What to Expect in a Truck Accident Settlement
A truck accident is typically different from other types of auto accidents. Trucks carry much more weight and sometimes transport dangerous or hazardous materials. Therefore, when you are in a trucking accident, the damages and injuries tend to be more severe.
Things can also become complex when trying to assign fault. Truckers may be either employed by a company or work as independent contractors. And deciphering who is liable can get murky. So hire an auto accident attorney who deals with the specifics of trucking accidents. This is critical so that you can recover all that you are entitled to.
When you are in any type of auto accident, it is best when possible to try to settle out of court. For trucking accidents in particular, try to reach an agreement before the case escalates to trial. However, the only time it is good to settle is if you get fair compensation to cover your damages and injuries.
When you are in a truck accident, you are entitled to recover both economic and noneconomic damages. Have an attorney calculate what your accident is worth. In this way, you will be much more likely to get what you deserve.
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Trucking Accident Settlements
The ideal situation in a trucking accident is for both parties to reach a legal settlement. You can do this by using alternative dispute resolutions. These are methods like mediation, negotiation, or arbitration. Mediation and negotiation are non-binding modes of reaching a settlement. Arbitration differs because it is a binding process. Arbitration replaces the need for a civil trial. In most instances, parties are able to reach settlements through alternative dispute resolution.
When Is a Settlement Advantageous?
Reaching a settlement is generally better than having to take the case to court. One of the biggest advantages is that it is cheaper than going to trial. Additionally, the parties can typically find resolution more quickly. If trucking companies want to avoid bad publicity, alternative dispute resolution is a huge advantage over carrying the case out in court and in public opinion. When you can reach a settlement, there is usually less contention and hard feelings. Because it takes the emotion out of the situation, a fair settlement is usually the best solution for both sides.
Potential Disadvantages
While it is usually best to try to settle out of court, there are times when taking a settlement might not be in your best interests. Some of the disadvantages to accepting a settlement are:
- As the plaintiff, if you accept a settlement, then you release the insurance company from any further liability for anything in the future.
- If you reach a binding agreement, then you lose your right to go to trial.
- Sometimes a settlement agreement might be much less than what you would win to if you go to court.
- If you settle out of court, then no one has to take responsibility for the accident.
What Are the Different Types of Settlements?
There are different types of settlements that parties in a trucking accident can reach. The plaintiff can agree to either a structured settlement or a lump sum settlement. A lump sum payment settlement requires that the plaintiff receive all the money they are offered in one lump sum. If a person accepts a structured settlement, then they agree to take payments over time. The type that you choose to accept will likely affect how your settlement is taxed and the overall amount that you receive.
If you are in a trucking accident, it is imperative that you hire a truck accident attorney. Your attorney will help walk you through the complexity of either reaching a settlement agreement or escalating the case to court.
Knowing when to take a settlement offer and when to go to trial can sometimes be confusing. That is why having on your side a lawyer who specializes in trucking accidents is a good idea. In this way, you will ensure that you are fairly compensated for both economic and noneconomic damages and injuries.
Since trucking accidents tend to be more severe, making sure that you get all that you will need for your damages and injuries is important to ensure your financial future.
