A car collision is something that can happen anytime, anywhere, and to any person. You may or may not be responsible for this accident. If you are not at fault and severe damage has happened to your car and you; then you are likely to face a substantial financial consequence like your mortgage bills, medical bills, household bills, and even your car- repair bills. In this crisis, a car wreck settlement can be the silver lining that you are looking for. It can lessen your financial constraints considerably. To help you further, we state a few facts about this settlement that you must be aware of. Stay hooked!
Car settlements are not one-fits-all
The car settlement for two people can never be the same. The settlement varies depending on the severity of the accident, the extent of injury to the victim, your insurance terms and conditions, and various other factors. You would need expert lawyer assistance here to help you get the maximum amount.
The insurance company would always gun for the lowest amount.
This is a no-brainer that the insurance company would like you to agree to its lowest offer even though they know that you are not at fault. Roping in a specialist accident attorney Lake Charleswould work in your favor as they would use all their experience and negotiating skills to get you the best deal ever.
The settlement offer can be negotiated.
Most of us are afraid of not getting our insurance claim passed. Thus, we readily accept the lowest restitution from them’ But you can take the help of your lawyer and smartly negotiate the initial lowball offer to a fair deal.
A medical checkup is a must.
Even if you have suffered minor injuries; you must always get yourself thoroughly checked and get a detailed report from a doctor. Never accept the car insurance settlement before you know the true extent of your injuries. A critical reason for this is that you might not find the physical ailments stemming from the accident surfacing until months later. But a doctor can examine you in detail and can identify any hidden neck, knee, back, or any such injury before its effect gets in view. The documentation of the injuries and its impact would put you in the driver’s seat for a higher settlement.
Double-check the accident report
Ensure that you are complaining about the accident with the police and request a copy of it. You will need to submit it to the insurance company as well as require it in multiple situations.
Your settlement might be taxable.
It pays to be aware that your settlement amount might not be tax-free. While the compensation on your medical bills and physical trauma is usually tax-free; the compensation for lost wages and emotional trauma is not often so.
The claim settlement might take months.
Unfortunately, the claim settlement process is a slow one. The insurance company deals with plenty of claims and does investigation on the case from its side as well. Most of the time, minor claim amounts are settled fast, but a substantial claim amount might take some time to be approved. Moreover, the insurance company might also decide to pay in installments over some time. Thus, you need to be prepared for it and make alternate arrangements for yourself.
The claim settlement is final.
Once you have agreed to a settlement amount; you can no longer negotiate it. Negotiation can be done only on the proposed settlement amount. For agreeing to the settlement amount; you are usually asked to sign a release form. The form is taken as your consent proof. Thus, you must never sign this form until completely satisfied.
Settle the lawyer’s fees from the settlement fund.
Most reputed firms and lawyers work on a contingency basis. Thus, they ask for their fees only after you get the settlement amount. This provides much-needed relief.
A lawyer’s role is critical in the entire process or car-wreck claim settlement. You must always hire one long before you face such a situation.