Going through a car accident takes just a few seconds but settling a car accident claim can often take years. If you are currently working on your car accident case and are expecting a large amount of money for your settlement, you might want to talk to your lawyer to find out what your options are for receiving this money. There are several different choices you can request, and here are a few things to know about the options you can choose for your settlement amount.
You can choose a lump-sum payment
After you reach a fair agreement for your settlement amount, one of the ways you can ask to receive it is through a lump-sum payment. This type of payment is something you will receive just once, and you will get all the money in this payment for your settlement. To receive it, you must sign off on a contract that states that you agree that you cannot ask for any more money for this particular event. This will close the case, and you will never be able to sue again for extra money. Because of this, you should make sure you get enough in this lump-sum payment.
You could choose a structured settlement instead
The other option you have is to choose a structured settlement. This option involves having your settlement amount placed in an account and you receive disbursements from the account. You can choose monthly payments, yearly payments, or bi-weekly payments, in most cases, and you receive your money slowly over time. A lot of people prefer this option, simply because it allows them to have money coming in for many years, and this helps them budget easier.
No matter how you receive it, the amount is final
The last thing to understand about a personal injury settlement is that once you sign the agreement and accept the amount of money the insurance company is offering, your deal will be set in place, and this means you will not be able to change it or ask for more money. The deal will be final, and this will be all the money you will receive for your case. Because of this, it is vital to have a lawyer assisting you with your case so that you can receive a settlement amount that sufficiently covers all your damages. You can talk to a personal injury law firm such as Buckley Law Office to learn more about settling your case.