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Don’t automatically reject truck accident settlements
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Seeking compensation after a semi-truck accident can be a long and drawn out process. There is a way that you might be able to shorten it up some — a settlement. Trucking accident settlements are actually one of the more common ways that these cases are resolved. Before you automatically reject a settlement offer, you must think about a few points.
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Settlements Could Mean Less Money in Less Time
One important point is that accepting a big rig accident settlement can get you money faster than if you wait for a trial. That can be a positive thing when you have bills that are piling up because of the accident.
While you might end up getting the case resolved faster with a settlement, that settlement will often be for less money than you would get at trial. That might not be a bad thing because you likely won’t have as many bills to pay when you do get your money. The fees that are associated with your case might not be as high if the case is resolved faster.
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What are the terms of the settlement?
The terms of the settlement are another consideration. There are three types of settlements that you might be offered — a lump sum, a structured settlement or a combination of the two. A lump sum payment is a large, single payment. A structured settlement is a series of recurring payments. A combination would be an upfront larger payment followed by smaller payments on a recurring basis.
If you are offered a settlement, make sure that you discuss with your attorney the terms and conditions of the settlement. Determining how these can affect you in the future can help you to decide what to do.
Source: FindLaw, “Trucking Accident Settlements: What to Expect,” accessed July 29, 2016
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