How Long Does A Truck Accident Settlement Take?

According to United Policyholders, over 90% of all lawsuits lead to pre-trial settlements. In other words, victims are likely to receive trucking accident settlements rather than trial “verdicts” awarded by juries. At first glance, the settlement process might seem relatively simple. However, many victims face various issues while negotiating for compensation – including unreasonable delays, lowball offers, and much more. These issues can be particularly challenging for victims who need to cover mounting medical bills, missed paychecks, and other damages. In this situation, injured victims may wonder how long their trucking accident settlements will take. Basic guidelines can help victims understand the timeframes associated with this process. However, a consultation with an experienced Louisiana truck accident lawyer may provide more detailed information. To discuss the specific circumstances of a truck accident, consider calling Louisiana Law Lady at (504) 470-3511. 

Trucking Accident Settlements Are Faster Than Trials

Injured victims should know that negotiating trucking accident settlements is almost always faster than navigating truck accident trials. Settlement negotiations occur in private, and they may be resolved in a matter of months if both parties can resolve their disputes effectively. In contrast, a truck accident trial could potentially drag on for years. Even before the trial process begins, the court must schedule proceedings. Various sources, including the Louisiana Supreme Court, highlight a considerable backlog of pending cases in virtually all Louisiana jurisdictions. Some have attributed this backlog to a shortage of judges. Trials may also be time-consuming due to the pre-trial discovery phase, appeals, motions, and various other delays. 

While a settlement negotiation has the potential to finish faster than a personal injury trial, these private discussions are not always successful. Insurance companies and defendants may be unwilling to compromise, and they may stubbornly offer trucking accident settlements that are far too low to cover the damages of a victim. If parties reach an impasse during these negotiations, they may have no choice but to pursue a trial instead. This could make the entire negotiation a waste of time, forcing victims to wait even longer for compensation. On the other hand, many cases “settle on the courtroom steps.” In other words, insurance companies may refuse to settle until the last possible moment – often literally offering victims fair settlements moments before they step into the courtroom for trials. 

Why Speedy Trucking Settlements Are Not Always Beneficial

Although many victims understandably want compensation as quickly as possible, a fast settlement is not always beneficial. Often, insurance companies will offer victims settlements a few days after their trucking accidents. These insurance companies may assure victims that they do not need lawyers, and that they simply need to sign on the dotted line to receive the cash. However, these settlements are almost always lowball offers – and they are far lower than what victims actually deserve. Even though it might be tempting to simply take the cash, this decision could prove to be highly problematic within just a few years. The settlement may not be enough to cover a lifetime of lost wages, unclear future medical bills, and lasting psychological trauma. 

An experienced trucking accident lawyer like Louisiana Law Lady can help victims take a more careful, measured approach to settlement negotiations. A lawyer can negotiate on behalf of a victim and ensure they receive a fair level of compensation. Although it is usually a clear example of “bad faith,” insurance companies often intentionally cause delays during the negotiation process. Insurers do this because they know a victim becomes increasingly desperate for financial compensation as their missed paychecks and medical bills continue to mount. An experienced trucking accident attorney can help victims strike an effective balance between fast and fair compensation. 

Wait for Maximum Medical Improvement Before Accepting a Settlement

After some trucking accidents, long-term prognoses may not be clear. For example, a victim may suffer spinal cord injuries in a truck accident – and doctors might estimate a 50% chance of permanent loss of function in their legs. Patients may need to wait for months (or even years) before they can predict the long-term consequences of their trucking accidents. The moment at which patients can accurately predict these consequences is called “maximum medical improvement” (MMI). The United States Department of Labor states that MMI occurs when injuries are stable and unlikely to improve “with or without” more medical attention. 

Although it might be tempting to accept a settlement before reaching MMI, patients should consider waiting until this date. Patients should assess not only the physical consequences of their injuries, but also potential psychological challenges in the future. In Louisiana, victims can pursue additional compensation for issues like permanent disfigurement, post-traumatic stress disorder (PTSD), and loss of enjoyment of life. These “non-economic damages” may not be clear in the immediate aftermath of a trucking accident, only manifesting at the end of the recovery process. For example, a victim may eventually discover that they can no longer play soccer after reaching MMI. This may allow them to pursue additional compensation for “loss of enjoyment of life.” 

Some Trucking Accidents Are Simpler Than Others

With all that said, not all trucking accidents cause life-altering, serious injuries. A victim may emerge from the wreckage with a somewhat minor injury, such as whiplash. In this situation, settlement negotiations may be relatively quick due to the simplicity of the case. Victims may only need to consider a few damages, such as medical costs, missed income, and perhaps emotional distress. With no need to discuss complex damages like PTSD or disfigurement, these settlement negotiations may conclude within a few short weeks. 

Learn More About Trucking Accident Settlements With Louisiana Law Lady

Although it might feel tempting to rush through the settlement process, a more measured approach can be highly beneficial after a trucking accident in Louisiana. A quick settlement may not provide victims with the necessary compensation to cover medical bills, lost paychecks, emotional distress, and various other damages. That being said, an experienced lawyer may be able to help victims navigate the negotiation process in a more streamlined manner. To discuss an action plan for pursuing trucking accident settlements, consider calling (504) 470-3511 – and  speak with Louisiana Law Lady today.