Negotiating a Settlement | Examples of Car Accident Settlements
Have you ever been hurt in a vehicle collision?
If so, there’s a good possibility that the idea of a lawsuit has you feeling a little lost and perhaps overwhelmed. Naturally, litigation is complex, and it isn’t always obvious how to get the money you’re due.
Your losses could be quite significant at times. These could include lost wages, medical costs, emotional suffering, discomfort, and more. What if I sue the defendant and lose? you might be wondering.
Fortunately, the majority of vehicle accident lawsuits in America do not result in a win-lose outcome. In fact, the vast majority of court cases—roughly 95 percent or more—are settled by negotiation.
The Process of Car Accident Settlement
Therefore, a settlement is used to resolve more than 95% of vehicle accident cases. That is indeed a lot, as it may seem. However, the number raises the question of why settlements rather than courtroom action are used to resolve the majority of vehicle accident claims.
You see, litigation is risky, costly, time-consuming, and demanding. Most parties would prefer to avoid a protracted legal dispute. For example, the parties may believe that settling the lawsuit in three months is preferable to winning it after two years of costly, arduous litigation in court. The fact that failure can happen is perhaps the most crucial.
Because parties would rather not take a chance on a disagreement, settlement is so widespread. It is preferable to have a set, “fair” sum than the unpredictability of a trial. It’s the difference between accepting a $70,000 settlement for your auto accident claims and taking a chance on a $100,000 settlement (with a chance of getting nothing at all).
What Can I Do to Make the Most of My Settlement?
We now understand the prevalence of settlement. But how can you make the most of the settlement proposals the defendant makes? Generally speaking, the best way to boost settlement offers is to present information and legal arguments that would make it more likely for you to prevail in court and receive the claimed damages.
This can be unclear, so let’s use an illustration to make it clear.
Examples of Car Accident Settlements
Imagine you suffer injuries in a vehicle accident. You experience severe back pain and think you are entitled to $100,000 in compensation. You negotiate a settlement with the defendant after filing a lawsuit against them. You have a 90% chance of “winning” your case at trial thanks to voluminous evidence and a solid legal defence. Additionally, there is no room for argument on the fact that the evidence clearly supports your damages. Because of the “risk” of going to trial in these circumstances, your settlement offers will probably be about $90,000, or 90% of the claim.
Let’s say the percentages are different now. Perhaps there is little evidence and a complex case. If the case goes to trial, there is only a 50% probability that you will prevail. Additionally, the damages are thought to be overblown, and even if you won the lawsuit, there’s a 50% probability that you would receive $100,000. In these situations, your settlement offers will probably be in the range of $25,000, or 25% of the claim, once more reflecting the “risk” of going to trial.
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If you were wounded in an automobile accident, you might be entitled to compensation under the law. A legal issue does not necessarily go as in a film or television show, though. In actuality, settlements are how most cases are resolved.
Settlement discussions can be difficult. Any attorney wants to get the most money possible for their clients, but it’s not always easy to do. Working with a qualified automobile accident lawyer who knows how to effectively represent you will increase the likelihood of a good outcome.