How is a Car Accident Settlement Different from a Verdict?
Anyone who was injured in a recent motor vehicle collision in Texas should be thinking about seeking compensation. Generally speaking, there are two ways you can get compensation to cover your losses from a traffic collision: an auto insurance claim or a personal injury lawsuit. Most people will begin with an auto insurance claim, which they will typically file as a third-party claim through the at-fault driver’s insurance.
When the insurance company does not ultimately pay out enough to cover all of your losses — which is a common thing to happen — you can move onto a personal injury lawsuit. If you have been researching your options, you may have come across information about settlements, damages awards, and jury verdicts. How do these differ from one another, and when do they happen? Consider the following information from our Texas car accident and injury attorneys.
Settlements Versus Jury Verdicts
Settlements can happen with insurance companies, as well as after you have filed a personal injury lawsuit. An insurance settlement is an offer the insurance company makes after you file a claim, and this amount can usually be negotiated by your car accident lawyer. At the same time, a settlement can also be negotiated with the defendant (or defendants) after you have filed a personal injury lawsuit but before the case goes to the jury for a decision. Keep in mind that you will need to file this lawsuit before the two-year statute of limitations runs out.
Settlements in personal injury lawsuits can happen at any point — from just after the lawsuit has been filed and right up until a jury verdict. Settlements are offers from the defense to settle the case, typically for an amount that is less than what you are seeking from the jury but are designed to be attractive enough for you to accept the settlement offer without going through a full trial.
A jury verdict involves a damages award, at which point the jury can decide that the defendant (or defendants) are liable and award a specific amount of damages based on the facts of the case. If a jury finds the defendant to be liable, the damages award will often be higher than what was offered in a settlement.
Is a Settlement or a Trial with a Verdict Right for Me?
If you do move forward with a personal injury lawsuit, should you accept a settlement offer or go through a trial and wait for a jury verdict with a damages award? It all depends on the specific facts of your case, including when the settlement is offered.
It is often beneficial to accept a reasonable settlement that is offered early on since it can allow you to cover losses and to avoid the cost and stress of a trial. Yet in some cases, especially where there is strong evidence against the defendant and the defendant has the ability to pay, it may be worth a full jury trial. Your lawyer can advise you on the benefits and limitations in your particular case.
Contact a Car Accident Attorney in Texas About Your Options for Seeking Financial Compensation Today
If you were injured in a car accident in Texas and want to seek financial compensation, it is important to begin working with an attorney on your case as soon as possible. An experienced Texas car accident lawyer at John Reed, Attorney at Law can negotiate a fair settlement for you with the insurance company, and if that settlement is insufficient to cover your losses, we can begin working with you on a personal injury lawsuit against the liable parties. When we move forward with a personal injury lawsuit, we will identify parties with deep pockets who may be able to be named plaintiffs in the lawsuit, and we will work to get you a settlement or jury verdict for the full amount of your losses. Contact us today to find out more about options for obtaining compensation in the aftermath of a car crash in Texas.
Source:
statutes.capitol.texas.gov/?tab=2&code=CP&chapter=CP.16&artSec=16.003
