Understanding settlements after a truck accident
In Illinois, many accidents involving large trucks are settled without going to trial. Plaintiffs and defendants are able to negotiate settlement agreements at any time during the litigation of the claims. It is important for people to understand the settlement process and what they might expect.
Reaching settlements in truck accident cases may offer several advantages. When people are able to negotiate settlements through negotiations, the process may be much faster than if the claims go through the litigation process. Reaching settlements can also help plaintiffs recover compensation for their losses while there is no guarantee of the outcome of jury trials.
There are some potential disadvantages of settlements. When plaintiffs agree to settlements, they are not able to pursue any additional claims that might arise from their truck accident or injury. Settlement amounts might also be much less than the plaintiffs might have been able to recover at trial. Reaching a settlement will prevent the plaintiffs from being able to hold the defendants accountable for their actions in public. People should also learn about the tax treatment of structured settlements, which are paid out over time, and lump-sum settlements. Both are treated differently under the tax laws.
Individuals who are involved in accidents with large trucks may suffer serious injuries that permanently alter their lives. Because of the severe nature of the injuries and the high policy limits on the insurance coverage that is carried by trucking carriers, these types of accidents are often aggressively defended against by the trucking companies and insurance companies. People may benefit by retaining personal injury lawyers who are experienced in handling truck accident claims. Lawyers may be able to build strong cases for their clients that encourage the companies to settle the claims fairly. This may help the plaintiffs to maximize their recovery amounts.