Different Types of Car Accident Settlements

Different Types of Car Accident Settlements

A car accident in Tokyo, Japan. Español: Un ac...

A car accident in Tokyo, Japan. Español: Un accidente automovilístico en Tokyo, Japón. Français : Un accident de voiture à Tokyo (Japon). 日本語: 東京での交通事故 ‪Norsk (bokmål)‬: En bilulykke i Tokyo, Japan. Português: Um acidente de carro em Tóquio, Japão. Русский: Дорожно-транспортное происшествие в Токио, Япония Türkçe: Tokyo, Japonya'da bir araba kazası (Photo credit: Wikipedia)

Being involved in a car accident can really turn your life upside down. Damage to your car and personal injury are just two of the side effects that commonly occur in motor vehicle collisions, and dealing with these things can be complicated and expensive. After an accident, you’ll need to do your best to make the most of a bad situation. You can’t rewind the clock and prevent your accident before it happens, but you can choose how you handle the consequences. Many people don’t understand the different types of car accident settlements, but you’ll need to become acquainted with them in order to properly deal with the aftermath of your accident.

In general, there are two kinds of car accident settlements, each with their own procedures and legal requirements. Settlements for vehicular damage and personal injury are often handled separately in the negotiation process. This should be kept in mind while you go about settlement procedures after an accident. If your car has been damaged in an accident, but you have not sustained any physical harm, your case will be different from a driver who has been seriously injured in a crash. Evaluate your situation to determine whether you need to file a claim for car damage only, or include personal injury.

Drivers who have been injured in car accidents have a more complicated situation to deal with. Vehicular damages can generally be handled relatively easily with the help of your car insurance provider. Physical injury, however, brings a new dimension of concern into the situation. You may need to account for many things, including medical bills and work time lost, when you evaluate your situation for a settlement. These figures slip away from many people, causing them to lose valuable compensation in their settlements. Be sure to keep records of all financial consequences of your car accident. Prudence and organization will pay off when it comes time to assign a monetary value to your damages.

Settlements can be made in or out of court. Generally, courtroom cases are a last resort for car accident settlements. Handling your car accident settlement in court is expensive and difficult to manage. Even an open and shut case will require you to set your schedule around court dates and employ an attorney. Lawyers are often necessary for all types of car accident claims, but taking a case to court requires additional time and work. Settling out of court is usually the more cost effective option, and can handle both vehicular damage and personal injury settlements.

Every car accident settlement is handled differently. If an agreeable settlement can’t be reached without legal action, consider mediation and arbitration proceedings before going to court. While mediation proceedings are not legally binding, an arbitration usually results in a guaranteed settlement. If you need cash right away to handle repairs or medical bills, consider a service like My Structured Settlement Cash to get the money you need right away. Whatever path you choose to achieve resolution after your car accident, be sure to do it by the books.

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