What to know about a car accident settlement offer

The injuries that an Oklahoma resident can sustain in a car accident may be serious and life-threatening. When a victim is forced to stop working, seek medical help, and rely on the support of others to survive, they may find that they are unable keep up with their financial obligations. Getting money as fast as possible to move their life forward may be their priority.

Settlements are one way that individuals can avoid the stress and time of litigated personal injury cases. However, they may not serve the interests of all car accident victims. Before agreeing to a car accident settlement offer, a victim may wish to talk to a personal injury attorney about their rights and options.

What is a settlement?

A settlement is an agreement between parties to a legal case. In the context of a car accident, a settlement offer may be sent to a victim from the party that caused the accident and the victim’s harm. The settlement may offer to pay the victim money in exchange for the victim agreeing to waive their rights to sue the responsible party.

It is important that victims understand that settlements are binding. While it may serve the short-term interests of a victim to take settlement money, the costs of their recovery and extent of their losses may far exceed the settled amount over time. A victim may be barred through their settlement to sue for the full extent of their losses.

Are settlements ever a good idea?

There may be car accident cases where settlements are useful and appropriate. When a victim’s losses are known and limited, a settlement may be sufficient to meet their needs and compensate them for their damages. However, before agreeing to a settlement, a victim can talk to an attorney about their needs and expectations. This post offers no legal advice or counsel on the topics of settlements or car accident litigation.

 

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