Traffic Accident Settlement Agreement Form
When a traffic accident occurs, a settlement should be reached. A traffic accident settlement agreement form usually includes the personal details of the at-fault party and the victim, the date and time the accident occurred, the location, a contract stating that a settlement has been reached, and the signatures of both parties.
In addition, the components of a settlement agreement form include the name of the accident, the date of the accident, a description of the accident, the extent of the damage, and the terms of the settlement. The accident name should be entered as a name that identifies the accident, and for the accident date, the more specifically you record it down to the time, the better.
The accident description should set out the circumstances of the accident together with a clear, orderly account of how it occurred, followed by the damage that resulted from the accident. Based on this, you record the terms agreed upon by both parties, the date the settlement agreement was drawn up, and the personal information of the at-fault party and the victim.
When drawing up a settlement agreement, you must accurately state the fact and extent of the damage, and the compensation for the damage corresponding to its severity must also be set out specifically. You should carefully record the relevant supporting evidence, the method of paying the settlement amount, the due date, and so on.
In the case of the at-fault party, care should be taken to include a provision stating that, in exchange for providing compensation through the settlement, no related lawsuit or criminal punishment will be pursued.
Criteria for Hit-and-Run
Hit-and-run refers to an act in which, after a traffic accident occurs, the at-fault driver fails to properly assist the victim and leaves the scene. This is regarded as a serious crime that threatens the safety and life of the victim, and it is strictly punished under the law. Let us take a closer look at the specific criteria for hit-and-run and the punishment that follows.
The criteria for hit-and-run may apply where, after an accident occurs, the driver leaves the scene without getting out of the at-fault vehicle; where the driver takes no rescue measures even after seeing the victim lying on the ground; or where, even in a minor accident in which the victim did not complain of pain, the driver leaves the scene without taking the necessary measures described above. For this reason, even if the victim said they were fine at the time of the accident, leaving without taking appropriate measures such as taking them to a hospital or leaving contact information could lead to being treated as a hit-and-run.
In addition, the following acts are subject to hit-and-run punishment: abandoning the victim after the accident and then leaving the scene; leaving the scene after the accident and returning only a considerable time later; fleeing after the accident in order to conceal the crime; leaving the accident scene with the vehicle left at the scene and without taking any measures; falsely claiming that a passenger caused the accident; and concealing one's identity or providing false identity information.
Hit-and-run is punished as the crime of fleeing the scene after causing death under Article 5-3 of the Act on the Aggravated Punishment of Specific Crimes (특정범죄가중처벌법). It provides that where a driver leaves the scene without taking rescue measures after an accident, punishment is imposed depending on whether the victim suffered injury or death; in the case of injury, the driver faces imprisonment for at least one year or a criminal fine of not less than KRW 5 million and not more than KRW 30 million, and in the case of death, the driver faces life imprisonment or imprisonment for at least five years.
Civil Lawsuits for Traffic Accidents
When a traffic accident victim suffers serious harm such as a severe injury, the need for nursing care, or death, they can obtain sufficient compensation through a civil lawsuit. The reason for pursuing a civil lawsuit is that the compensation obtained through a settlement with the insurance company is limited by the policy terms, making it difficult to receive adequate compensation.
When you claim damages based on court standards through a lawsuit, you can receive an amount far greater than the compensation offered by the insurance company. Therefore, in the case of victims with severe injuries, those requiring nursing care, or fatalities, even taking into account the attorney's fees and case-handling costs incurred through litigation, the victim can receive higher compensation than the amount offered by the insurance company, so pursuing a civil lawsuit is advantageous.
Uninsured Traffic Accidents
While driving, accidents large and small occur frequently. When you suffer harm in a traffic accident, it can be difficult to receive sufficient compensation if the other party is uninsured with no auto insurance, if they have only the basic auto insurance—liability insurance—which provides a low compensation amount, or in the case of a hit-and-run accident where the driver flees after the accident. To prepare for such situations, you can add an uninsured motorist injury rider to your auto insurance.
Auto insurance is insurance taken out to compensate for harm caused to others by a traffic accident or the like. However, if the at-fault party in a traffic accident has no auto insurance, the victim may find themselves in a position where it is difficult to receive compensation. The uninsured motorist injury rider is precisely what you take out to prepare for such cases.
