Semitrailers travel on roads all over the state of Kentucky. Sadly, a number of Covington and surrounding area residents have suffered injuries or lost loved ones in collisions with these massive machines. When a truck accident happens, the last thing victims or their surviving family members want to do is go to court in order to seek compensation for their losses. Thankfully, court and compensation do not always go hand in hand.
Most truck accident cases are actually settled before they have the opportunity to go to trial. There is benefit for trucking companies to go this route. It saves them time and money in the long run. It is also good for victims or their surviving family members as they do not have to relive the event over and over again during trial.
Following a truck accident, if you wish to pursue compensation, legal counsel can help you file the necessary civil claim in court. Both parties then have an opportunity to seek an agreement through the negotiations process. There is no timeline for how long it may take to reach a settlement agreement because every case is different.
There a number of benefits to seeking a settlement rather than taking a case to court, and some of them were mentioned above. Of course, there are disadvantages to going this route as well. A few of them being as follows:
- Plaintiffs lose their right to pursue further compensation through litigation.
- The settlement amount may be less than what you may achieve at trial.
- The responsible party will not be held responsible in the public eye as settlements are private.
If settlement negotiations prove successful, there are two ways in which you may receive your compensation: structured payments or a lump-sum payment. No matter which way you receive the money, civil settlements are taxable, and that could affect the amount you end up receiving.
What if settlement negotiations fail?
If you wish to try to settle your case and negotiations are not going anywhere, you can move the matter to court. A good truck accident attorney will have experience in negotiating these types of cases and fighting them in court, as you never know what it will take to achieve compensation in your case.
Following a truck accident, the losses suffered by the victim or his or her surviving family members can be severe. Achieving fair and full compensation for those losses will not be an easy task, but with the right legal help it may be possible.