What to Expect From a Trucking Accident Settlement
If you were injured in a truck accident that was caused by the negligence or recklessness of a truck driver or the trucking companies, you may be entitled to seek financial compensation for the expenses and losses you incurred due to the crash and your injuries. While you may think that compensation must be obtained by filing a lawsuit against the at-fault parties, most trucking accident claims end with a negotiated settlement between the parties, rather than with a verdict after trial. Settlements are often preferred by both parties to a trucking accident claim since the injured party gets the financial compensation they need more quickly, while the trucking parties can avoid the time and expense of litigation and the risk of having to pay even greater compensation due to a jury’s verdict.
If you are pursuing a trucking accident settlement, here’s what you should know about the process.
What is a Settlement?
A settlement is an out-of-court agreement reached by the parties to a legal dispute, such as a trucking accident claim. A settlement can be reached through informal negotiations between the parties and their legal counsel, or the parties may try to reach a settlement by engaging in a process known as mediation. Mediation is a more formalized, structured type of negotiation in which the parties’ discussions are guided by a neutral third party known as mediation.
Parties to a trucking accident claim may pursue a settlement prior to the injured party filing a lawsuit in court, and they may continue their settlement negotiations even while the case is being litigated in court, including during the trial itself. This is why most trucking accident claims end a settlement rather than a trial verdict.
Why Pursue a Settlement?
Resolving a trucking accident claim through settlement rather than a trial is almost always preferred because settlement is a quicker and cheaper way of ending a claim. Trial litigation can be very expensive due to the need to pay legal fees and hire experts. By avoiding court or a trial, the parties can save money, which means that the trucking companies may have a little more money to chip into a settlement, while the injured party can often receive more compensation as their attorney’s fees may be lower if litigation is avoided.
Parties also typically prefer settlement since it allows them to maintain control over the outcome of the case, rather than putting it into the hands of a judge or a jury. Trial verdicts often award greater compensation than is discussed in settlement negotiations, while injured parties also risk the possibility of recovering no money at all in the event of a verdict in favor of the trucking companies. Settlements also allow the trucking companies to avoid any formal assignment of liability for a trucking accident since a settlement does not constitute an admission of fault.
Types of Trucking Accident Settlement
Trucking accident settlements usually come in one of two basic forms: lump-sum and structured. In a lump-sum settlement, the total value of the settlement is paid out all at once. In a structured settlement, the total settlement value is broken up into regular payments (such as monthly or quarterly). Structured settlements may be preferred since trucking companies might agree to a higher total compensation amount if they can spread out the cost over time. Of course, lump-sum and structured settlements are taxed differently, and accident victims should also consider their short-term financial needs.
Contact a Personal Injury Lawyer Near You to Discuss Your Truck Accident Case in New Jersey
Were you or a loved one injured due to a truck accident in New Jersey? Don’t let the medical bills pile up while you wait for the negligent party or their insurance company to do the right thing. Right now, you need an aggressive personal injury attorney on your side, fighting to get you the compensation you need, want, and deserve. The skilled attorneys at Drazin and Warshaw, P.C. represent clients injured because of accidents in Westfield, Clark, Rahway, Linden, and throughout Ocean County, Monmouth County, Union County, and Middlesex County, New Jersey. Call (732) 576-8860 or fill out our online contact form to schedule a consultation about your case. We have an office conveniently located at 3315 Route 35, Hazlet, NJ 07730 as well as offices in Red Bank, Brick, and Westfield.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.
