Settling a case is often much less expensive than going to trial, as there are so many additional costs. Going to trial also takes longer, which means it takes longer to receive your money. When you settle, the agreement is confidential between you and the other party. A court case becomes part of public record.
However, sometimes victims want their case to become part of public record. Another disadvantage with settling compared to going to court is you could end up recovering more compensation in court than through a settlement. That is because the value of your compensation award is in the hands of a jury and not the insurance company.
That said, you can never be sure about the outcome of a trial. You might not get any compensation. With a settlement, you know you are at least getting something.