Did you get into a car accident and want to know how much money you’ll get from the claim?
Well, in this guide, we are going to discuss typical car accident settlement amounts in detail.
The truth is, there is no fixed amount set in the law, as every case is different from the other.
And the insurance company always makes a lower offer for their own benefit.
So, in order to get a fair compensation, you need to hire a car accident law firm. The San Diego car accident attorneys from Rawlins Law are experts in this field and can help you with negotiation.
Keep reading to know more about the factors that affect the settlements and how settlement offers get calculated.
How Much Compensation Is Typical In Car Accident Cases?
When it comes to personal injury cases like car accidents, the amount of compensation depends on the unique details of each situation.
For instance, a car accident resulting in a broken leg will have different compensation than an accident causing head injuries.
Still, let’s take a look at some data to give you an idea:
- Surveys from 2020 show average settlements amounting $20,000 to $25,000.
- The Insurance Information Institute noticed the mean injury settlement to be $20,235 and property damage settlement to be $4,711.
- Approximately 57% of individuals involved in accidental injury cases received compensation within the range of $3,000 to $25,000.Top of Form
- Those with the help of a car accident law firm ended up with payouts nearly three times higher than those without representation.
Source: Martindale-Nolo, Bureau of Justice Statistics, and Insurance Information Institute
How To Calculate Car Accident Settlements?
The average car accident settlement numbers do not really help victims much. That’s because each settlement is figured out depending on the unique details of the specific collision.
For instance, someone with minor injuries might get less money compared to those who have lost a loved one or sustained permanent injuries in an accident.
Car accident settlements aim to encompass the losses a victim goes through. The typical amounts consider factors like,
· Emotional distress
· Lost wages
· Medical bills
· Pain and suffering
· Property damage
The insurance cover available and determining who’s at fault also play a role in deciding the amount of an approximate car accident settlement.
Factors That Affect the Amount of Car Accident Settlements
The amount of settlement you’ll receive from a car accident claim depends on many factors. Here are a few of them:
1. Fault and liability for the crash
If someone else is entirely responsible for your car accident, you’re likely entitled to recover all your damages. However, if you share some blame, your financial recovery may come down.
For instance, if you’re 30% responsible for a $100,000 crash, you can still seek a settlement but only recover $70,000 (or 70%) of the damages.
2. The type and severity of your injuries
The extent of your injuries plays a crucial role in the compensation you can expect. Severe injuries usually lead to larger settlements or verdicts. For example, a traumatic brain injury typically results in more compensation than a quickly healing broken arm.
3. Timely medical evaluation
After a car accident, it is important to seek a medical examination immediately, even if you feel fine. Insurance providers may try to undermine your claim if you delay medical care, arguing that your injuries aren’t from the accident.
4. Your statements about the car accident
Be cautious about what you say after a car accident, especially when talking to other drivers or insurance adjusters. Avoid implying responsibility and never agree to provide a recorded or written statement without legal advice from a car accident law firm. Insurance adjusters may use your statements against you to reduce your settlement.
5. Permanent damage from the collision
The value of your claim often increases if you have permanent damages or impairments, such as amputations, paralysis, or permanent disability from a traumatic brain injury. Such injuries may require ongoing treatments, causing emotional pain and suffering.
The amount of money you receive in a typical car accident settlement is dependent on the scope of your financial losses. The purpose of the settlement is to help a victim recover from all the losses caused by the collision.
Whether you hire a car accident law firm or not can significantly impact the value of your claim. Getting help from a car accident law firm is likely to make the insurance company treat your claim more seriously and offer you fair compensation. Top of Form