If a careless driver has caused you injuries, there is more than one way to be compensated. To get the facts about how you can be paid, including one that provides regular payments, read on.
- After an accident that was not your fault, you may be offered a settlement from the other driver's insurer. They may only offer to pay for your medical expenses and car repair, however.
- If you also want to be paid for lost wages and pain and suffering, you have to speak to a personal injury lawyer so they can negotiate for you to be paid for all of your damages and not just some of them. Settlements are preferred because they are quicker than going to court.
- When you and your lawyer are unable to come to an agreement on a settlement, you can take the other side to court and be paid a judgment if you win.
- Whether you win via a settlement or a judgment, you may have a choice in the way you are paid your compensation. You can be paid either in a lump-sum payment or through regular payments also known as a structured settlement.
- A lump-sum payment is just like it sounds, you are paid the entire payment from the accident all at once. How you spend it up to you.
- A structured settlement is when your compensation is split up into regular payments. They might be monthly, bi-weekly, or at other intervals.
- In some cases, a hybrid of a lump-sum and a structured settlement is available. That type of deal provides an accident victim with some cash upfront with the remainder of the settlement being structured.
- You might wonder what the advantage would be to using a structured settlement. The answer lies in the total negotiated compensation amount. When an insurer pays the money to victims gradually, it is less of a financial impact on the company. What that can mean for the victim is potentially a higher total settlement than if you choose the lump-sum option.
- A structured settlement might be better for those looking at a long-term disability situation. It assures you will have money coming in for years and years.
- On the other hand, lump-sum settlements provide victims with money to pay medical bills and get caught up on other bills quickly.
- In many cases, funds from a structured settlement is considered income and that may come in handy if you are trying to get credit.
The first step is speaking to a personal injury lawyer. Once you know a settlement or judgment is in the offing, you and your lawyer will discuss the payment situation. To learn more go to site like this one.Share