About 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 Texas.
Understanding 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. 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 estimates your 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 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.
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.
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.
5. Settlement Agreement is Final
Once a settlement agreement is signed, it is a legally binding contract. This means that you cannot go back and ask for more compensation if you later discover additional damages.
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 pain and suffering. You should also factor in any future damages that may result from your injuries.
To negotiate a fair settlement agreement, you should seek legal advice from a car accident lawyer. Your lawyer can help you assess your damages, negotiate with the liable party’s insurance company, and make sure your rights are protected throughout the process. Some lawsuits that involve serious injury, like an 18-wheeler crash, can take months or even years to settle.
Be Careful With 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.
Call the Car Accident Attorney at Baumgartner Law Firm for Help
Our Houston car accident lawyers 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
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