Posted on Sunday, September 1st, 2024 at 9:00 am
Accidents top the list of leading causes of death and disability in the United States. A report from the U.S. Centers for Disease Control and Prevention (CDC) reveals that more than 50.3 million people are treated at emergency rooms and physicians’ offices every year for unintentional injuries. Fortunately, victims do have remedies under Oklahoma state law. Many parties settle their claim, but the legal process raises an important question: How are personal injury settlements paid out in an Oklahoma accident case?
Personal injury settlements in Oklahoma are typically paid promptly after the parties agree and sign all paperwork. However, several possible arrangements for paying accident claims exist, and various factors will affect the settlement amount.
You can rely on an Oklahoma personal injury lawyer to guide you through settlement negotiations and discussions with an insurance company. It is also useful to review some background about what to expect when settling an accident case.
Receiving Settlements for Injury Cases
Settling an accident claim by agreement is a common option for victims because they gain certainty in the outcome and have a faster resolution time. You can enjoy these and many other benefits if you were injured or lost someone close to you in an accident. The National Center for State Courts (NCSC) reported in 2015 that an agreed settlement is the most common outcome for civil cases, with the parties resolving their claim by agreement in 62 percent of suits. However, one-third of most cases in 2023 were resolved through non-trial processes, ten percent of which were explicitly coded by the courts as settlements.
You can receive settlement payments via agreement in many types of injury-causing or fatal accidents, including car, truck, and motorcycle collisions. Agreements are also possible if your injuries result from a slip-and-fall, medical malpractice, or workplace accident caused by a third party. Settlement processes may cover such injuries as:
- Soft tissue injuries
- Bone fractures
- Concussion and traumatic brain injury (TBI)
- Spinal cord injuries
- Trauma to internal organs
- Burn injuries
Personal Injury Settlement Check Timeline in Oklahoma
Accidental injuries cause physical, financial, and emotional losses, so it’s understandable to have concerns about the timeline. You need to know how long a personal injury claim takes when you’re dealing with the consequences and seeking compensation and closure. The deadline for personal injury cases is one factor that keeps your case moving along. The Oklahoma statute of limitations gives you just two years to take legal action after an accident, and you must file a lawsuit before it expires.
Some factors that affect the timing of the proceedings include the complexity of the case, the extent of your injuries, and discussions with the insurance company. Typically, a personal injury claim progresses through three primary phases:
- File an Insurance Claim – The first task is notifying the at-fault party’s insurer about the accident and requesting compensation for your injuries. The company will investigate the claim and either deny payment or offer a settlement. This phase can last from a few weeks to months.
- Mediation – If the insurance company refuses to pay a fair amount, the parties may participate in mediation. The mediator, a neutral third party, oversees the sessions and helps both sides reach an agreement. Mediation is an extension of settlement discussions, though it is a more structured process. If you do not reach a settlement agreement, you can still proceed with a lawsuit.
- Litigation – The most time-consuming phase of a personal injury claim occurs if you need to file a lawsuit. Steps include discovery, depositions, and potentially a trial. Litigation can take several years to resolve.
Understanding Injury Compensation
In Oklahoma, compensation aims to restore an injured person to their pre-injury condition to the greatest extent possible. Monetary damages achieve this objective, and there are two main types:
Economic Damages
Economic damages are tangible financial losses resulting from the injury or illness. These are often easier to calculate because receipts, invoices, or other documentation are available as evidence. Examples include:
- Medical expenses for past, present, and future costs and treatment
- Lost wages for missed workdays or reduced earning capacity
- Future earnings as compensation for potential lost income
- Out-of-pocket expenses related to medical care
Non-Economic Damages
This category of compensation covers more subjective losses. These intangible losses are highly personal to your experience as a victim. Non-economic damages are often more challenging to put into a dollar value, but an experienced Oklahoma personal injury attorney may help you recover compensation for:
- Pain and suffering
- Losses related to emotional distress, psychological trauma, anxiety, and depression
- Lost companionship, love, and support from a spouse or partner
- Physical scarring or disfigurement that impacts your self-esteem
- Other losses that affect your quality of life
Note that a fatal accident also falls under the purview of personal injury laws in Oklahoma. Surviving family members may also have the right to recover monetary damages through a wrongful death claim. It is possible to obtain compensation for both economic and non-economic damages in a wrongful death claim since these individuals suffer losses due to the victim’s death.
Payout Process for Injury Settlements
Once the parties resolve the amount of damages in a personal injury case, they might discuss arrangements for how to pay compensation. Your personal injury lawyer will negotiate details on your behalf. Possible approaches to payouts for personal injury settlements include:
- Lump Sum – In a lump sum payout, you receive the full agreed-upon settlement in one payment. This option offers flexibility but requires careful financial planning to manage the funds effectively.
- Installments – A structured settlement involves receiving the settlement in periodic payments over a predetermined period. These payments may be consistent over time or structured to allow you to receive a larger amount of compensation upfront to cover immediate needs.
If you hired legal counsel on a contingency fee basis, legal fees are deducted from the settlement offer according to your agreement with your lawyer.
Consult with an Oklahoma Personal Injury Attorney Today
Knowing how personal injury settlements are paid out is useful, but you gain an advantage when you have skilled legal representation. Our Oklahoma personal injury attorneys at Abel Law Firm will advocate for you during settlement discussions and continue to support you in recovering fair compensation for your losses.
To learn more about our legal services, please call (405) 239-7046 or head to our website. Our law firm can set up a free, confidential consultation to learn more about your story. Our experienced personal injury attorneys can advise you on the legal process of your personal injury lawsuit.
