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What to Expect During a Truck Accident Settlement

Posted On July 28, 2020 In Truck Accidents

If you or somebody you love has been injured in an accident caused by the careless or negligent actions of a truck driver or trucking company, you may be entitled to compensation for your losses. However, the truck accident settlement process can become complex. The truck accident attorneys at Mike Love & Associates, LLC want to discuss what clients can expect during the truck accident settlement process and what types of compensation victims can expect to receive in these cases.

What is a truck accident settlement?

Legal settlements are arranged in a truck accident case when all parties to the litigation reach an agreement outside of court. It should be noted that most truck accident cases are settled before they go to trial. Sometimes, the truck accident case will even be settled before a lawsuit is filed (through insurance carriers).

How can a truck accident settlement benefit you?

Reaching a settlement before a case goes to trial is almost always going to be cheaper and happen much quicker than seeking a resolution in court. The settlement process is typically going to be less adversarial than courtroom litigation because neither party is going to have to admit fault on the public record. In cases when both parties are less defensive, their legal teams will be more likely to calmly and logically discuss the issues involved in order to reach a settlement agreement. A settlement is guaranteed compensation for a truck accident victim, whereas there are no guarantees of compensation when taking a case to trial.

Are there downsides to a truck accident settlement?

While a settlement will typically allow for a victim to receive compensation quicker than going through a full trial, the reality is that there are various downsides that you and your attorney need to be aware of concerning a truck accident settlement.

  • You (the plaintiff) will lose the right to pursue any further legal claims relating to the truck accident or your injuries after you receive your settlement.
  • A settlement agreement may be much less than what the plaintiff would have received by going to trial.
  • A settlement means that the negligent parties in these cases will not be held liable for their actions through a public venue.

Types of settlements in these cases

When a settlement has been reached between two parties in a truck accident case, there are two basic ways that the compensation will be paid out to the plaintiff. This can include a structured settlement in which the plaintiff will receive regular payments for a pre-determined amount of time (typically monthly payments). A plaintiff may also receive one lump-sum payment in which the total amount agreed upon in the settlement is paid all at once.

Regardless of how you receive your settlement, personal injury settlements and jury verdicts are typically not taxed by the IRS (with the exception of punitive damages if they are awarded). Another factor to consider in these cases is attorney fees, which will likely be taken as an agreed-upon percentage of the final settlement amount.

What kind of compensation is available?

If you or somebody you love has been injured in a truck accident, there may be various types of compensation available for your case. While no two truck accident settlements are the same, the team at Mike Love & Associates, LLC is regularly able to help clients recover the following:

  • Coverage of all truck accident-related medical bills
  • Any household expenses the victim incurs due to the incident
  • Lost wages and benefits if a victim cannot work while they recover
  • Loss of personal enjoyment damages
  • Pain and suffering damages

The importance of working with a skilled Clear Lake truck accident lawyer in these cases cannot be overstated. You can contact us for a free consultation of your case by clicking here or calling us at (936) 632-2000.

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