If you get into a car accident in New Mexico, you may have serious injuries and costly losses, from medical bills to motor vehicle repairs. Although the majority of car accident cases reach settlements, it is sometimes necessary to take a case to trial for fair compensation. Learn which option is right for you by consulting with a knowledgeable car accident attorney in Albuquerque.
What Is a Settlement?
A settlement is a private, out-of-court agreement made between an insurance company and a claimant, or the accident victim who submitted the claim. It means both parties have communicated, negotiated and agreed upon a certain sum of money to settle the claim and resolve the legal dispute.
It is generally recommended not to accept the first settlement offer, as New Mexico insurance corporations typically set them low in an attempt to maximize profits. Once a fair amount has been reached and both parties are satisfied, the insurance company will send the claimant a written offer and a Release of Liability Waiver to sign.
Once this document is signed, the insurance company is released from any further liability. This means the case cannot be reopened, even if the claimant realizes that his or her injuries will cost more than originally thought. It is important to be sure that a settlement fairly compensates you for past and future losses before signing anything.
What Is a Car Accident Trial?
A car accident trial is the outcome of the victim filing a personal injury lawsuit with the civil courts against one or more defendants. A trial is a formal, in-court process where both sides, the plaintiff and defendant, present evidence.
A judge or jury will decide the facts of the case to determine fault and, if applicable, award damages or financial compensation to the plaintiff. The burden of proof that must be met in a car accident trial is a “preponderance of the evidence,” or more likely to be true than not.
Pros and Cons: Settlement vs. Trial
Settlements are generally the preferred resolution to car accident cases in New Mexico. Settlements are cheaper for both parties, and faster and easier than trials. Settlement agreements can also remain confidential. There is a guaranteed legal outcome; both parties will have control over the result of settlement negotiations.
However, settlements can result in less financial compensation than a car accident trial. Settlements are subject to coverage limits on the policy, while the courts can order a defendant to pay substantially more than these limits. The public nature of a trial may also be preferred to hold a defendant accountable, especially in a case involving gross negligence.
Key Considerations
Deciding whether you should accept a car accident settlement or take your case to trial requires case analysis by a personal injury lawyer. An attorney will look at relevant factors such as the severity of your injuries, how much the insurance company is offering and whether there are other liable parties to determine the right legal route for you.
If your lawyer feels strongly that your case is worth more than what an insurer is proposing, the attorney may offer to represent you at trial to pursue full financial compensation. A car accident lawyer can also help you improve the odds of reaching a fair settlement by taking over negotiations with an insurance claims adjuster for you. To discuss settlement vs. trial for your car accident case with a lawyer in Albuquerque for free, contact The Fine Law Firm to request a consultation.