Trucking Accident Settlements

If you were involved in a trucking accident and sustained injuries, you have most likely suffered damages because of it. Through the civil court system, the law provides an opportunity for you to receive compensation for those damages. TV shows might lead you to believe all lawsuits end in a dramatic trial, but that’s often not the case. Many injury claims end through settlements, which are agreements that parties come to outside the courtroom. 

These less-formal resolutions are often achieved through alternative dispute resolution (ADR) methods. These methods include mediation, arbitration, or negotiation. 

Negotiation

Negotiations happen between the lawyers of the parties involved in the lawsuit. Many settlements can be worked out this way without the involvement of anyone else. Truck accident cases can be complex, so negotiations are not always the best way to obtain compensation.

Mediation

Because lawsuits are expensive, mediation has become more popular. Mediation is a non-binding process that includes a single mediator. A mediator does not act as a judge in the case but simply as a facilitator for discussions and resolutions.

Arbitration

Arbitration is a binding process that takes the place of a trial. The process includes multiple arbitrators who will act as judges in the case. Oftentimes, each party in the case chooses an arbitrator, and then the group chooses one more. Decisions are made by majority vote and are considered final.

Advantages to Settlement

Reaching a settlement through alternative dispute resolution is an attractive option because it is cheaper and faster than a court trial. Through ADR, all parties can present their sides confidentially with no admission of guilt. 

People can often arrive at more rational conclusions when they are able to speak calmly in a structured environment. Oftentimes, these discussions yield positive outcomes.

For cases involving truck accident injuries, parties are able to openly discuss the details of their case. They can also discuss issues of liability, how much compensation they believe is fair, and hear the opinion of an objective third party. 

Sometimes not every detail of a case is shared, but enough information is revealed that a third party with experience in truck accident cases can give their insight.

Disadvantages to Settlement

While settlements are often the preferred method of resolving auto accident injury cases, there can be times when a plaintiff might choose not to use ADR methods. 

Some disadvantages to settlements include the following:

• Giving up the legal right to pursue any future legal action related to the accident
• Giving up the right to a trial by accepting a binding legal settlement
• Accepting less money through settlement than might have been awarded at trial
• Not having an opportunity to hold defendants publicly accountable since ADR methods are confidential

You might find these reasons compelling and choose to move forward with a trial. Or you may choose the quicker and less expensive route of settlement negotiations. Speaking with a qualified attorney is a good way to decide which scenario is best for your case.

Settlement Distribution Timeline

After a truck accident case settles, it takes an average of six weeks for a plaintiff to receive their money. Several things must happen before your settlement check gets to you.

• All medical bills and accident-related repair bills must be paid
• Court costs and attorney fees must be paid

The injured party is the last to be paid from a settlement. This can seem like a long time when you’re waiting for money. 

However, it can be a relief to know that your bills have been paid. This protects your money in the long run and allows you to move forward with a clean slate.

Types of Settlements

Settlements for traffic accident injury cases are paid out in one of two ways: lump-sum or structured. Lump-sum settlements are paid out all at once. 

Structured settlements are paid out over a specified period. These payments are made regularly based on an amount and frequency decided before the payments begin. 

It’s important to note that each kind of settlement has its own tax implications.

Talk to a Truck Accident Injury Lawyer for Free

If you or someone you know has been injured in a truck accident, a settlement can provide faster relief for you than an expensive and lengthy trial. 

Connect with accident injury lawyers who can answer your questions. TruckingAccident.com offers free information and guidance on which steps you need to take next based on the facts of your case. Give us a call at (919) 341-0059 or fill out our claim review form for a free, no-obligation consultation with a traffic accident attorney.