Truck accidents can cause severe injuries and even fatalities, depending on their severity. You may be entitled to compensation if you have been injured in a truck accident. You can file a civil lawsuit with the help of a truck accident injury lawyer to seek legal judgment on your damages. With this legal option available, you should know that you can also receive an informal settlement. A settlement saves all parties involved time and money, but it has some downsides. You first need to understand how a truck accident settlement works, so we have put together a guide to help you do just that.
What are Truck Accident Settlements?
A settlement is a legal agreement made out of court between the parties involved in a litigation process. These parties can settle through negotiation, mediation, and arbitration. Arbitration is a binding process, while mediation and negotiation are non-binding.
In most cases, the involved parties can settle truck accident damages using these alternative dispute resolution methods. This can happen as the court case is going on and even in cases where criminal charges are levied against the defendant, which can occur in case of wrongful death.
The Other Party Is Not Your Friend
One of the most important things to remember about settlements is that the other party will never work in your interests. You will typically talk to the insurance adjusters representing the driver, the trucking business, or any other relevant party.
Adjusters have one aim: to save the insurance company as much money as possible by getting you a settlement that is as low as they can get away with or that you will accept. They will try to do this if they do not have a reason to deny your claim, and typically in cases where they know the compensation you receive will be much higher than the settlement they offer you.
When Can You Expect a Settlement?
Many victims receive a truck accident settlement offer soon after they file the lawsuit or after they indicate they have hired a reputable personal injury accident lawyer. Either or both of these developments indicate that you know your rights and are serious about getting compensation, whether that will come from the settlement or the jury.
The insurance company will prepare a settlement and then issue fair settlement offers. Understand that you can also receive a settlement offer before hiring an attorney, but these are typically low-ball offers because the insurance company thinks you do not know your rights or do not understand how strong your case is.
An attorney is also helpful in stopping you from feeling financial pressure. Insurance providers and their attorneys apply this pressure because they know you have financial obligations. For example, your medical bills might be piling up or you may be out of work as you recover.
They may delay the case as long as possible so that you feel pressured to receive their low-ball offer. Understanding how strong your case is and what it is worth with the help of an attorney should help you get through this period so that you receive the compensation you deserve.
When Is the Latest Date That You Can Receive a Settlement Offer?
You can receive a settlement at any time from when the accident occurred to the seconds before the jury returns a verdict. Second, you should know that the range of settlements can be huge depending on the facts of the case and how well you are able to prove and support your claims using relevant evidence.
Some settlements in the past have been as low as $1000, while others have resulted in tens of millions of dollars. Your truck accident injury lawyer will try to find out how much your case is worth before going to the jury verdict. They will do this to advise you on the settlement amount you should accept from the defendant.
Understand that the other side will also be doing the same, and their attorneys will advise them on how strong your case is so they can adjust their settlement accordingly.
The Advantages of Settlements in Truck Accident Lawsuits
As mentioned, the main advantages of settlements are that you do not have to spend a lot of time and money litigating the case. You pay a lot less in lawyer fees, and you get your settlement much faster so you can fulfill all your financial obligations.
Second, settlements are a lot less adversarial. The reason is that all parties get a chance to present their case and evidence without admitting fault for the accident. Because everyone is less defensive, they are more likely to be objective and discuss any contentions issues reasonably. They can also easily reach a solution or settlement everyone is happy with.
Parties can also determine how much of their position they reveal to the other party. Doing this is hugely advantageous if your personal injury lawyer California still wants to take the case to court but does not want to reveal everything they have prepared for the litigation.
The Downsides of Settlements
A major downside every victim should know is that, in most cases, accepting a settlement means they cannot bring a lawsuit related to the accident, the driver, the trucking company, or any other involved parties. It is, therefore, crucial that you are sure about a settlement before accepting it.
Another downside is that there is a chance the settlement will be less than what would have been awarded in court. No one ever truly knows what a jury is thinking, so every litigation is taking a chance with them. A settlement can remove this uncertainty, even with the potential of receiving a lot less.
Lastly, the victim or injured party may be barred from publicly associating the other party with their harmful actions.
You have a right to file a lawsuit if you have been injured in a trucking accident, or to file one if a loved one has been killed in such an accident. Understanding what truck accident settlements entail is not enough because you also need a lawyer to guide you through the process to ensure you get the settlement you deserve.
Our attorneys are standing by to help you with your trucking accident lawsuit and settlement. You can contact us using the information on our website to discuss your case. We also have locations in Nevada, Texas, and California where you can talk directly to our truck accident and personal injury attorneys.
