you and conclude your claim. It is important not to rush this. If your care providers recommend follow-up tests or care following through on these recommendations is key to ensuring your recovery is complete. Keep in mind, that once you settle the case, you can’t go back if new symptoms arise. This can especially be true in brain injury cases, where the full extent of the severity of the injury may take weeks to fully understand, and months to years depending on the grade to fully treat.

Is There a Risk of My Insurance Seeking Reimbursement (a.k.a. a Subrogation Claim)?

One of the trickiest hurdles in reaching a personal injury settlement is determining who will be responsible for the medical bills associated with treatment. When a settlement is reached, the insurer is often paying a lump sum that settles all of their liability, including medical bills.

In most cases, a subrogation claim will be filed by your insurance company onto the responsible party’s carrier. However, if you have already settled your claim and signed a general release, freeing the carrier from any further liability, you may be on the hook for this claim. Medicare and Medicaid are especially thorough in issuing these claims. It is important to understand that should you be covered by government insurance, there is often an obligation to inform them of your potential settlement and to allow them to claim reimbursement that will need to be settled before you receive your cut of the settlement proceeds.

Do I Know the Limits of the Responsible Party’s Coverage?

The minimum auto insurance coverage limits in Vermont are $25,000 per individual and $50,000 per incident with $10,000 in property damage coverage. Many drivers carry much higher limits. You have a right to know this information before you begin negotiating a settlement. If the injuries are severe and the coverage is low, you may need to look beyond the offending party’s coverage to seek full compensation for your injuries. This may be accomplished if you carry underinsured coverage on your auto policy, which allows you to seek reimbursement from your insurance company for amounts that exceed the policy limit of the liable party.

Take Your Time When Evaluating Whether to Settle or Litigate a Vermont PI Claim

Just because an insurance adjuster wants to settle a case and is waiving around a quick payment to you in exchange for a release of your claim, does not mean you need to jump in immediately to negotiations. Taking your time, to fully understand the degree of your injuries, the risk of a subrogation claim, and understanding the policy limits of the liable party are all prudent steps in ensuring you get a just result in your Vermont PI claim.

The foregoing is for informational purposes only and should not be considered legal advice. Readers of this content who have specific legal questions should seek advice from their personal attorney.