A car accident can be a difficult experience for a Miami resident. Even though they happen frequently on Florida roads, motor vehicle collisions can cause injuries, property loss, and other damages to victims. They can take time to resolve and may create questions and concerns in the lives of those affected.
When facing these dilemmas related to motor vehicle accidents, victims can choose to work with trusted personal injury lawyers to help them answer their questions and understand their legal rights. Some victims may choose to litigate their claims while others may work toward the settlement of their claims with insurance companies and opposing parties. This post will discuss settlements and what they accomplish, but readers should understand that the contents of this post are informational and not legal advice.
What is a settlement?
A settlement is an agreement between parties regarding liability and compensation. Settlements are used in many different areas of the law, including personal injury law which covers motor vehicle accidents. When a motor vehicle accident victim settles their claims, they agree that they will not sue the opposing party in the future in return for receiving money from them to cover their accident-related costs.
When are settlements a good idea?
As stated, this post does not provide any legal advice. However, victims with minor or short-term injuries often can use settlements to resolve their legal matters quickly. When a victim has limited losses, they may be able to easily quantify them in a settlement agreement. However, when a victim has extensive losses or does not understand the true breadth of their damages, a settlement may curtail their recovery and fail to provide them with as much as they need to get back on their feet.
Whether a claim should be settled is up to a victim and their attorney. Settlements can work for some individuals but not others. Independent investigation into the benefits and drawbacks of settlements is recommended for those who have suffered losses in motor vehicle accidents.