When Can I Recover Settlement Proceeds?
Oftentimes our personal injury lawyers receive questions about settlement proceeds from clients. Specifically, we're often asked if there are ways to seek settlement funds from either your insurance company or an opposing party while the case is still pending.
One very important note to keep in mind is that with an opposing party, you only get one bite at the apple. This means that you only have one opportunity to settle with the adverse party because after taking any settlement proceeds, you will be forced to sign a release. The release operates as a bar to future recovery. So, for instance a release would disallow you from taking money from the opposing insurance company and then attempt to seek additional compensation at a later date. With that in mind, it's extremely important to hire an extremely aggressive attorney to handle your case so that you aren't waiting needlessly for your claim to be resolved.
However, one potential source of recovery that would allow money to come in before the claim is resolved is through your own insurance. Uninsured/Underinsured motorist coverage may allow an injured party to collect money from your own insurance company before you're able to resolve the third-party claim. What is usually more helpful, though, is PIP funds through your own insurance company. PIP is automatic in the state of Texas unless specifically rejected. PIP oftentimes acts as a quick way to become compensated for both medical bills and lost wages after you've been injured.
If you have any questions about a potential personal injury case, or how to make use of all the potential insurance policies available, please call an Austin personal injury lawyer at Zinda Law Group that can aggressively pursue your legal rights and provide you with a free consultation.