Should I Settle Out of Court for My Auto Accident?

The impact of an auto accident lasts long after the actual collision. Medical bills pile up, often right next to unpaid utility bills, because you’ve lost your ability to earn an income. The wheels of bureaucracy turn slowly, and even a settlement can take time before any compensation is forthcoming. To get back on your feet and back to a normal life, you may want to just save time and settle out of court.

Although there are circumstances where that may be advisable, generally it’s not in your best interest to settle out of court prior to knowing all the facts. If the other party seems motivated to settle, that’s a sure sign that it is indeed ill-advised.

Out-of-court settlements are in effect a compromise for the supposed best interests of all parties concerned, while not ideal for anyone. In the interest of expediency for everyone, and to get you some timely compensation, the notion of a quick settlement may seem appealing. If you are experiencing financial hardship, it may even be incumbent upon you to accept a settlement rather than pursue a potentially drawn-out litigation.

Some things to consider if you are not under significant duress, and would like to get the maximum compensation possible:

• As stated earlier, a settlement is a less-than-ideal solution to put money in your pocket sooner. It will never be the best you can do, which is why it’s called “settling”.
• Injuries sustained in an auto accident may take some time to heal, and some may not even be noticeable until long after the collision. To settle, you would need to decide prematurely, not knowing the extent of the treatment needed for your known injuries, and prior to discovering other issues that will need medical care later. If you have latent or lingering effects from the accident, you would be liable for any expenses they cause once a settlement has been reached.
• Settlements don’t usually encompass all forms of compensation to which you may be entitled. Beyond medical expenses and property damage, you may be eligible for punitive damages and other awards. This may be why you’re being offered a settlement.

In cases where there may be mitigating circumstances, a dispute of liability, or evidence that you are partially liable for the accident, you may be well-advised to accept a settlement offer. In any case, you should first consider consulting with a professional who has extensive experience in personal injury.

Edwards & Patterson Law has offices in Tulsa and McAlester, serving all of East Oklahoma and parts of Arkansas. If you have been in an auto accident and are contemplating a settlement offer, do yourself a favor and call us first. We will fight for the compensation you deserve.