Car accident-related expenses can add up quickly. From medical bills to lost wages and car repairs, you could incur thousands of dollars or more in expenses after sustaining injuries in a car accident. This is the reason you should know what to expect from the compensation process in Houston, Texas. This will help you secure the compensation you deserve and avoid paying for your injuries out of pocket.
Generally, you can pay for your accident by accepting a settlement offer from the other party or their insurer or filing a lawsuit to seek damages. The best approach for you may depend on your circumstances. A Houston Personal Injury Attorney can explain the benefits and drawbacks of these options.
What are Car Accident Settlements?
Car accident settlements are one-time payments made to resolve claims. When you and the other party agree to settle your claim, you sign a settlement agreement and accept the compensation in exchange for not taking future legal action for damages. While this may seem straightforward, there are back-and-forth negotiations involved before a settlement is reached. Usually, insurers avoid paying the settlement you deserve.
A fair settlement for your car accident claim must cover the current and future expenses related to the crash such as the following:
- Medical treatment cost. These include emergency medical care, hospital fees, diagnostic medical tests, doctor’s appointments, and surgeries.
- Lost wages. If your car accident injuries prevent you from going to work, you can pursue damages for lost wages.
- Lost future income. If the accident resulted in a permanent disability, you can seek compensation for lost future income.
- Pain and suffering. This non-economic damage arises out of the physical and emotional pain you may suffer due to your injuries.
A good claim settlement depends on the type and extent of injuries you suffer and their impacts on your life. Also, the available insurance coverage may influence your settlement amount. Ultimately, your lawyer can assess an offer from the insurer and help you make an informed decision.
Steps to Take After Getting a Settlement Offer
Keep in mind that when you accept a settlement offer, your claim has been resolved. This means that you won’t be able to pursue additional compensation in the future if your condition gets worse or you suffer complications from your injuries.
Even if the insurance provider says or implies their offer is the best that they can make, settlements are negotiable. Also, you can file a lawsuit against the negligent driver to pressure the insurance provider to make a higher offer. So, which approach must you pursue? The answer is it depends. This is the reason you need a lawyer to help you understand your options and give advice on what’s in your best interests.
Benefits and Drawbacks of Accepting an Offer
When you accept a settlement offer, you get paid immediately and avoid litigation. By accepting, you agree to take the settlement money and move forward without going to court. However, you may not get the compensation you are entitled to. Insurers tend to lowball accident victims by resolving claims before they have evaluated the full extent of their damages. When you accept an offer, this can mean you leave hundreds of thousands of dollars on the table, depending on the situation.
In addition, you can choose to file a car accident lawsuit against the party responsible for the accident. Even if you file a lawsuit, you may not end up in a trial. Filing usually puts additional pressure on the insurer to make higher settlement offers. A settlement can be reached at any stage in the claims process, even on the day before trial.