When you’re hurt in a car accident, it’s only natural to start wondering about the possibility of financial recovery. You want to know what you can expect to receive in monetary compensation, how long it’s going to take to get paid, whether you need to work with a car accident attorney, and what you need to do to win your case. Here’s what you need to know about the average car accident settlement.
What Is the Average Car Accident Settlement?
The average car accident settlement is $15,443 for accidents with physical injuries. For accidents with property damage only, the average car accident settlement is $3,231. The amount of a car accident settlement depends on the losses of the accident victim, the insurance policy of the responsible party, and the laws that apply to the case.
How Much Money Do You Get From a Car Accident Settlement?
How much money you get from a car accident settlement depends on your losses and damages. A car accident settlement should be the sum total of your financial losses plus an additional amount for your pain and suffering. To receive money from a car accident settlement, you must meet the legal standards for compensation based on the laws of your state.
Typical Car Accident Settlement
According to the Rocky Mountain Insurance Information Association, the average car accident settlement is $15,443. However, trying to determine a typical car accident settlement is kind of like comparing apples and oranges. The car accident settlement that you should expect and aim for depends on a lot of different factors. Each car accident settlement is personal and unique to the person who is making the claim.
Nevada is an at-fault state. That means a car accident victim can make a claim even if they have only minor injuries or property damage from the accident. There are many more car accident lawsuits and settlements in at-fault states than there are in no-fault states.
Of course, that means the typical car accident settlement is going to be lower in at-fault states. But it doesn’t mean that accident victims in at-fault states have fewer rights or worse outcomes than victims in no-fault states. It simply means that there’s a different system in place.
What to Expect for Your Car Accident Settlement
To determine what kind of car accident settlement to expect in your case, you need to look at several factors. Some of the things that can impact your car accident settlement include the following:
- The severity of your injuries – The more severe and long-lasting your injuries are, the higher your car accident settlement should be. The purpose of a car accident settlement is to fairly compensate you for your losses and damages. Therefore, if you have serious injuries, you deserve a large settlement. A settlement should be proportional to the seriousness of your injuries.
- Your financial losses – Just like a car accident settlement should fairly compensate you for your physical injuries; a car accident should fairly compensate you for your financial losses. Medical bills, lost income, and property damage are categories of financial losses that you can claim in your car accident settlement.
- The laws in your state – The laws in your state impact the amount of your car accident settlement. Each state makes its own car accident laws. While all of the states hope to compensate accident victims fairly, there are subtle differences in car accident laws between states that can impact the value of your claim.
- How obvious it is that the other side is at fault – When you’re negotiating a car accident settlement, the strength of the case can make a difference in the amount that you receive. The more obvious it is that the other side is at fault, the higher your car accident settlement is going to be. If there’s room for debate, both sides have to decide whether to resolve the case by agreement or go to trial. The gray area can reduce a settlement from what it might be if the fault is evident in the case.
- What insurance policies are in place – The person responsible for the accident must have the resources to pay a claim. Most people have insurance to pay a claim. A robust insurance policy can make a car accident settlement higher. The limits of the insurance policy and the specific coverage in place can impact a car accident settlement. In some cases, both the at-fault driver and the victim may have insurance policies that impact the amount of the car accident settlement.
What Is a Fair Settlement for a Car Accident?
A fair settlement for a car accident settlement is a settlement that fully compensates the victim for their financial losses and emotional suffering. A settlement can include compensation for physical injuries, property damages, mental injuries, and pain and suffering. In addition to your damages, the law matters too; if you have a great case based on the law that applies in your state, a fair settlement should be higher than when there’s room for doubt about the facts or the law.
How Do I Maximize My Car Accident Settlement?
To maximize your car accident settlement, you must build the evidence in your case and aggressively prepare your legal strategy. Part of maximizing an accident settlement means building a strong case by interviewing witnesses, developing tangible evidence, and using the legal process to make your legal position stronger.
Another essential part of maximizing a car accident settlement is negotiating effectively with the other side. Getting the maximum car accident settlement requires a comprehensive legal strategy that builds your case from all angles.
Contact Our Car Accident Settlement Attorneys
Are you wonder about the value of your car accident case? Do you want to maximize your car accident settlement? Our attorneys can meet with you to give you an informed opinion about the value of your individual case.
We can help you understand what you need to do to maximize your car accident settlement. Our car accident settlement attorneys can also represent you as you pursue compensation. Contact our attorneys today for a free information session and consultation.