Similar to litigation, arbitration is another way of solving a disputed claim without going to court. In some cases, your attorney may suggest the best way to seek a car accident settlement is through a car accident arbitration. Arbitration involves both parties airing their sides of the case to a neutral mediator known as an arbitrator. It may also sometimes involve witnesses presented to testify and add credibility to the evidence.
Arbitration for car accidents often involves the insurance company as the second party. After weighing the evidence presented by both sides, the arbitrator can determine the results of the case. Arbitration exists in two categories, binding and non-binding. Binding arbitration is when the final outcome of the case cannot be contested or appealed against, while non-binding means if one of the parties is dissatisfied with the arbitrator’s final verdict, they can file a civil lawsuit.
It is considered an easier way of getting your settlement solved. Let’s look at more advantages that come from settling a car accident through a car accident arbitration.
What Are the Benefits of a Car Accident Arbitration?
1. Cases Are Resolved Faster Hence More Efficient
Obtaining an arbitration date is usually faster than it would take to get a court date. Additionally, it takes longer to settle a case in court than through arbitration. For instance, cases that take up to 28 months to settle in a trial would take less than a year to settle through arbitration.
Therefore, it is significantly more efficient for anyone seeking a faster way to get their settlement awarded.
2. A Lot Less Expensive
The costs of a trial are usually much higher than arbitration, considering trials may require you to pay expert witnesses to show up in court and testify. Moreover, since the case processes are faster to solve and less complicated, you can save up on the money you would have used to pay a lawyer for an extended period.
Litigations and trials can take longer, meaning you would require the long-term services of a lawyer, which you would have to keep paying for.
3. Both Parties Often Agree on an Arbitrator of Their Choice
The arbitrator will be someone whom both parties agree will be fair and impartial in handling their case. This way, it will be easier for both sides to accept the outcome of the case, allowing the case to be solved much quicker.
This also reduces hostility between both sides, as each party is given an equal chance to express themselves and suggest resolutions. This often results in a harmonious conflict resolution process.
4. Privacy Is Guaranteed
Different from a trial, arbitration is usually conducted in privacy such that if any of the parties prefer the case be confidential, it will remain only between the parties involved. The dispute and resolution processes can be kept private as opposed to a court hearing where many parties may be involved or present.
5. Puts An End to the Dispute
In cases where the arbitration is binding, the opportunity to continue the dispute is limited where the issue can be settled once and for all. This provides a finality to the matter, which may not be the case when it comes to court cases that usually go on for a long period.
Most Favorable Way to Solve Your Settlement
This form of conflict resolution is certainly the fastest and easiest process of claim settlement. Find out if it can apply to your car accident case, then you can consider taking that route with your settlement claim.