Car accidents are more common than you’d think. Research shows that every minute, there’s at least one car accident, on a global level. Moreover, it seems like fatal accidents are also more common than you’d expect. As a matter of fact, every 15 minutes, one person dies in a car crash. If we look at the statistics, however, car accidents that end up only in compensation are more common, whether it’s parked car damage, rear end collisions, or accidents while driving. Since this is such a common thing, it doesn’t come as a surprise that one of the most Googled questions is the question about settlements in car accidents. When do they happen and what can you expect if that happens? Let’s dive into it.
Statistics claim that most personal injury lawsuits end up in settlements every single year. This can easily make you think that you will surely end up with the settlement as the outcome in your car accident injury case. Still, this is not a guarantee at all. In reality, the statistics only show the cases that actually ended in a favorable result for the plaintiff. But you need to keep in mind that there are many other personal injury claims that are dismissed and many others that simply end up with the defendant winning.
Fortunately, when there is enough proof, most car accident cases do end up settling. According to experienced car accident attorneys at www.stoneinjurylawyers.com in Peabody MA, settlements are preferred by all parties involved. However, this does not mean this is the only outcome possible for you or that you have to agree to it no matter what.
Insurance Companies Want Settlements
The first thing you should know is that insurance companies actually want settlements. This is something most of the companies do not want to tell you. They will often offer very fast settlement offers whenever they believe that you have a good case. What’s the reason behind this? The answer is simple. This is because by offering a settlement, they end up saving a lot of money and work when the settlement is agreed upon. Unfortunately though, when the plaintiff accepts the very fast deal, it is usually with one attached deal, that they will not sue in the future to receive the claim’s full value. That said, it’s clearly not the best thing you can do, since you may end up receiving significantly lower amounts of money, compared to what you could have received if you sued the other party.
This happens quite often, because most people injured do not actually know how much the claim is worth. It is a big problem, which is why it’s important to get as much info as you can, before you accept something. The process usually looks like this: you get offered by the insurance adjuster and it seems to be a very good deal. In reality, the fast deals are only a fraction of what the case is actually worth, and you should most certainly be aware of that.
Settlements Are Preferred To Trials
On the other hand, people tend to skip trials whenever they have a chance to do it. Why is this? In so many cases, the parties involved want to negotiate since trials tend to be unpredictable, and they last longer. No matter what you might believe, even if you have a very strong case, it is always possible you are going to end up with an unfavorable verdict. This is because proving fault is not as easy as it might seem. All of this is exactly the reason why people tend to choose a settlement, as it’s less risky. Although it might mean they will end up with only a fraction of the whole deal, that fraction is something they can count on, unlike the trial outcome.
That being said, not all proofs can be used in court, which can lower your chances of winning. Here’s a very simple example: the police report is not accepted in court. This is because it is considered to be the report of one individual, the police officer on site. On the other hand, the report is used in negotiations with insurance companies. And it is even more complicated to prove damages. This is why the majority of people tend to choose a settlement rather than trial. But are there more reasons for this?
The next reason that should definitely be taken into consideration is the trial cost. When the insurance company agrees to a settlement, it will surely cost a lot less than how much a trial would. Litigation is so much more expensive than what people initially think. Not only is a trial initially expensive, but a case can easily end up going on for a number of years. During all that time, costs end up adding up. There is a need to pay attorneys, court costs, expert witness fees, depositions, and even travel expenses. For the insurance firm, therefore it makes sense to settle since this automatically saves them money when compared to going to trial. And it also seems like a more logical solution. If you’re okay with this, and there is a settlement option, you can skip the trial, and go with settlement instead.
Getting Paid Faster
Another reason for choosing a settlement rather than trial, is the fact that you would get your money faster. Undoubtedly, every plaintiff surely wants to receive financial compensation as soon as possible. With litigation, this is not possible since trials can be very long. They can last for years, and this is unacceptable for many. This is particularly the case when you are seriously injured and you need money to get treated – you can’t wait for so long. If the case settles fast, you can count on receiving your money faster and you get to avoid the unwanted situation in which crushing debt may negatively impact your life. As you can see, it’s in your best interest to get settled as fast as possible. Still, if you’re not in a hurry, you can indulge in trial and hire professionals to help you out.