In car accidents, when taken to court, the lawyer has the job of getting the clients the amount of compensation that they deserve. Now, when the legal case is going on, it can be seen that sometimes very helpful settlements are made, but other times, there is a need for expert opinion in order to make sure that the best amount is decided on to compensate for the loss of victims.
Now, it must also be known to the clients that settlements do keep them away from going to the courts and going through different trials. This saves a lot of time for the clients who do not want to visit the court again and again.
An auto accident lawyer in Houston TX will help you get through this process in a much better way, so make sure you choose the best one.
Purpose of Car Accident Claims
The main purpose of the car accident claim is to provide financial redress for the people who have suffered a lot in an accident. This includes compensation in the form of medical expenses, replacement costs, lost wages, and vehicle repair costs.
There are mainly two types of claims that are made. One is the cost that is needed to cover the damages that occured to your vehicle. One is the bodily injury claims that are about the medical expenses, lost wages, rehabilitation costs, and non-economic damages like pain or suffering.
Role of Insurance in Car Accident Settlement
Insurance companies play a very important role when it comes to the settlement process. Their involvement in the cases is explained below:
- After the accident, the parties that are involved file a claim to the insurance companies in order to get compensation for the loss that they have borne. The claim is the very first step when it comes to the settlement of cases.
- The insurance company should carry out an investigation when a claim is filed in order to gather details on the accident. This will involve checking the police report, talking to witnesses, taking photographs or videos at the accident scene, and studying medical reports. The objective is to establish the circumstances in which the accident occured as well as to decide on its liability.
- Based on the proof and the evidence, the insurance company assesses the fault. The degree of the fault does impact the claim in the states.
- After this, the valuation of the damages is the next step that must be considered. This includes medical expenses, lost wages, pain, suffering, and any kind of mental health struggle that comes with the accident. The non-economic damages can be very subjective and very hard to quantify, making part of the damages in order to calculate the exact value.
- Depending on their review, the insurance company creates a settlement offer to cover the damages. The proposal is usually the starting point for negotiations and does not take into understanding all that a claimant wants or has the desire to acquire.
- If the claimant thinks that the offer is valid, then the lawyer from their side can have a conversation with the insurance company, and the value of the damage can be maximized. And when the settlement is agreed upon, then there is a sign that is done by the insurance companies that makes sure that this amount will be paid for the damages that occurred.
- It must be noted that the settlement of a claim does impact future premiums a lot. This is especially the case where the policyholder is liable for the fault. Insurance companies are seen increasing the premiums to compensate for the risks that occur in the future.
- In the cases where there is no settlement reached, then the only option here is to go for litigation. The insurance companies can take part in this process and will support their policyholder.
Post Settlement Steps
After the settlement is made, it must be made sure that all the funds are being paid to the claimants. There is no set time frame for it, but this is the basic understanding that after the signing of the right papers, settlements are being paid.
In case you have an attorney, a part of the settlement will be paid to them for taking on the case and resolving it. Usually, the fee structure that is followed here is the contingency fee structure, and this is why the legal representatives are paid after the settlement.
Conclusion
In conclusion, a car accident settlement can be a tricky process, but this must be made sure that a skilled lawyer takes on this case. With their knowledge and power, they can get you land on the best settlement offers without wasting much time. So, it must be made sure that all the damages are covered in the amount of the settlement at which the parties have agreed.
