Very few personal injury cases ever see the inside of a courtroom. That is because they settle outside of court. Settling a case can be a good thing, but victims can also be left short of the compensation they deserve. Read on and learn more about settlements.
What to Know
When a victim agrees to settle a case, they also agree to drop all cases present and future against the other driver. In exchange, the victim is offered a sum of money that should cover their damages. Commonly, that means being paid for lost wages, the vehicle, pain and suffering, medical expenses, and more. The most important thing victims can do after receiving a settlement offer is to speak to a personal injury lawyer before making another move.
What Can You Be Paid?
Settlement amounts vary a lot depending on several factors. Take a look at some of them:
- How much evidence is available to prove your case and how much the other side has to prove their case.
- Comparisons to other cases that are like your case.
- The complexity of the case. Accidents with more than two vehicles, that involve commercial vehicles, in which fault is unclear, and so on, can affect the settlement payment.
- How well the lawyers (for both sides) think the case will do in the courtroom.
What Victims Should Consider
Before making the settlement decision, consider the below issues:
- Legal fees. Most personal injury lawyers work on a contingency fee basis with a percentage of the settlement going towards that fee.
- Taxes may be owed on your settlement. Speak to a financial expert about that issue.
- Your personal financial situation. Wrecks can cost victims a lot of money when you consider missing work and other outlays. Your level of need will figure into how much you are willing to accept and when.
- Insurance coverage available. Unless the other driver is wealthy, your settlement may be capped by the coverage. However, if you were hit by a company vehicle, the financial stability of the business may be of greater concern than the insurance limits. You can always personally sue a driver or a business after a wreck if they have the financial resources to pay you.
Who to Trust
Your personal injury lawyer can help you work through the above concerns. They can evaluate your case and advise you on how much to expect in damages. Speak to a lawyer about your accident today.