How much will a claim cost?
One of the most common questions I get is how much will it cost to file a claim?
In addition to being one of the most popular questions, it’s also one of the most difficult to answer, along with “how long will my claim take?” The cost of your claim can depend on many different things, such as the type of representation you use, or whether or not you use legal representation or file a claim yourself. However, the main thing that will affect the cost of your claim is how you choose to fund it.
There are a variety of options available to you when it comes to funding a claim, these may include:
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File a claim yourself, when you do not use a legal profession and file a claim independently using your own knowledge and skills. The only thing you will pay in this case is your out-of-pocket costs, also known as court fees, medical expert fees, etc.
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Self-financing of a legal professional, when you pay for a claim out of your own pocket, usually by paying money on account each month to your legal representative.
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No Win No Fee Agreement, where you only pay legal fees if your claim is successful, and those fees come from a portion of your compensation.
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Insurance company, if you have legal coverage in an insurance policy (usually home or auto) you can use that policy to file a claim at no cost to you, but like a no-fee no-win settlement, you could lose a portion of your compensation for legal damages. fees if you are successful and you will not be able to choose your lawyers, you will have to use the insurance companies firm.
IF YOU ARE USING A LAWYER AND SELF FINANCING.
This is probably the most expensive option since you will be paying the lawyer’s hourly rate. Hourly rates may vary from firm to firm and depend on the experience of your lawyer. However, while they may vary from firm to firm, there are limits to what a lawyer can charge, referral hourly rates can be found here.
As you will see, even the lowest grades are expensive. However, if your claim is successful, you may file, as part of your claim, a claim for costs that Defendant will be required to pay. But this will probably be negotiated and it is unlikely that you will get the full amount back.
In addition to hourly rates, you will also have to pay out-of-pocket fees for your attorneys.
Disbursements are items your attorney needs to purchase to pursue your claim, such as your medical records, medical expert report, court fees, etc. These can range from £50.00 for your medical records to hundreds (sometimes thousands) of pounds for medical expert reports and court fees, see this link for court costs.
IF YOU ARE FILING A CLAIM THROUGH YOUR INSURANCE COMPANY.
This is probably the most cost effective way to file a claim. If you have selected the option in your auto or home insurance that covers you for legal claims, then your insurance company will use its in-house attorneys to enforce the claim on your behalf. They must also pay for disbursements. However, each policy is different, and you will need to check very carefully to see what is covered and what is not.
This also has the disadvantage that you cannot choose which law firm to use, you will probably have to use the firm that the insurance company uses, although sometimes your insurance company will allow you to use a local lawyer. If you use your insurance company’s attorneys, you will likely never meet your attorney, all contact will be by phone, mail, and possibly email.
IF YOU ARE USING AN ATTORNEY IN A NO PROFIT NO FEES SETTLEMENT?
A No Win No Fee Agreement means that you will not pay any legal fees unless you win your claim. If you are unsuccessful, these charges will be dropped and, if your claim is successful, the Defendant will pay most of your legal fees. The portion of your legal fees that you will pay if you are successful is limited to 25% of your compensation.
However, you may still have to pay out-of-pocket. Your company can request money in advance for this (if successful, these costs can be recovered from the Defendant).
IF YOU ARE FILING THE CLAIM WITHOUT AN ATTORNEY?
In this situation, you will not have to worry about legal fees since the attorney is no longer involved in the claim. However, he will pursue the claim without the benefit of a trained and experienced legal professional.
IN CONCLUSION
In conclusion, the cost of your claim will depend on how your claim is filed, whether it is filed privately, through your insurance company, or in a No Win No Fee agreement.
