About Texas Car Accident Settlements
When it comes to car accidents, dealing with the aftermath can be overwhelming and confusing, especially if you are unfamiliar with the legal process. This is where settlement agreements come into play, which can help you obtain compensation for your damages and injuries.
This article will discuss five crucial things you should know about car accident settlement agreements in Houston, Texas.
Understanding Houston Car Accident Settlement Agreements
A settlement agreement is a legal contract that is reached between two parties, typically the victim and the liable party, in a car accident case in Houston. The agreement outlines the terms and conditions of the compensation the responsible party will provide the victim.
Settlement agreements can be reached outside of court, saving both parties time and money. A recent court case in Texas upheld an oral settlement agreement with the adjuster.
What is a Settlement?
A settlement is an agreed resolution of all claims in exchange for a set amount of compensation. Once settled, the agreement prevents the injured victim from claiming or receiving further payment.
Key Considerations in a Settlement Agreement
1. Proper Evaluation of Damages
Before agreeing to a settlement, it is essential to assess all your damages, including medical expenses, lost wages, and property damage. This will help you determine the appropriate compensation amount to seek.
Never consider an early settlement that fails to account for your future medical needs. Doing so only shifts the risk of loss to you.
2. Careful Review of Settlement Terms
Before signing a settlement agreement, it is essential to thoroughly review the terms and conditions. Ensure that all the compensation details are included and that no hidden clauses or provisions may impact your rights. Or that the settlement agreement covers everything you think it does.
Know that settlement agreements are binding, and once settled, if you later learn your injuries are more serious than you thought, you are barred from getting more compensation from the parties you released.
Read More: Do Insurance Companies Want to Settle Injury Claims?
3. Seek Legal Advice
Seeking legal advice from a car accident lawyer can help you work to get a settlement agreement and protect your rights. A lawyer can also help you negotiate a fair settlement agreement and give you a full accounting of the settlement proceeds. Car accident lawyers in Texas work on a contingent fee basis. Meaning they only get paid if they win your case.
4. Consider Future Damages
In some cases, car accident injuries can result in long-term medical treatment and ongoing care. It is essential to consider these future damages when negotiating a settlement agreement following an accident.
5. Settlement Agreement is Final
Once a settlement agreement is signed, it is a legally binding contract. This means you cannot go back and request additional compensation if you discover further damages later. A recent case in Texas held an oral settlement agreement binding.
Negotiating a Fair Settlement
When negotiating a settlement agreement, it is essential to consider all the damages you have suffered. This includes medical expenses, lost wages, property damage, and non-economic damages such as pain and suffering. You should also factor in any future damages resulting from your injuries.
You should seek legal advice from a car accident lawyer to negotiate a fair settlement agreement. Your car insurance attorney can help you assess your damages, negotiate with the liable party’s insurance company, and ensure your rights are protected throughout the process.
Getting a good settlement is not a quick or easy process.
Some serious injury lawsuits, like an 18-wheeler crash, can take months or even years to settle.
Be Careful With Injury Settlements
Car accident settlement agreements can provide much-needed compensation for victims who have suffered damages and injuries. With the right legal guidance and a thorough understanding of your rights, you can obtain a fair settlement agreement that meets your needs and provides you with the compensation you deserve.
It is essential to consider all your damages, seek legal advice, and carefully review the terms and conditions of the settlement agreement before signing. Here is the process of payouts in Houston.
Call the Car Accident Attorney at Baumgartner Law Firm for Help
Our Houston car accident lawyers at Baumgartner Law Firm have been helping victims of automobile accidents for over 35 years. Check out our recent results. Contact us by email or Call (281) 587-1111.
6711 Cypress Creek Pkwy, Houston, TX, 77069
Visit our Law Office in Houston, TX
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