Truck Accident Attorney Tim David weighs in on the decision to settle your truck accident claim.
As with any decision, there are pros and cons of settling your truck accident case versus going to trial. The decision to settle your truck accident claim depends on many factors, including the type and scope of your injuries, the settlement offered by the other party and the feasibility of litigating your case. An experienced truck accident lawyer can help you make this important decision.
What Are The Types of Truck Accident Settlements?
Most personal injury cases are settled outside of court. It simply makes good sense for both parties, in most cases, to settle a case for a known value than to risk an expensive loss in the courtroom. Experts estimate that 95 percent of all personal injury cases never make it to trial; instead, they are settled by mutual agreement.
There are two ways you may be asked to settle your truck accident claim. The first is a “lump-sum settlement” in which the full settlement value is paid in full at once; the second is a “structured settlement” in which you are paid over time in recurring payments, often with interest.
What Constitutes a “Good” Settlement?
Before you settle your truck accident claim, your attorney will evaluate settlement offers and present them to you along with an analysis of the pros and cons of settlement. Generally, your attorney’s opinion will be based on several factors: potential damages, or how much you stand to be awarded at trial; your share, if any, of the responsibility for the accident; and how much money is available from insurance policies or other asset sources.
There are pros and cons to settling any truck accident case. In general, settling is far less expensive than going to trial for both sides. Settling also allows both parties to end the dispute without admitting fault, and makes it possible for both sides to reach an amicable agreement. On the negative side, the victim may end up with less than he or she would have been awarded in a trial. Additionally, the victim must also give up any right to pursue a legal claim in the future, so if additional injuries come to light, they may not be covered.
A personal injury attorney experienced in truck accident cases should always handle a trucking accident settlement. Your attorney should account for all of your costs associated with the accident, including lost income, your quality of life, permanent disabilities, property damage, emotional pain and suffering, and your ability to work. In order to settle your case for the right amount, you should always discuss any settlement offers with your personal injury attorney before signing any paperwork. Never sign anything or even verbally agree to settle your truck accident case without discussing the settlement offer with your attorney.