Being Paid After An Accident: What Victims Should Know

7 July 2022
 Categories: Law, Blog

If a careless driver has caused an accident that resulted in injuries, you are likely owed monetary compensation. There is more than one way to be paid after an accident, however. Read on and find out what those ways of being paid are and what they could mean to your accident outcome.

Lump-Sum Settlements

A settlement means that the victim agrees to accept a specified sum of money. When that money is paid all at once, it's paid in a lump sum. Settlements make things easier on victims because they can be paid quicker and don't have to go to court. When you are offered enough money, you just sign the agreement, and a check will be forthcoming. However, speak to a personal injury lawyer so that you can be paid what you deserve rather than what the insurer thinks you will accept.

Structured Settlements

Instead of being paid from a settlement all at once, a structured settlement pays out your compensation in regular payments. The advantage of a structured settlement is that you may be offered more money that way. The way it works is that the insurer uses an insurance company to set up a payment plan that will also pay out a lump sum if the victim passes away before the settlement is fully paid.

Suing the Driver

If the other driver either has inadequate or no insurance, you might need to take direct action against them. Speak to a personal injury lawyer to ensure that the driver who caused the accident has sufficient assets before you attempt this move. If they do, your lawyer will file papers in court that will freeze the driver's assets until the case is over. Commonly, assets include real estate, vehicles, investment and savings accounts, business interests, and even wages from a job. Property liens, wage garnishments, and other legal measures can help ensure the victim is paid.

Court Judgements

Taking a case to court takes longer but it can also result in higher payments in some cases. Punitive damages are possible if the defendant was egregiously negligent in their actions that led to the accident. Often, accidents involving large businesses call for punitive damages, particularly when the company's policies contributed to the accident occurring.

To learn more about any of the above ways of being paid after an accident, speak to a personal injury lawyer and get paid for all the ways the accident has affected you.

A personal injury firm like Martinez King Law Firm, PLLC can help you decide what to do next.