"Eeeekkk… CRASH!" And there goes your brand new red sports car, along with the stuff in your car trunk, and, well, your limbs….

No, this is not merely a scene from some tear jerking melodramatic movie. This is a car accident, and a car accident is something that can happen to you any time.

When it comes to a car accident, what is the best thing to do? Check out your settlements!

The Scoop On: Car Accident Settlements

First things first, here’s the question: what are car accident settlements? Car accident settlements are basically the product of a security or insurance contract with regard to the event of a car accident. Settlements are the fulfillment of the terms stipulated in an insurance contract.

Settlements may either be in the form of traditional settlements or electronic settlements. What’s the difference? Read on:

Traditional Settlements – this is a form of settlement that is largely dependent on physical documents such as certificates, papers, and forms. If your security contract states that its terms are to be settled the traditional way, it usually means that you will get a paper check payment for any casualty you may incur, such as a death, natural calamity, or accident.

Electronic Settlements – this kind of settlement, on the other hand, is a securities settlement system that is fulfilled through the use of computer technologies. In an electronic settlement system, you as the client are likely to be holding an account with the insurance company of your choice. This account contains information as per the coverage of the insurance you availed from the company, as well as how your settlements will be.

So, how are these two kinds of settlements relevant to the issue of car accident settlements? Basically, it tells you how you are going to get paid come the time when you do get involved in a car accident – it’s either that a close relative of yours will have to fix your paper documents with the insurance company, or they will just have to contact your insurance company, check through your account, and get your car accident benefits settled in just a moment’s notice.

Safety Concerns

Apart from the benefits that you will get from a car accident settlement, chances are, you’re also concerned of the security of the documents you have with the insurance company. Of course, a car accident settlement costs money, too. You may have even spent years banking up on the amount that will be used to cover for the damages incurred if by chance you do get into a car accident. Now, if your papers’ safety really matters for you, I do suggest that you go for the electronic form of settlement. That is because this is basically more innovative, while your papers may risk getting lost with the traditional settlement arrangement. Also, traditional settlements tend to come with more paper requirements. At least, with the electronic arrangement, usually all you have to do is key in your information on their database.