If you have been rear ended in an automobile accident, you might consider settling the lawsuit out of court. Court cases are extremely complicated and can take months if not years to conclude. Additionally, it is almost essential for you to have an attorney in a lawsuit, whereas in a settlement you can represent yourself.
The Beginning of the Settlement Process
The settlement process begins with you, the injured party, filing a claim against the other party’s insurance company or the party if he is uninsured. An accident involving an uninsured motorist may also required you to file a claim against your insurance company to obtain your uninsured driver compensation benefits. Settlement starts with a claim because the claim details to the other party that there was an accident, that the accident caused injury or damaged and that you seek compensation.
After Filing Your Claim
The next step in the settlement process is that the insurance company will send an adjuster to investigate the facts and damage of the accident. The adjuster will obtain repair estimates for the vehicles and review medical expenses for any personal injuries. Sometimes, the adjuster will interview the parties. This process is the same if you are filing a claim against your insurance company. If the other party is uninsured, no adjuster will be sent because no insurance company is involved.
Offer of Settlement
The other party will then make an offer of settlement to you based on the adjuster’s valuation of your claim. This offer can be lower than you expect and desire or higher than you anticipated. You have the option of accepting the offer, rejecting the offer or rejecting the offer and making a counteroffer. A counteroffer is where you would respond to the insurance company by naming a price acceptable to you for your damages and injuries.
The Amount Offered and Settling
It is important to remember that cases awarding injured parties millions of dollars are rare. Keep perspective on the true value of your claim and realize that you the settlement is not intended to make you wealthy but instead to make you whole.
Negotiations
Most likely, you and the other party will go back and forth several times with different settlement values until you reach a price acceptable to all parties. Once that amount is agreed upon, both sides will sign a contract and the insurance company will send you a check for the amount, typically within sixty days.
Getting Legal Help
Settlement negotiations are tricky and often require experience. If you are involved in settlement negotiations or want to file a claim for your injuries stemming from a car accident, seek legal representation.
