What does it mean when my auto accident claim goes into arbitration?
Taking advantage of the arbitration process can often benefit your car accident case. After all, a car accident is already a nightmare. Dealing with the aftermath of the recovery period, doctor appointments, and insurance companies is often worse. Then, after all of that, you get the settlement offer and it’s nowhere near the amount you deserve. What now? Is it time to give up? Does this mean you have to go to trial? Fortunately, there are still options available to you! The arbitration process allows you to receive a settlement amount determined by a fair and impartial third party without a lengthy and expensive trial.
What is arbitration?
Arbitration is a time and cost saving measure that your attorney may suggest to resolve your case. The American Bar Association defines arbitration as a private process where disputing parties agree that one or several individuals can make a decision about the case after receiving evidence and hearing arguments. In simpler terms, you and the opposing party agree on an impartial third party first. That third party acts like a judge and listens to both sides of the case and determines a fair settlement. You and your attorney can choose binding or non-binding arbitration. In a binding arbitration, the chosen third party, or arbitrator, has the authority to make a legally binding decision. If you choose a binding arbitration, it cannot be appealed. A non-binding arbitration is just like it sounds; it is not binding. For more information on arbitration, how to find an arbitrator, and further resources, take a look at the American Arbitration Association’s website.
What should I expect?
Arbitration is less formal than taking your case to trial, but the preparation is very similar. Your attorney will prepare an opening statement, call witnesses, present evidence and produce experts if applicable. The proceedings typically take a few hours. Prior to the arbitration, you and your attorney will discuss your testimony so that you are fully prepared. Be sure to offer as much information and evidence to your attorney as possible, as it will help them build their argument.
Finally, it is important to understand that arbitrating a lawsuit does not mean that it has limited value. Many cases that are tried out of court can achieve high results. If your attorney is experienced, they will know what method of trying your case will earn the best value depending on your situation. At Hach & Rose, LLP, our New York car accident attorneys will always fight to get you the compensation you deserve for your injury. Some of our prior arbitration results include:
- $1,300,000 for a man injured in an automobile accident
- $995,000 for a woman injured in an automobile accident
- $600,000 for a man injured in an automobile accident
Contact a New York Auto Accident Attorney Today
It is important that your attorney is familiar with arbitration, and any other process which can help resolve your case. Hach & Rose, LLP can help you navigate the process and fight for the compensation you deserve. Call us today at (212) 779-0057