There are so many things pressing needs when you are the victim of a semitruck crash. Your health and whether you will ever walk again. Your career and whether you will work again. Your long-term care and whether you can provide for your family. Your lawsuit and whether those responsible for your serious injuries will be accountable.
The road is becoming more dangerous to share with large trucks. Nationally, truck-accident fatalities and injuries are on the rise. Your life can change instantly after a crash, but you should not have to pay forever for someone else’s carelessness.
Seeking compensation from the driver, trucking entity or the company’s insurance carrier might be the best way to calm your fears and achieve some financial security. Most civil cases settle out of court. Only 3% of personal injury disputes commanded a jury trial, according to a 2010 survey.
A settlement can allow you to negotiate short- and long-term benefits for your difficulties, but there are pros and cons to consider what type of payment to accept.
Advantages to scheduled income
Sometimes a lump-sum payment will settle a semi-truck accident case. That means you receive your money all at once and can immediately address medical expenses or other debts. If you need to remodel your house to accommodate your injuries or buy a new car it can help to have access to a large amount of money. This
But there are other advantages to receiving a structured settlement that schedules regular payments and a steady stream of income for several years, perhaps the rest of your life:
- Limits tax liability. In general, most structured settlements are eligible for tax exemption or deferral whereas investing a large lump sum could increase your liability on interest and dividends you earn.
- Disciplined spending. A sudden windfall can be tempting to splurge on yourself, risky investments or relatives who ask for a loan or gift.
- Coordinated annuities. Design payments to cover your immediate needs and unforeseen contingencies as your condition evolves.
- Protected assets. The Georgia Insurers Insolvency Pool is a safety net that guarantees long-term claims will pay out if insurance companies go out of business.
After a crash, trucking companies and their insurers will gather evidence to try to limit their liability. That is why it is important for you to investigate the crash, identify whoever was responsible and ensure that party pays for your medical care.
Move forward with your recovery
It is critical to consider all the factors when deciding how to pursue a personal injury claim. A structured settlement might be a short-term alternative to trial.
But it is most crucial to talk it over with your attorney. They can maximize the value of your case, put you on a level playing field with the insurance companies and negotiate a settlement that can help you move forward with your recovery.