What Is A Fair Settlement For A Car Accident?

Let’s make this crystal clear — there is no universal amount of money you could receive in a car accident settlement. Because so many components influence the total payout, it would be impossible for any lawyer to provide an estimate without studying your unique case first. The Insurance Information Institute gathered numerous figures and revealed that in 2020 most bodily injury settlements were $20,235 on average while property damage was usually around $4,711. Therefore, do not expect a specific sum before consulting with an attorney who can assess all facts related to your situation!

It’s important to be aware that some car accident claimants receive a settlement of only a few hundred dollars, while others walk away with millions. Additionally, the laws surrounding shared negligence vary by state and could limit or even prohibit you from recovering any compensation. Understand all aspects associated with your case so that you can have the right strategy in place for maximum success!

• Knowing What Is Included In A Settlement

When faced with a car accident, most individuals depend on their settlement to cover the medical expenses and damage done to the vehicle. However, your losses are much more comprehensive than that; an experienced attorney can help you negotiate a settlement that compensates for all of them. This could include but is not limited to:

• Past And Future Medical Bills

At the absolute minimum, your car accident settlement should compensate for any medical costs incurred prior to and after the incident. This includes ambulance fees, emergency room visits, operations, hospital stays, check-ups following the mishap, pharmaceuticals used as well as rehabilitation treatments which may be necessary for recovery – just to name a few. If you’ve covered your medical costs via personal expense or with the help of a healthcare provider, then you should be able to recoup these fees through settlement proceedings. Furthermore, if ongoing care is essential for your well-being, an attorney may pursue compensation from the other party in order to cover future medical expenses.

• Past And Future Lost Wages And Loss Of Earning Potential

If you were injured in your accident, there is a strong likelihood that you had to take time off from work. Even if your injuries have not fully healed yet, the law still grants you due compensation for any wages lost as a result of being sidelined. To ensure this proper and rightful reimbursement, it’s crucial to provide evidence such as letters from employers, pay stubs, and timesheets which will serve as proof of customary wages and days missed at work both before or after the incident occurred.

To acquire future lost wages, your physician must provide documentation demonstrating that you have achieved the point of maximum medical improvement and evidence affirming that, despite having reached MMI, either you are unable to work or cannot continue in the same occupation due to your injuries. If it is possible for you to take on a limited role at this time, then compensation may be available for loss of earning potential.

• Property Damage

Make sure your settlement covers the cost of vehicle repairs as evaluated by a repair shop you select. Your insurer may try and persuade you otherwise, yet rest assured that it is within your right to choose where to take your car for repairs. If unfortunately, they declare that total loss has occurred, then make sure the compensation is enough to cover its present fair market worthiness.

• Non-Economic Damages

After a car accident, it’s not unusual for victims to face non-economic losses. Contrary to economic damages that may be validated with receipts and bills, there is no tangible proof of these intangible injuries. It’s impossible to assign a monetary value to mental well-being or quantify the cost of lost joy in life. However, this does not invalidate them – intangible harms are still real and require adequate compensation from liable parties!

Seeking compensation for the emotional losses you experience after an accident is commonly referred to as claiming non-economic damages. These can range from physical pain and suffering to a post-traumatic stress disorder, or diminished quality of life. Even without these additional repercussions, the trauma alone should be enough justification to claim such damages; however, it’s likely that insurers will respond more favorably if they are aware of particular effects resulting from your event:

• Disability
• Disfigurement
• Scarring
• The loss of a loved one

Navigating through the process of calculating non-economic damages can be a daunting task. To simplify things, insurers have developed two methods: The “multiplier method” and the “per diem approach.” With this multiplier method, an insurer assigns varying values to your injuries based on their severity and impact on your daily life as well as how egregious the defendant’s conduct was. This assigned value is then multiplied by the total amount of economic loss you experienced – typically between 1.5 times to 5 times over!

When using the per diem approach to calculate your emotional damages, it is important to set a reasonable daily rate that accurately reflects the number of days you have endured due to injuries. An experienced attorney can assist in this process and ensure an equitable settlement.

• Punitive Damages

If the defendant acted in a reckless manner, you may be able to seek punitive damages. These are unlike compensatory damages, which compensate victims for their losses; rather, courts award punitive damages to punish wrongdoers and deter similar behavior from happening again. However, whether or not you can claim this type of damage as well as how much compensation is available depends on state laws and other relevant factors.