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What victims should know about auto accident settlements

An auto accident can throw challenges and questions into a Phoenix resident’s life. After a crash, a victim may feel pain, confusion, worry, and sadness over their experience. They may not know how they will pay for their accident-related bills or how they will get back to work with their injuries.

It is not uncommon for a victim to receive an offer of settlement in the accident and during their recovery. Settlements can be useful legal devices for some accident victims, but not victims may be served by their terms. This informational post introduces auto accident settlements to readers but does not provide any guidance on their utility in specific legal cases.

What is a settlement?

A settlement is a contract that two parties to an accident may enter. Often the party that caused the accident, or their insurer, will offer a victim money in exchange for not litigating their possible personal injury claims. By accepting a settlement, a victim may waive their future right to sue for their accident-related losses and they may be limited in the amount of recovery they can pursue from the responsible party.

When do settlements make sense?

As with all legal matters, it is important that individuals talk to their trusted personal injury attorneys about the utility of settlements for their auto accident cases. For example, when a victim has minor injuries and limited costs associated with their accident, a settlement may make sense if they can fully recover their expenses. However, when a victim suffers extensive injuries that may take years to heal, a settlement may not fully compensate them for the extent of their unknown and pervasive losses.

There is no one answer to whether all car accident claims should be settled or not. That is because car accidents have different facts, different parties, and different damages. The decision to settle should be made based on those and other important case-specific factors. An attorney familiar with one’s motor vehicle accident claim can provide guidance and support as a victim considers their options for seeking their recovery.

 

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