How Much Is a Typical Car Accident
Settlement?
Automobile accidents are common in todays world. Every year, there are over 3 million car accidents that lead to injury or death. If you’re involved in an auto accident and need compensation for your injuries, then one of the first questions is, how much will my average settlement be?
To answer this question, on how much your average auto accident settlement will be, we must first understand what’s a typical car accident settlement and the process involved in the auto accident settlements.
Where does the average auto accident settlement come from?
Car accident settlements come from the insurance company of whoever was at fault. The amount they offer is based on how much the insurer believes you deserve in compensation for your injuries and damage to property.
It can also come from their assets (like a home), their retirement account, or disability benefits if they have any available.
The source of your car accident injury settlement will also depend on whether you were partially or fully responsible for the accident. If it is determined that both parties are equally to blame, then each would pay 50% towards damages.
If you were partially responsible for your car accident, then a settlement would be determined by finding out how much of the damages that arose from the incident was caused by you and multiplying it by what percentage of responsibility you had in causing the injury. For example, if someone else rear-ended your vehicle while you are stopped at an intersection, you would be responsible for 25% of the damages. If it comes out to $15,000 in vehicle damage and medical bills, then your settlement amount will be reduced by $3750 (25% multiplied by the total cost).
If someone else caused an accident that resulted to death, they are 100 percent liable for any
resulting damages.
What kind of settlement should I expect from a car accident?
One guideline for determining how much money you will get is that the total will be about three times your medical bills. However, many things go into the settlement of a car accident.
A judge will consider several things such as the type of injury, treatment plan, emotional impact, lost opportunities, loss of income, the severity of the wreck, length of therapy, damages, hospitalization costs, and permanency of the injuries.
Injuries that will stop you from working for a long time will affect how much money you get.
You should also know that it is easy to be paid for funds used, but it is very challenging to put a fair price on pain and suffering caused by injuries.
In most cases, you only get the settlement after the medical treatment has been done.
How are car accident settlements calculated?
Settlements are calculated by insurance companies using a car accident calculator. The standard calculator used is called the Colossus.
Factors used to calculate a settlement include the length of hospitalization, the severity of the injury, and the medical bills incurred, property damages, impairment level, your referrals to specialists, your lawyer, and lost income to determine how much money they believe you should receive as compensation for your injuries.
The car accident settlement calculator is generally the same no matter what insurance company you go with. However, there are some things to look out for when it comes to your own claims process. For example, if you have a policy in place, then even though someone else might be at fault, they will not pay for your damages.
If you want to get a rough estimate of the amount you should expect, add your medical bill expenses, car repairs, and your lost wages, then multiply by 3.
When should I file a claim?
You should file a claim as soon as possible to avoid losing your right to sue for damages from the accident. Filing a claim can be done within the time limit of your policy or state law, which is usually only a few days after the accident.
You don’t need a lawyer at this point, but you want to make sure that all of your medical bills are documented and kept together if they become part of the settlement negotiations later on down the road.
When do car accidents settlements happen?
Settlements of a personal injury case can happen anytime between the accident and the jury verdict so long as you have provided all the necessary medical treatment documents.
Sometimes, people accept the first settlement offer by the insurance company. Other times, people settle their injury case in court while waiting for the jury to return with a verdict.
Many settlements happen after hiring a lawyer because the insurance companies start to take you seriously when you have someone to represent you.
After filing a car accident claim in court, the settlements negations will heat up, making the insurance company think that you want a fair settlement for your injuries.
What is the average car accident injury settlement amount?
The average auto insurance claim for an injury related to a vehicle is $15,000, according to The Hartford. This doesn’t take into account any property damage that has occurred or lost wages if you were unable to work because of the injuries you sustained.
For a head-on collision, it can range from a few thousand to over $1,000,000.
If you have severe or permanent injuries, the settlement amount will be generally higher. Also, if the other driver at fault was under the influence of anything, you’ll be compensated more.
While no two accidents are alike and there is no set amount for every accident, the average car accident injury settlement differs. It’s like comparing apples to oranges.
Is it possible to get more than the car accident settlement amount offered?
It is possible to receive more money beyond what has been initially offered when you file your claim with an insurance company. Still, if for some reason you feel that they are offering too much or not enough compensation in relation to your injury, then you can always seek legal counsel.
You should always get a second opinion when it comes to your car accident settlement amount, even if the insurer is offering more than you expected since there’s no such thing as too much money when it comes to injuries and property damage. If, for some reason, they are lowballing you, then seek legal representation to ensure that you get the full value of what you deserve.
What’s next? — Hire a personal injury Attorney
Determining how much your settlement will be from an auto accident is not a simple task. There are many factors to consider, and you should speak with a personal injury attorney who can help guide you through the process of getting what you deserve from the insurance company.
At Flora Templeton Stuart, we have experienced personal injury lawyers with over 40 years of experience.
We can help you win your case, and the best part is, you don’t pay any fee unless you win. We have a 90% success rate, and you get a free case review even before deciding to work with us. See what our clients say about us and contact us today for the best results. We are the law firm that cares about you!
