Accessing money after a violent car or automobile accident can be difficult for some victims. Depending on their financial situation, they may not have the savings or reserves to easily live off while they recover. Some Kansas City residents may struggle to pay their bills if they are kept out of work due to their injuries, and others may miss payments on their rent, utilities, and other necessary bills while they heal.
For men and women in this difficult position, auto accident settlements can appear to be lifelines to get back on their feet. This post will discuss settlements in the context of motor vehicle accidents and how they can support some victims. This post does not provide any legal advice to its readers or advocate for or against settlements. All victims of vehicle crashes can choose to consult with personal injury attorneys to better understand their own possible legal claims.
What is a settlement?
A settlement is a contract. In the case of a car accident, a settlement may provide a victim with money to cover their losses in exchange for the victim waiving their right to ever sue the responsible party in the future for their accident-related harm. Like all contracts, settlements set up exchanges that usually provide one party with money and the other releases from liability.
Should all victims accept settlement offers?
Settlements can be beneficial for some accident victims. When a victim’s costs are fixed, their injuries limited, and their expenses quantifiable, they may be able to secure full compensation for their losses through a settlement without having to go to court. However, when the full extent of a victim’s harm is unknown or their bills will continue to grow into the future, it may not be in their best interests to accept a settlement that limits their future rights to sue for the recovery of their damages.
The decision to accept a settlement offer after a car accident should be based on the facts of individual cases. A personal injury attorney can provide their client with a wealth of information about how settlements work and what, if any, benefits they may provide.