What to Know About Car Accident Settlements in Colorado Springs

One of the biggest things to consider when considering a settlement following a car crash is the value of the time accepting a settlement would save you compared to spending months in court. That being said, it is just as crucial to look at whether a settlement offer is fair. A settlement may not be exactly what you want, but that does not necessarily mean it is not a fair and reasonable amount that covers your medical bills and puts at least some money in your pockets as well.

The factors you should know about for car accident settlements in Colorado Springs can be as numerous as they are confusing. An experienced car wreck lawyer could help you achieve clarity and confidence about what the best options are for your situation.

Determining the Value of a Settlement for a Car Accident Case

The value of a car accident settlement in Colorado Springs is determined by a back-and-forth discussion between the parties. However, even if the legal counsel for both parties can come to an agreement on a settlement, ultimately the plaintiff must approve that amount for the settlement. If the parties cannot come to an agreement, then the injured party can pursue litigation in court.

In pre-litigation before filing a lawsuit, there is no true calculation or equation that can objectively determine a reasonable settlement amount. Instead, the appropriate value for any individual settlement is based on the economic and non\economic damages of the injured party and other related factors.

Once the dollar amount is agreed upon in the negotiation process, the gap in time between that decision being made and the plaintiff receiving their check from the at-fault driver’s insurance company is usually fairly short. However, each case is different, so there is no universal time frame to go by—the general process just tends to proceed much faster once a dollar amount is agreed upon.

Potential Issues When Negotiating a Settlement

One of the biggest issues that commonly comes up when negotiating a car accident settlement is that insurance companies in Colorado Springs can be offensive both in their offers and negotiation tactics. This can be one of the hardest things for plaintiffs to handle during settlement negotiations, as many people take personal offense to the way the insurance companies treat and talked to them.

When it comes to this and other issues, communication is one of the most important elements of successful settlement negotiation. A plaintiff should make sure that they are returning calls to their attorney and discussing their case, as well as keeping their information up to date. In general, claimants and their attorneys should stay in the loop at all times regarding negotiations, demands, and ultimately the approval or disapproval of the final settlement amount.

Speak with a Colorado Springs Attorney to Learn What You Should Know About Car Wreck Settlements

One of the most important factors that people need to be aware of when settling a car accident case in Colorado Springs is that going through this process can be stressful. It can feel like your entire life is on hold as the process continues, especially if the injuries that you sustained continue to bother you and negatively impact your life.

However, if you choose not to settle, going to a trial can add more stress and time to a case. Many civil trials generally take more than a year to progress from initial filing to an actual day in court, so the time benefit of settling versus going to trial can be immense. Perhaps more than anything else, when deciding whether to settle or go to trial, you should always keep you needs in mind.