Most accident lawsuits are settled out of court, normally through negotiated settlements between the plaintiff and defendant. If a settlement is reached, the plaintiff usually agrees to not pursue further legal action if the defendant agrees and pays accordingly.
Before considering a settlement, whether you’ve thought about initiating one, or the other party makes an offer to settle, it’s crucial to talk it over with your motorcycle accident attorney. There are a lot of variables that are involved with settlements that you should be aware of before making a decision. Keep in mind that your attorney will likely consider the following areas before agreeing on or offering a settlement:
The minimum amount you’re willing to accept needs be agreed upon and stated in writing, along with the defendant’s signature.
The defendant’s financial situation (job, assets) and insurance coverage needs to be considered.
Determine if you are willing to accept partial payments or monthly payments. Your attorney will be able to draw up an agreement if so.
Consider your chances of winning at trial. If your attorney feels you can win at trial and win more damages at trial than through a settlement, then a settlement may be the wrong choice.
In addition, your attorney will help you weigh the differences, and difficulties that you may come across during your trial.
Consider that the economy is ever-changing, there is a chance that the defendant may not be able to pay in the future if you choose monthly or partial payments.
Once you have decided on a settlement, your attorney will gather the necessary documents to start the process. If an agreement cannot be met, then the next step is going to trial.