Being involved in a road traffic accident can be distressing, and you can never properly prepare yourself for the physical and mental after-effects of a sudden crash. While almost any road-traffic accident can leave you with injuries, research suggests that a truck accident is one of the worst types of road traffic accidents. This type of accident often leaves people with the most severe injuries imaginable, such as brain damage, broken bones, spinal cord damage, or even death.
If you’ve recently been involved in a truck accident and you’re considering accepting a settlement from the trucking firm’s insurance company, keep reading below. We’ll tell you everything you need to know about settlements:
What is a Settlement?
When it comes to a truck accident, a settlement is an out-of-court agreement made between both affected parties. The injured party and the person to blame sit down together in some format to determine acceptable compensation.
In most cases, the people involved in a truck accident hire truck accident lawyers to negotiate on their behalf. Many truck accident cases settle through mediation. Mediation is a more formalized type of negotiation. During mediation, both parties sit together and discuss what has occurred and what issues the accident has caused, E.g., injuries, costs, etc. A third party, known as a mediator, will listen to the evidence and go back and forth between the parties in an effort to get a final settlement.
Reasons to Pursue a Settlement
There are several reasons why people choose to resolve a trucking accident through settlement rather than trial. Not only is a settlement much quicker, but it’s also a much more affordable way of ending a claim. Going to trial can cost thousands of dollars. By avoiding the courtroom, both parties can save themselves vast amounts of money.
Another reason people choose to pursue a settlement is that it allows them more control over what happens. When you forgo a settlement and take a case to trial the final decision is out of your hands. The final decision is down to a judge and jury. However, with a settlement, you continue to negotiate until both parties are happy with the outcome.
How Much Can You Expect From a Settlement?
If you’ve been involved in a truck accident, you may wonder how much compensation you are entitled to. However, this can be difficult to work out. All accidents are unique, and the compensation you receive will depend on several factors, including:
- Who caused the accident – if you were to blame for the accident, then it is unlikely that you will be entitled to compensation. However, if the truck driver is to blame, you would be entitled to compensation from them.
- What injuries you sustained – it is well known that truck accidents often result in serious injuries. This is because trucks are large, heavy vehicles that can cause massive damage. When it comes to compensation, the more severe injuries you sustain, the more compensation you will receive.
- Lost income – if the accident meant you couldn’t work for some time, you can claim the money back in compensation. You should not have to struggle to pay your bills or live your life if you were not to blame for the accident.
- Other losses – as well as receiving compensation for lost income, you can also claim for other things, such as damage to your vehicle.
- The future – if the injuries you sustained were so severe that they would continue to impact you in the future, then you deserve to be compensated for this.
- Whether you choose to go it alone or hire an attorney – many people think hiring a truck accident attorney is a bad idea due to the cost, but this isn’t the case. Although there is a cost if hire road traffic accident lawyers, they can increase your chances of winning and the amount of compensation you receive, and the fees are deducted from the settlement.
- Whether you will accept a settlement – most people accept a settlement rather than going to court. This is a much quicker and easier process, and it can help save you money on lawyer fees.
Different Types of Trucking Accident Settlement
There are usually two forms of trucking accident settlements: structured and lump sum. In a structured settlement, the injured party receives payments in installments, and in a lump sum settlement, the injured party is paid the whole amount up front.
Most trucking companies prefer to pay in installments, as this puts less pressure on the business. However, most accident victims prefer to be paid in one lump sum. One way to make this work for both parties is to accept the money in installments if they agree to increase the payments.
How to Choose a Truck Accident Attorney
When searching for a truck accident attorney, there are several things you need to consider:
- Their area of specialization – make sure they’ve dealt with truck accidents in the past.
- Their experience – the more experience they have, the better. Experienced lawyers are much more likely to get you the compensation you deserve.
- Communication – you want to choose a lawyer you can contact when needed.
- The fees – before choosing a vehicle accident lawyer, get quotes from several law firms.
- Look at reviews online – search online for reviews from past customers. This will help you to see whether the law firm is trustworthy, reliable, honest, helpful, etc.
- Arrange a meeting – before hiring a lawyer, it’s advisable to go and meet them in person. This will allow you to get an idea of the sort of person they are and whether they can help you win your case.
Truck accidents are one of the deadliest road traffic accidents around. If you or someone you know was injured or killed in a truck accident caused by a truck driver’s recklessness or negligence, there’s a good chance you’ll be entitled to compensation. However, there are a few things that will affect the amount of compensation you receive. In order to get the compensation you deserve, it’s a good idea to contact a truck accident injury lawyer. Truck accident lawyers know everything there is to know about truck accidents and can help you through every stage of the journey. As well as this, they will be able to advise how much compensation you could receive. Contact our legal team at What’s My Case Worth to determine how much you could be entitled to.
