If you are considering seeking compensation for the motorcycle accident you were in, you should make sure you understand what the statute of limitations is so that you do not miss out on your claim. If you do not understand how these limitations work but were in an accident recently, here are the top three things you must understand.

What is a statute of limitations?

All states have something called statutes of limitations, which are simply rules that tell you how much time you have to seek compensation for injuries after an accident occurs. Every state creates its own rules for this, but most states offer anywhere from two to three years as the statute of limitation with car accident cases.

What this means is that you have a certain amount of time from the date the incident happened to begin pursuing a settlement for your case. If you wait past the time frame you are given, you cannot pursue compensation for your accident case. You do not have to settle your case by the end of the statute of limitation period, and this is important to know. The only thing you must do before the period ends is initiate a case for compensation.

Why do states have these laws?

States have these laws for several good reasons, but the main reason is to avoid people suing other people decades after accidents happen. If a person waited 10 years to sue another person, the other person might not even remember what happened during that accident. Memories tend to fade over time, and that is one of the top reasons states have these rules.

How can you use this to your benefit?

If you were in an accident and ended up with severe injuries, you can use the statute of limitations in your state to your benefit. The best way to do this is to wait until the time frame is almost up and then file a lawsuit against the responsible party. By waiting, you will have more time to see what types of injuries you have and the effects they will have on you for the rest of your life. This could help you receive a higher settlement amount in your case.

If you are interested in learning more about your rights with the motorcycle accident you were involved with, you should talk to a motorcycle accident attorney who handles personal injury cases.