Options for Settlement in Alaska Pedestrian Accidents
Pedestrians are among the most vulnerable road users in Alaska, having little to protect them from the larger, heavier vehicles speeding by them. Since everyone is a pedestrian at some point, the risk of being seriously injured in a crash affects us all. According to the National Highway Traffic Safety Administration (NHTSA), around 7,400 people are killed and almost 60,600 victims are injured in pedestrian accidents annually. These incidents leave victims with significant physical, financial, and emotional losses.
Alaska personal injury laws cover pedestrian accidents just as all other traffic collisions, so you do have rights as a victim. You can pursue the at-fault driver to recover compensation for your losses, a process that starts with filing an insurance claim. Very often these cases settle. Besides the amount, there are some additional details regarding settlements, including the specifics of how you get paid. Your Anchorage pedestrian accident attorney will explain the details, which include lump sum and installment payment options.
What Makes a Good Settlement
Initially, you should note the factors that make a settlement a wise one that suits your needs. The issue centers on fairness. Your damages are intended to make it as if the pedestrian accident never happened. Your settlement should:
- Pay for all costs you incur for medical treatment;
- Account for any medical care you require in the future;
- Cover your lost wages; and,
- Compensate you for the pain and suffering you endured because of your injuries.
With many settlements, an insurer will apply a multiplier to determine pain and suffering. The factor ranges from 1.5 to 5 based upon the severity of your injuries.
Lump Sum Payment
When you reach an agreement and it comes to obtaining funds, it is possible that you will have the option to receive funds as a lump sum. You receive a single check, after deductions for attorney fees, expenses, and court costs. For pedestrian accident victims who have significant bills to pay after being injured and unable to work, a lump sum can eliminate financial strain.
However, the downside is that some victims may not be fiscally responsible in handling the money, which may be a sizeable amount of cash.
Installment Payments for Your Settlement
Another option when settling a pedestrian accident case is accepting the amount in installment payments, which are paid monthly. Having a regular income is a significant benefit when you cannot work, and these amounts will cover future medical care if necessary. Unfortunately, you cannot access the full amount. This is a drawback if you wanted to use funds to buy a home or make another large purchase.
Discuss Settlement Options With an Alaska Pedestrian Accident Lawyer
The decision on lump sum versus installment payments is an important one, and you can trust Power & Power Law to advise you. For more information, please contact our offices in Anchorage, Alaska. You can call 907-222-9990 or visit our website to set up a no-cost case review. After assessing your case, a pedestrian accident attorney can explain how settlement works.