People across South Carolina suffer injuries in car accidents every day, and most of these cases eventually end with insurance settlements. If you’re considering pursuing a car accident settlement, you probably have many questions about how the process works. How do you start a claim? What are the steps involved? How can you ensure you get a fair settlement? How do car accident settlements work?
At Maxey McFarland Law, our Greenville, SC, car accident lawyers understand your challenges and are here to help.
What Is a Car Accident Settlement?
A car accident settlement is a legal agreement between you and the at-fault party’s insurance company to resolve your claim without going to court. When you’re injured in a car accident, you might have medical bills, car repair costs, and lost wages. Furthermore, a settlement aims to compensate you for these expenses and the pain and suffering you’ve experienced. How do car accident settlements work, specifically?
The car accident settlement process involves negotiating with the insurance company to reach a fair compensation amount. Once both parties agree on the compensation, you’ll receive a payment to cover your losses. In return for the money, you’ll sign a release form, which means you agree not to pursue any further legal action related to the accident. Settlements can provide a quicker and less stressful way to get the money you need instead of going through a lengthy court process.
Steps to Reach a Car Accident Settlement in South Carolina
What are the steps in settling a car accident claim? Here’s a breakdown of what to expect in a South Carolina car accident claim:
- File a Claim: The first step is to file a claim with the at-fault party’s insurance company. You’ll report the accident, provide details about what happened, and submit any supporting documentation, such as police reports and medical records.
- Investigation: The insurance company will investigate the accident to determine who caused the collision and your losses.
- Medical Evaluation: It’s critical to seek medical attention immediately after the accident. This is because your medical records and bills will be vital in determining the extent of your injuries and the compensation you receive.
- Negotiation: Your lawyer will negotiate with the insurer on your behalf. They will present evidence to support your claim and argue for a settlement amount that covers all your losses.
- Settlement Offer: The insurance company will make a settlement offer once negotiations conclude.
- Accepting the Settlement: If the settlement amount is fair, you’ll accept the offer. This typically involves signing a release form.
- Processing the Payment: The insurance company will process the payment after you sign the release form. This can take a few weeks as they finalize the paperwork and issue the check.
- Payment to Your Lawyer: The settlement check usually goes to your lawyer first. They will deposit it into a trust account. Before issuing you the check, your attorney will deduct their fees, the cost of any outstanding medical bills, and other legal expenses from the settlement amount.
- Receive Your Payment: After deductions, your lawyer will issue you a check for the remaining amount.
The Two Main Types of Car Accident Settlements
Tar accident settlements are of two main types: Structured settlements and lump-sum payments. Each type has its benefits and disadvantages, so make sure to talk to your lawyer to determine which approach best suits your needs.
Structured Settlements
A structured settlement provides compensation through periodic payments over a set period. These payments can be scheduled monthly, annually, or at other intervals that suit your needs. The main advantage of a structured settlement is financial stability, as it ensures a steady income stream to cover ongoing medical expenses and living costs. Additionally, some income from structured settlements may be tax-free, providing further financial benefits. However, the main drawback is that you won’t have immediate access to the full amount, which might be limiting if you have significant immediate expenses.
Lump-Sum Payments
With a lump-sum payment, you receive the entire settlement amount at once. This method provides immediate access to all of the compensation from the settlement, allowing you to pay off medical bills, cover lost wages, and handle other expenses immediately. Furthermore, the primary advantage of a lump-sum payment is the financial flexibility it offers, giving you control over how to use the funds. However, managing a large sum of money can be challenging, and spending it too quickly is risky. It’s important to have a solid financial plan to make sure the money lasts as long as needed.
What Does a Car Accident Settlement Include?
The way car accident settlements work is that they can cover most of your losses from a collision as long as you have sufficient evidence to prove that they occurred. An experienced car accident lawyer can gather all available evidence to document your losses. Using this supporting evidence, they can negotiate to secure a settlement that accurately reflects all your losses, including:
- Lost income
- Current medical expenses
- Future medical treatments you might need
- Reduced future earnings due to your injuries
- Diminished quality of life
- Emotional distress
- Pain and suffering
- Personal Property Damage
Deadline to File a South Carolina Car Accident Claim
If you want a car accident settlement that fully reflects all your losses from a crash, it’s essential to take legal action within the required deadlines. South Carolina law allows you three years from the date the accident to file a car accident lawsuit against the liable party. However, if you want to maximize your compensation and get the money you need as soon as possible, contact an experienced lawyer right away. An attorney can start working on your case while you heal and preserve crucial evidence before it deteriorates or disappears.
Contact Our South Carolina Car Accident Attorneys Now
The team at Maxey McFarland Law can handle all the legal work in a car accident claim for you and negotiate on your behalf for a reasonable settlement. Call (864) 900-4231 now or complete our online contact form for a free case review. With our proven track record, our law firm will help you in with the legal process. Let us get to work on your case today.