A car accident can happen in the blink of an eye, but the consequences can affect your life for years to come. Following a car accident, you may be in a hurry to reach a settlement.
Most claims are settled out of court. The compensation often depends on the car accident evidence and the facts of the case.
If you’ve been injured in an auto accident at no fault of your own, you have rights. It’s a good idea to understand the process before agreeing to a settlement.
Here are 5 things to expect from a car accident injury settlement.
1. The Settlement Is a Binding Contract
A car accident settlement agreement settles a disputed claim. Because of this dispute, you may not receive everything you hope for. But the other party probably won’t either.
A settlement is a compromise to avoid court. It’s a binding contract between you and the other party. Either party may ask the court to enforce the terms of the agreement after it is signed.
Before signing an agreement, you want to be sure you understand it and agree to the terms. The insurance company’s goal is to pay as little as possible, so it’s important to understand the agreement you’re signing.
It’s in your best interest to consult a personal injury lawyer rather than signing a quick settlement offer. A lawyer may help you receive a more favorable settlement or advise you to pursue a personal injury lawsuit instead.
2. An Agreement Settles the Claims
A car accident settlement is an agreement that applies to each claim that arises from a car accident. Once you sign a settlement agreement, you give up your right to pursue any other claim.
That means if there’s an unknown claim against the other party for defective airbags, faulty seatbelts, defective tires, or road defects, you cannot pursue that claim. Before agreeing to a settlement, a personal injury lawyer will investigate the cause of your accident.
They should make sure that all causes of action are researched and identified. Settling a claim before these steps are completed is hasty and could result in less money for you.
3. The Settlement Releases all Parties
An agreement releases any party that may be liable for your damages and injuries, even if you are not aware of this liability at the time of the agreement. This stipulation could lead to less money for you even if another party is responsible for your injuries.
The insurance company ensures the claims process is over once it pays you a settlement. The insurance company doesn’t want the process to continue or to incur any further expense on its part.
The settlement ensures you cannot file a lawsuit related to the claim at a future date. When you’ve suffered an injury due to the negligence of another, you have rights.
A personal injury lawyer can help protect your rights and ensure you receive the maximum compensation possible for your medical bills, lost wages, pain and suffering, and more.
4. You May Deserve a Higher Settlement
In many cases, the first settlement offer from the insurance company is less than you deserve. You don’t have to accept the first offer that comes your way.
The insurance company will work hard to hold on to their money and will not pay any more than they need to settle your claim. Without a personal injury lawyer, you may receive a settlement for less than you deserve.
The settlement ends all claims related to the accident. The settlement is binding, so it’s in your best interest to have an attorney review the agreement.
An experienced personal injury lawyer knows how to determine whether the offer from the insurance company is fair. Your lawyer may choose to negotiate a more favorable settlement for you.
If your lawyer finds the insurance company isn’t negotiating in good faith, they may recommend pursuing a personal injury lawsuit.
5. Know the Value of Your Claim
The time following a car accident can be very stressful. You may be hurting, have mounting medical bills, or be unable to work.
A quick settlement may seem like an easy solution. But there are things the insurance company may not want you to know.
Accident victims may be entitled to compensation for the following:
- Medical bills and expenses
- Lost wages
- Pain and suffering
- Car repair
- Property damage
- Other damages
It can be a challenge to understand the true value of your accident claim and the compensation you deserve. A personal injury lawyer can help.
An experienced personal injury lawyer will investigate the car accident evidence and review the settlement agreement. They can advise you about the next best steps to take and whether you should accept a settlement or pursue a personal injury lawsuit.
Car Accident Injury Settlement Facts
If you’ve suffered an auto accident injury due to the negligence of another, it’s a stressful time. You may be dealing with medical bills and lost wages while you’re trying to recover from your injuries.
When the road ahead is uncertain, it may be tempting to accept a quick settlement from the insurance company. But that’s not always in your best interest.
That’s why it’s important to understand what to expect from a car accident injury settlement. At Sweet Law, we have over 40 years of experience helping car accident victims get the maximum compensation they deserve.
If you’ve experienced a car accident injury, we’d love to talk with you. Our goal is to help make your recovery easier by protecting your rights and making sure you get the justice you deserve.
Contact us today to learn more.
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