Truck accidents occur all too frequently on Tennessee roadways. When they do, victims or — in the event of fatality — their surviving family members may have questions about how they can go about seeking compensation for their losses. The truth is, victims of motor vehicle accidents or their families often achieve relief through settlement agreements. Litigation is not always required.
Why would a trucking company or insurance provider settle? They know that litigation does not bode well for business. It is to their advantage to settle. The terms can be kept private and settling often costs less than going to trial.
How does the settlement process work? There will be some back and forth negotiations to come to an agreeable payment amount. After an amount is reached, payment structure then has to be decided. A settlement can be paid out in a lump sum or in monthly payments until paid in full. As some settlements could have tax consequences, that is something to take into consideration when figuring out how one receives it.
If a settlement cannot be reached, the case can move to trial. If a settlement is not desired, the case can move to trial. It all really depends on what the victim or his or her surviving family members feel would best benefit their situation. Tennessee residents who have been injured or lost loved ones in trucking or other types of motor vehicle accidents can turn to legal counsel for guidance regarding the best way to seek compensation for their losses.