There is no question that a motor vehicle accident can be a painful and emotionally stressful event. What many Louisiana victims often learn is that getting hurt in a vehicle crash is also a financial burden. In the wake of a devastating accident, a victim may be slammed with extensive medical expenses, losses of wages from being unable to work, and costs associated with the repair or replacement of their personal property.
Getting financial help after an accident can therefore be a priority for a victim. Some victims may receive offers to settle their claims in exchange for financial compensation from the parties who caused their injuries. When a motor vehicle accident victim receives an offer of settlement, they should be sure that the agreement will be sufficient to ensure their long-term welfare.
What is a settlement?
A settlement is a legal agreement. It is the offer of money to an aggrieved party from the responsible party in exchange for the aggrieved party waiving their rights to litigate their claims. Settlements exist in personal injury law as whether other areas of the law, such as business law.
Why might a victim settle their claim?
A settlement can be an attractive option to a victim because it does not require them to go to court to get money to cover their accident-related expenses. It is a relatively quick resolution for some victims, but before a settlement is accepted, a victim should understand their legal options and rates. Not every personal injury victim will be fully compensated through their settlements.
How can settlements harm victims of personal injury accidents?
As stated, a settlement can provide a victim with fast money following a serious accident. However, once a settlement is agreed upon and executed, a victim may have no other legal channels for pursuing more compensation should they need it. In the case of a victim with serious and long-term injuries, a settlement may meet their immediate financial needs but may be insufficient to cover their accident-related costs for the rest of their life. This is because settlements generally require parties to waive their rights to litigate after accepting the terms of their settlements.
Some victims may benefit from settlements. Others may be harmed by executing them. This post does not offer any legal advice. When a motor vehicle accident victim has questions about whether to settle their claims, they can speak with trusted personal injury attorneys in their community.