EXPERIENCE | SERVICE | RESULTS

What is a car accident settlement?

On Behalf of | May 24, 2021 | Car Wrecks |

No one expects to get hurt in a motor vehicle accident. Though they happen every day, most Mississippi residents who have to endure collisions are able to walk away from their accidents with no significant losses. Some, however, suffer significant injuries that will affect them for the rest of their lives.

When a victim suffers losses, they may incur many costs associated with their accident. From medical bills to property damage, they may not know how they will pay for all of the expenses their accidents have caused. Litigation based on their personal injury losses may be an option for them.

Another option that they may consider is settlement. This post will discuss settlements and how they can help or hurt victims. Because decisions regarding litigation and settlement should be made based on the facts of specific cases, victims should discuss these and other important issues with their trusted personal injury attorneys.

The basics of settlements

A settlement is a legal agreement. It is a contract between two parties that were involved in a legal matter, such as a motor vehicle accident. In a settlement, the party that caused the other’s losses will offer to pay the victim for their losses in exchange for the victim agreeing not to later sue them on the same legal grounds. Some personal injury cases settle and never go to trial because of the agreements between the parties.

How settlements can help or hurt victims

On its surface, a settlement may seem like a great way for a victim to get what they need to move their live forward and avoid the headaches of going to court. For some victims, this is exactly what happens. Settlements provide them with the compensation they require to become whole.

For others, though, settlements are not helpful because they do not fully compensate victims for their losses. A victim with serious injuries may not know the full extent of their accident-related needs at the time of settlement and then may later lose their right to sue for everything they lost from their collision.

Settlements and litigation can be confusing. Victims of personal injury accidents like car accidents should not have to face their troubles alone. Their attorneys can guide and advise them of their rights and options.