How Much Compensation Could I Receive From a Car Accident Settlement?
Every year there are almost 40,000 people killed in car accidents. This doesn’t include the staggering number of drivers who are only injured and not killed in car accidents. According to Centers for Disease Control and Prevention (CDC) California alone had almost 6 billion dollars in total cost of traffic deaths in 2018. Car accident settlements can range drastically in amount of compensations paid out. You could receive a large car accident settlement if you have been injured in a car accident. Your settlement will vary depending on the severity of your accident. Having an excellent car accident attorney on your side can help your car accident settlement.
How Car Accident Settlements are Calculated?
Knowing the average car accident settlement isn’t the best knowledge for victims to have. This is because car accident settlements are calculated on unique circumstances. These calculations will be different for every accident and no two accidents will be calculated the same.
For example, car accident victims who only have minor property damage would be offered far less money than those car accident victims that received permanent injuries. When calculating the compensation you could receive from your car accident settlement there are several considerations to make. Typical settlement amounts are based on:
- Medical bills
- Lost wages
- Pain and suffering
- Emotional distress
- Property damage
Additionally, the coverage of insurance available and a determination of who is at fault will also affect the average car accident settlement.
The Most Common Outcome in Personal Injury Settlements
When considering your settlement and what outcome you could receive, it is important to understand what exactly a settlement is.
Typically, in most states, when a car accident happens a claim is filed. The person who is responsible for causing the accident is expected to cover a victim’s damages. Specifically, that persons insurance will pay out compensation for the damages. Things like medical bills, property damages, lost wages, and other losses will be taken into consideration for the car accident settlement.
It is not uncommon for the insurance company to try and make a settlement offer to car accident victims. This settlement would be a lump sum payment. The result of this settlement means the victim has to give up the right to any future claims. If the victim finds this settlement offer fair, they can accept the settlement and the case is resolved. But if the settlement offer doesn’t seem fair, a car accident lawsuit could be one of the next steps to the case.
A car accident lawsuit does not automatically mean that you will go to court. In fact, most car accident victims receive their compensation through a settlement rather than a court case. Typically this is because insurers generally want to avoid the cost of a trial and because victims often want to avoid the uncertainty and time commitments of a trial.
How Long Does it Take to Settle A Car Accident Claim?
Settlements in car accident cases can take a long time. This is typically because the factors and strategies that directly impact financial payouts take more time. There is a dated belief that a good lawyer will get you results fast. And that’s certainly possible in some instances. However, a faster result doesn’t necessarily mean a better result. Sometimes, settlements in car accident cases take longer than others because the facts of the case are simply more complicated.
How Much Could I Get for My Car Accident Claim?
As mentioned before, the amount of compensation available for your car accident claim widely varies. It is largely dependent on the extent of the damages suffered and many other factors.
Various sources will give varying data on average car accident settlement amounts. Again, the average isn’t very helpful and can be deceiving when you are trying to calculate how much compensation you could receive. No two car accidents are the same, and compensations will widely vary based on damages that each victim received. With that said, The Insurance Information Institute reports the average claim for bodily injury in 2020 after a collision was $20,235. While the average property damage claim was $4,711. However, a Martindale-Nolo survey of readers who made car accident claims between 2015 and 2020 reported an average settlement of $23,900, but most received less than $10,000.
Factors That Affect Car Accident Settlements
There are several factors that go into what kind of compensation you could receive from a settlement. Things like Insurance coverage, liability, severity of injuries, state laws and financial loss largely contribute to the amount of compensation you could receive from your car accident settlement. Nonetheless, If you are looking to make a car accident claim it is a good idea to talk to an experienced car accident attorney. The attorneys at B|B Law Group are extremely experienced in car accident settlements and can help you get the compensation you deserve.
Los Angeles Car Accident Attorney
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