Case Value and the Economy
Times of economic struggle can profoundly affect the outcome of an insurance claim in several ways. Consulting a team of experienced Orange Park injury lawyers will ensure that your case receives the attention it needs in a difficult economy.
Skepticism in Hard Economic Times
Attitudes about personal injury claims change during economic slowdowns. Looking for a reason for the poor economy, many politicians and media figures are quick to point fingers at personal injury claims for causing businesses distress in an already difficult time. Their campaigns for tort reform also affect juries, who are hesitant to approve large settlements. If your case is a small one, your Orange Park injury lawyers will face an even greater challenge: juries are often skeptical about small claims, and are less likely to assist you when it involves a low-impact accident or soft-tissue injuries.
Determining Case Value
When a jury does decide in your favor, your case value may still be greatly affected by the slow economy. Small-to-medium non-catastrophic cases are particularly scrutinized by insurance companies, and payouts for those will be smaller. Companies are equally hesitant to hand over the maximum value for a catastrophic case. A settlement that might have garnered $15,000 in a good economy will slip down to $10,000, and even smaller cases will be complicated for your Orange Park injury lawyers to resolve.
Insurance companies will be looking to save money in a bad economy, which might mean laying off employees and cutting back on claim value. With less staff involved, cases move slowly, especially the high settlement period from October through December. Some may be transferred or assigned to a claims adjuster who is already underwater with a heavy caseload.
Get in touch with John Fagan Accident Lawyers at (904) 278-1000 to discuss your personal injury case with an experienced Orange Park injury lawyer.