What you’ll learn from this article:
- A car accident settlement resolves your case with an agreement between all parties.
- Your Kentucky car accident lawyer plays the valuable role of helping you understand the car accident settlement process so you can make wise decisions.
- A settlement gives you peace of mind so you can focus on recovering.
After a Kentucky car accident, your legal case will likely end in a settlement rather than going to court. About 95% of personal injury lawsuits resolve through out-of-court agreements.
Car accident settlements often make sense for everyone involved. The negligent party and insurance company put an end to a difficult situation, avoiding an expensive court battle with the potential for bad publicity.
You, as the injured person, have an opportunity to negotiate an arrangement to cover your lost wages, vehicle damage, physical rehabilitation, medical bills, and more. Settling your case also allows you to focus on recovery and healing so you can move past the accident.
Are you eager to pursue a settlement or just curious about your options? Here’s what you need to know about the car accident settlement process in Kentucky.
What is the Car Accident Settlement Process?
An agreement to settle a car accident involves people negotiating and agreeing to terms. First, a written document is created, usually by the injured party and their lawyer in the form of a demand letter to make you whole again. Next, the other side examines the document and either offers a settlement agreement or continues to negotiate. Both parties have opportunities to review and approve or deny the terms through a process of negotiation.
After the negotiation phase ends and the final agreement is signed, it has the same force as a case that was decided by a judge or jury. The settlement agreement is a legally binding document and everyone will be held responsible for executing its terms.
Your car damage settlement agreement is just one aspect of your overall accident settlement, which involves compensating you for many types of damages. Make sure it includes the full value of costs and losses including your medical bills, rehabilitation costs, lost wages, lost earning potential, and the considerable value of your pain and suffering.
How Does a Lawyer Help With the Car Accident Settlement Process?
Your Kentucky car accident lawyer looks out for you during the settlement negotiations and helps you stand up for your rights. They’ll also present you with your various options and ensure you understand them before deciding what to do next.
They’ll help you clear up myths and misconceptions about the law, including misunderstandings about Kentucky’s status as a no-fault car insurance state. Some people assume it means nobody can be held responsible for car accidents, which is false. “No fault” simply means your car insurance may be expected to kick in before other insurance covers your damages. You can still seek additional compensation above and beyond this amount.
A skilled and experienced lawyer will anticipate potential missteps you might make and alert you to the consequences. For example, a victim in a car accident case might give a recorded statement to an insurance adjuster that later harms their case. The right legal advice could stop you from making this mistake.
Your lawyer can help you understand how liability will be assigned in your accident, how the legal concept of negligence could impact you, and how the courts will likely view your case. Ask your lawyer about viewing a sample settlement letter for car accidents, which you can use as a template to develop your first draft of a demand letter with their help.
Here in Kentucky, the law allocates fault by comparing everyone’s shares of responsibility under the pure comparative negligence rule. Based on your level of fault, your compensation may be reduced somewhat, but you can still use the car accident settlement process to secure a valuable settlement.
Start a Successful Car Accident Settlement Process With McCoy & Sparks in Kentucky
For more than a decade, the car accident lawyers at McCoy & Sparks have been helping Kentucky’s injured people pursue valuable car accident settlements. We care about informing and empowering you to move forward to reach a successful outcome.
You owe McCoy & Sparks nothing unless we recover car accident compensation for you. Make the right call to 1-844-4KY-WINS for a risk-free consultation about starting the car accident settlement process today.