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Going with a truck accident settlement

On Behalf of | Sep 13, 2022 | Truck Accidents

Collisions with a truck could leave victims suffering from serious injuries. Persons hurt in a trucking accident may find themselves struggling financially afterward since recovery times may affect their ability to work and earn a living. While such persons want compensation for the pain inflicted, they may worry about the time and cost of a civil trial. However, Missouri accident victims may explore options for an insurance settlement.

Seeking an insurance settlement

The parties involved in a lawsuit could work towards a settlement agreement. With a settlement, the plaintiff accepts a specific amount of money with the binding agreement to end civil litigation. Parties often negotiate and close a settlement before a lawsuit is filed. Questions may arise about where the money from an accident settlement comes from. The truck driver or the driver’s employer’s insurance policy may often cover things.

Commercial liability insurance would cover losses related to a truck driver or employer’s negligence, depending on the named insured and who is at fault. Claimants may seek a settlement up to the policy’s limits, and the amount sought might cover compensatory and punitive damages.

Concerns over insurance settlements

Victims of truck accidents may weigh their choice between a settlement and a trial. Going to trial could potentially lead to a sizable judgment, but there’s no guaranteed outcome. Also, defendants may appeal a verdict. Ultimately, it is the plaintiff’s decision whether to choose one option or the other.

Plaintiffs may find it worthwhile to look at the defendant’s financial situation before passing on an insurance settlement. If the person has few assets, a settlement seems wise. That said, there ae situations when suing beyond policy limits might be feasible.