Accidents can heavily impact a person financially. Being involved in an accident will take a lot to recover emotionally, in that you are forced to deal with financial losses. You must know how to deal with these financial losses.
An accident can cause different kinds of financial losses. You might face financial losses due to medical care, property damage, etc. When faced with this, generally, you will have two options. One is to settle with the insurance company, and the other is to file a lawsuit against the negligent party.
When you’re involved in an accident, and someone is responsible for your injuries, you may not know if you should go to trial or settle with the insurance company.
After you’ve left an accident scene, you may want to think about calling an attorney. An attorney will help you decide on your best course of action. After an accident, there are two basic options: settling with the insurance company or taking the case to court. Each decision has advantages and disadvantages. For example, if you go to trial and win, you can get a larger amount of money than if you settle but win. Ultimately, whether or not a trial is the better option depends on many factors in each case. Here is what to consider before deciding on this important legal matter.
The Pros of Settling
Settling is a way to avoid going to trial and the cost that goes along with it. Settlements are an option if you have a valid claim, but the insurance company may limit them. Insurance companies often have a maximum amount they will offer to settle your case, and if you do not accept their offer, they may refuse to pay anything further.
Deciding to settle with the insurance company is beneficial if you are looking for a quick way out. To be honest, a trial is a hassle that many people don’t want to deal with. After an accident, it is possible you are in hospital. Your health state can be even worse depending on the type of accident you dealt with. In situations like that, you can just take the money to avoid the hassle.
In addition, the hospital might pressure you to pay the hospital bills soon. So, in situations like that, you might accept the settlement offer of the insurance company.
The Cons of Settling
By settling, you give up your right to sue in court, and this means that you cannot go back and sue later if there are any problems with the settlement agreement or if you feel that your attorney did not adequately represent you during negotiations. Also, if you settle before trial, there is no chance for an appeal should a judge rule against your case.
One more reason why you don’t want to settle with the insurance company is they will try to lowball the victim. Insurance companies are for-profit organizations. Their goal is to make money. So, obviously, the insurance company will not want to pay you the money you deserve.
The insurance money will not account for non-economic damages and punitive damages. If you go to trial, not only will you get fair compensation, but you will also get compensation for non-economic damages and punitive damages.
Non-economic damages are normally awarded for the pain and suffering you incurred due to the accident. Punitive damage is almost like a fine. Punitive damages are issued as a punishment to the defendant.
The Pros of Going to Trial
Going to trial is not always the best choice, but there are some advantages that come with it. The most significant advantage is that you will be able to get the maximum amount of compensation for your injuries. If you settle with the insurance company before going to trial, they may not offer as much money as they would have if you went before a jury.
Another advantage of a trial is that it allows you to get punitive damages against the responsible party. Punitive damages are awarded when someone has been intentionally reckless or negligent in causing an accident, and they have done so with malice or hatred toward you or another person involved in your case.
This type of damage award helps punish the wrongdoer for their actions and protects others from suffering similar harm in the future. In some cases, punitive damages can reach millions of dollars. You can get a lawyer from zayedlawoffices.com to help with these punitive damages.
The Cons of Going to Trial
Going to trial can be a risky proposition. The plaintiff could lose, and if the jury awards damages, they would have to pay for the defendant’s defense costs. In addition, if you are found liable for any damages, your insurance company may cancel your policy or increase your premiums. If you lose your case, you may also face an increase in your state’s minimum liability coverage requirements.
In a trial, the plaintiff bears the burden of truth. Plaintiff is the person who filed the case. The plaintiff must prove that the defendant acted negligently. Failing to do so will result in not getting any kind of compensation from the insurance company. For personal injury law, a plaintiff needs to prove four elements. Only then will the jury rule a hearing in favor of the plaintiff.
This blog post discussed the pros and cons of settling. In the end, it is up to you to decide whether to settle or go to trial. Both have their own perks, but if you think that the insurance company is being unfair to you, call a lawyer immediately. In most cases, it is better to go to trial since you can get more compensation than the other option you have. If you do opt to go to trial, hire a good personal injury lawyer. A lawyer can help you and win your case.
If you are still confused, the best option is to call a lawyer. Talk with a professional to know more about your case. Even if you choose to settle with the insurance company, have a lawyer to verify whether the offer made by the insurance company is fair or not. Think clearly and choose wisely as it cannot be reversed.