How Long After a Truck Accident Settlement Do I Get Paid?
Take into account the number 154,993. That’s the number of individuals injured in traffic accidents that involved semi-trucks in a single year, according to data collected by the National Highway Traffic Safety Administration.
Reaching an agreement in a personal injury case helps bring a sense of closure to the plaintiff. Anyone involved in this type of incident will ask, “How long after a truck accident settlement do I get paid?” The answer depends on who is cutting the check and who is advocating for your cause.
Five Steps To Finalize a Trucking Accident Settlement
Many factors go into settling a personal injury case. Once all parties agree to the final amount, you must complete a few steps before receiving a check.
Consider the following:
Step 1: Sign the Release
Before the insurance company involved in the accident will issue a check, you, as the injured party, need to sign a release. That release details the settlement amount. It also releases the carrier from any further action. In other words, once you get paid, you can’t go back and ask for more.
If you file a claim on your own, the insurance company might try to settle for an amount that might be lower than you deserve. That is why you want an experienced trucking accident attorney to negotiate on your behalf.
Step 2: The Check Is Cut
Once the release has been signed and delivered, the insurance company cuts a check and sends it to your attorney. Depending on how the insurance carrier processes checks, this could take a week or longer.
Step 3: Liens Are Paid
When your attorney receives the check, they deposit it into a client trust account. When the funds become available, the attorney will pay the liens. These are all the debts you incurred due to the accident. That includes any outstanding medical bills that still need to be paid.
Your attorney may be able to negotiate a lower amount on those bills. That might add to the time it takes to get your payment, but if it can save money, it might be worth the wait.
Step 4: Attorney Fees Are Paid
Next, your attorney will deduct the fees and costs they expended on your behalf. In addition to the actual hourly billing costs of the lawyer, there could also be expenses for witnesses, filing fees, and copying costs.
You should be aware of these expenses as they will be part of the retainer agreement you sign with your attorney.
Step 5: You Get the Check
Once you complete the above steps, you will receive a check from your lawyer representing the remaining balance of the settlement funds.
What Figures Into Calculating the Settlement Amount
Before you can get that settlement check issued, there needs to be an amount that is agreed to by you and the insurance company. That number could range from several thousand to several million dollars.
When you work with an experienced attorney, they will assign a value in the following categories:
- Medical costs
- End-of-life expenses
- Lost income
- Property damage
- Noneconomic damages
- Punitive damages
Learn more details about each of those categories of compensation you can recover after a tractor-trailer crash.
Building a Strong Case That Commands Maximum Compensation
Nevada has set a two-year statute of limitations for filing a personal injury lawsuit. That should be plenty of time for you and your attorney to work together to investigate the accident, gather all the medical bills, and add up the damages. That documentation will become the basis of your case for filing a claim.
The insurance carrier will usually call your attorney with a counteroffer. There could be a few rounds of back-and-forth negotiations. You’ll be apprised of each offer.
If the insurance carrier shuts down the good faith negotiation and their “final” offer is unacceptable, you could decide to take the matter to a lawsuit. That is where the statute of limitations comes into play. You need to file within those two years from the day the accident occurred.
If you decide to take the matter to trial, that could add several months or even years to the settlement process. Of course, you will only receive compensation if a jury finds in your favor. If the jury sides with the insurance company, you will not receive any funds, and you won’t be able to go back and ask for a settlement.
The settlement process can test your patience, but you need to stay focused on the goal of obtaining fair compensation for your injury expenses and losses. With the right attorney on your side, you’ll know what is happening throughout the settlement process.
Contact us at Trucking Injury Law Group if a truck accident left you hurt and you need assistance navigating the legal process. We offer free consultations.
