Nobody wants to deal with the aftermath of a car accident. While there may be extensive property damage, the real losses come in the form of physical and emotional harm that can result in overwhelming medical expenses, lost wages and pain and suffering. Car accident victims whose injuries were caused by the negligence of another may be entitled to compensation. Yet, while they try to focus on their recovery, they may struggle to deal with the legal issues confronting them when they choose to pursue a personal injury lawsuit.
Far too often, this dislike of the legal system leads to the acceptance of unfavorable settlements. Sure, these agreements allow a car accident victim to recover compensation for some damages, but unless skillfully negotiated these settlements can fall far short of a claim’s true value. Car accident victims who are thinking about taking legal action need to know how to assess a settlement offer and take appropriate action accordingly.
There are many factors to consider when deciding whether a settlement agreement is proper. To start, a victim must assess the strengths and weaknesses of the case. A thorough analysis will help an individual determine whether the claim is likely to succeed at trial. This will determine how much leverage the victim has at the negotiating table. Additionally, a car accident victim must have a realistic understanding of what the claim is worth. This will dictate whether a settlement offer is appropriate, given the risks of going to trial.
Settlement negotiations often start with a demand letter, which is essentially the starting point of negotiations. From there, the parties may sit down to try to hash out a deal. Successfully resolving these matters without the time and cost associated with trial requires skillful negotiation in light of the law and the facts at hand.