The best way to think of an ICBC tort settlement is not as compensation but as a sale. In a settlement ICBC will pay you money but they are actually buying something from you in the process. The asset for sale is your right to sue the person that injured you.
Prior signing the “full and final release” you need to know the fair value of what you are selling. You should establish what your potential or actual lawsuit may be worth and the risks and rewards of trial so you can have an informed negotiation with ICBC. Earlier this year I discussed some of the factors that go into valuing a tort claim in the below video:
I further discussed the factors Courts consider in valuing claims for non-pecuniary damages (money for pain and suffering and loss of enjoyment of life) in this previous podcast.
Don’t take the settlement process lightly. Appreciate that settlement negotiations involve a business deal. Value your claim appropriately and come to the negotiating table well informed.