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4 considerations of a semitruck crash settlement for family men

You have many things to think about when you are injured in a semitruck accident. Your wife and children likely depend on your income to make ends meet. This means that you need to have some money coming in while you heal from your injuries. Seeking compensation from the semitruck driver, trucking company and auto insurance company is one option that you can explore. These cases are sometimes resolved through a settlement, which has benefits and drawbacks that you must consider.

Settlement is reached through negotiations

A semitruck accident settlement is reached through negotiations. This puts you in control of what happens, but it's important to remember that compromise is key. As you go back and forth with the process, be sure to mull over each offer or counteroffer, considering how each will affect you in the short-term and also in the long-term.

One big consideration is the type of payment you agree to accept. Semitruck accident cases can be resolved through a lump sum payment, a structured settlement or a combination of those two types. A lump sum payment means you get the money all at once. A structured settlement means you receive regularly-occurring payments on a set schedule. A combination would mean you get a lump sum up front, and then receive installments on a periodic basis for a predetermined number of years (or for the rest of your life, in some cases).

Parties likely won't admit fault

Some commercial entities are willing to agree to a settlement because neither side admits fault. The downside to this is that you wouldn't have the closure of knowing that the company, driver or insurance company took responsibility for the accident that made life so difficult for your family.

Future claims are prohibited

Consider the cost of the past expenses you incurred because of the accident, but don't stop there. Add in the expected future costs of the accident, such as medical bills or care assistance. Typically, you won't be able to come back later and ask for more money if the settlement money runs out. The future costs can be difficult to determine, but it is usually possible to determine a ballpark range by looking into previous cases with similar circumstances.

Confidentiality might be necessary

You might have to be quiet about what you received in the settlement. Semitruck accident case settlements usually include a confidentiality clause. This can protect you since the amount and type of settlement you get won't be public information. It also helps the defense because the information about your settlement wouldn't be avail able for future cases that are filed against the company.

You and your personal injury attorney will need to carefully evaluate all settlement offers and weigh the pros and cons of each before signing on that dotted line. Otherwise, you will need to prepare to take your case to trial to be heard on its merits.

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