What to Expect in Auto Accident Settlement
Auto accident settlements usually involve an agreement between a claimant and an insurance company. The insurer may insure either an adverse driver or the claimant, depending on the type of claim.
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Function
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Claimants want to be paid as soon as possible and insurance carriers want to quickly close claims. According to the State Bar of Wisconsin, 95 percent of civil cases are settled without a trial
Types of Claims
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If the other driver is at fault, the claimant will settle his claim with the other driver's liability carrier. If the claimant asserts a first-party claim, such as a claim for no-fault benefits, the claimant will settle the claim with his own carrier.
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Small Claims
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Small claims like property damage claims and soft-tissue injury claims are typically settled quickly without litigation. Claimants often don't hire an attorney.
Large Claims
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Claims involving significant injuries or disputed liability typically require litigation to clarify the nature of the auto accidents and extent of the injuries These cases still typically settle before trial; the Sacramento Business Journal reports that the number of state court trials dropped 28 percent between 1982 and 2002.
Paperwork Required at Settlement
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The insurer will require the claimant to execute a release of all claims against the insurer before finalizing the auto accident settlement.
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- Photo Credit Image by Flickr.com, courtesy of darrin sander
