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January 26, 2016

Should I settle my truck accident claim?

The Levin Firm at (215) 825-5183.

 

Whether you should settle your truck accident claim will depend on a number of factors. Individuals involved in auto accidents tend to sustain much more serious and devastating injuries when trucks are involved in those accidents. More often than not, small passenger vehicles hardly stand a chance against large trucks and as a result, sustain more damage. If you or a loved one were involved in a truck accident, you are entitled to compensation for your injuries.

What is a settlement?

There are generally two types of settlements:

  • Lump-sum settlement – A lump sum settlement is one that is paid in full, all at once.
  • Structured settlement – A structured settlement is paid in regular, recurring payments spread over a period of time.

An experienced truck accident attorney will understand your needs and be able to evaluate which settlement is right for you. Your attorney will also help you determine whether settling is the best option for your unique case.

How do I get a settlement?

A legal settlement is usually reached when the parties are able to arrive at an agreement outside of court. There are several methods that can be used by an attorney to settle your truck accident case. These methods include:

  • Arbitration
  • Mediation
  • Negotiation

Often, claims for damages that arise from a trucking accident can be settled. And in the event that a settlement is reached in your case, it is important to have an understanding of the types of settlements usually available to individuals involved in truck accidents. Below are some of the pros and cons of settling your truck accident claim:

Pros

  • Settling a claim is generally less expensive than going to court.
  • Settling a claim allows the parties to confidentially present their positions without admitting fault.
  • The parties are generally able to reach an amicable settlement agreement because they are able to discuss difficult issues calmly and rationally.

Cons

  • The injured party may end up settling their claim for much less than they would have been awarded if successful in court.
  • Usually, the injured party gives up their right to pursue any other legal claim in connection with the accident.

How much will I get from my settlement?

Determining the compensation you may be entitled after a truck accident is more difficult than most people imagine. This is because you may be entitled to more damages than simply physical injuries and property damage. Being in a truck accident can be devastating enough, and when you are the injured party in a passenger vehicle, the resulting injuries can be severe, which is why it is critical that an experienced personal injury attorney helps you navigate your legal options.

Calculating damages can be challenging, and the amount of your settlement will depend on many factors such as complexity of your case, the nature and severity of your injuries, and the amount of the claim. Other factors that can help determine the amount of the pain and suffering damages you may be entitled to include:

  • Any aggravating circumstances.
  • The length of time it took you to recover from your injuries.
  • Whether you were able to recover completely from your injuries.

When trying to determine the extent of the damages you are entitled to, it is important to also think about the following:

Lost income/wages
Present and future quality of life
Whether you have suffered permanent injuries
The extent of your property damage
Emotional stress
Potential to be gainfully employed

The Philadelphia tractor trailer and truck accident lawyers at The Levin Firm understand these issues, and work with our clients, their friends, and family, as well as their doctors, psychologists, long-term care planners, and others – to assure that our clients receive not only the finest legal representation but also the finest support and medical care.

When you need a Philadelphia, Pennsylvania or New Jersey personal injury attorney to represent you, a family member or friend who has suffered a tractor trailer accident injury, contact The Levin Firm at (215) 825-5183. We represent every client zealously in order to obtain the best results possible in each case.

Sources

1. http://www.levininjuryfirm.com/practice-areas/automobile-accidents/tractor-trailer-accidents/

2. http://www.avvo.com/legal-guides/ugc/how-to-calculate-a-truck-accident-settlement

3. http://injury.findlaw.com/car-accidents/trucking-accident-settlements-what-to-expect.html

4. http://www.nolo.com/legal-encyclopedia/trucking-accident

5. http://www.avvo.com/legal-guides/ugc/how-to-calculate-a-truck-accident-settlement

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