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What to know about car accident settlement offers

| Jan 27, 2021 | Car Accidents |

A motor vehicle accident can be an overwhelming ordeal. When a Tennessee resident is harmed in a crash with another car, truck, or commercial vehicle, it can leave them with physical pain and financial worries. They may not know how they will work while recuperating from their injuries, and they may be scared to see the medical bills their accident caused them to incur.

After a motor vehicle accident, victims sometimes receive offers of settlement from the parties responsible for their harm, and their insurers. A settlement is an offer of money to provide a victim with compensation, out of court, in exchange for the victim giving up their right to sue later on. Settlements can provide victims with quick money, but they are not suited to all victims’ needs.

When is a settlement a good idea?

It is important that readers understand that every motor vehicle case should be evaluated on its own merits by a personal injury attorney. This post does not provide any legal advice. In some circumstances, though, victims with minor injuries may be able to receive full compensation for their losses through settlements.

Full compensation refers to all of the costs related to an accident. They can include medical bills, lost wages, repairs to personal property, and others. When a victim’s losses are low and easy to calculate, they may be able to negotiate a settlement to cover all of their losses.

When is a settlement a bad idea?

As readers may know, not all car accidents result in minor losses. Many result in serious injuries, totaled vehicles, and victims who cannot work for months. The full extent of their losses may not be calculable at the time of their accidents, and settlement offers may not anticipate the many costs that victims will experience as they move farther away in time from their accidents.

Before a motor vehicle accident victim accepts a settlement offer they should talk it over with their trusted personal injury attorney. A legal professional can help them understand the scope of their claims and their potential losses. Settlements may be useful for some victims, but others may be left with few options for recourse if the accept settlements that do not cover their needs.

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