Exploring The Car Accident Settlement Process
If you were recently involved in a car accident, you will likely want to hold the liable driver responsible for your injuries and any property damage you have suffered. After you file a claim with the liable driver’s insurance company, that company will likely offer you a settlement amount. The following article will provide a detailed discussion of the settlement process.
What is the settlement process?
A settlement is an agreement to resolve a legal claim for injuries or damages. In a typical car accident settlement, the injured victim agrees not to sue for damages, or to end any lawsuit that has already been filed, in exchange for a payment from the liable party. Most of these cases are resolved via settlements rather than with a trial. In most of these cases, the settlement process proceeds in the following manner:
- An attorney representing an injured victim will request a compensation amount from the liable party’s insurance company. The insurance company will then propose another, lower amount, and the parties will go back and forth trying to convince each other that their amount is the right one until they reach a fair and reasonable settlement amount. During this back and forth, the attorney will communicate with the client to determine whether or not the client is willing to accept any of the insurance company’s settlement offers.
- Once the attorney and the insurance company agree to a settlement amount, the client and the liable party will sign a written settlement agreement. The terms of the settlement agreement will specifically state the amount and timing of the payment; the legal rights the victim gives up by agreeing to the payment; and any other actions the parties agree to take to resolve the legal claim.
- After the parties have signed the settlement agreement, the case has been officially resolved. It is important to note that once the parties sign the agreement, the settlement is final and binding and as such, neither party can revise the terms of the agreement.
What are some benefits of choosing to settle a claim?
The following are some benefits that come with deciding to settle your claim instead of bringing the case to court:
- The settlement process is much less expensive than litigation.
- A trial can result in unnecessary stress.
- Damages can be much more unpredictable in court.
- A trial (and potentially a subsequent appeal) can take several years.
- The details of a settlement are, by their very nature, private; trials are public.
Were You Recently Injured in a Car Accident? Contact Our Firm
If you were recently injured in a car accident and you are having issues getting compensation from the liable driver, please contact Pita Weber Del Prado. Our Miami personal injury lawyers can reach out to the liable party’s insurance carrier to ensure that you receive compensation for your injuries and any damages your car has sustained.