Average car accident settlement

Average auto accident settlement

The average settlement agreement is $15,4431 for accidents with physical injuries. For property damage only, the average settlement is $3,231. The final amount depends on your losses, the responsible party’s insurance policy, and the laws that apply to your case.

How much money can you get from a car accident settlement?

Your money 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

Trying to determine a typical settlement is kind of like comparing apples and oranges. The amount you should expect and aim for depends on many different factors. Each situation is personal and unique to the individual making the claim.

Nevada is an at-fault state. That means you can make a claim even if you only have minor injuries or property damage from the accident. Many more lawsuits and settlements exist in at-fault states than in no-fault states.

Of course, that means the typical settlement will be lower in at-fault states. But it doesn’t mean victims in at-fault states have fewer rights or worse outcomes than victims in no-fault states. It simply means there’s a different system in place.

What to expect for your car accident settlement

To determine what kind of settlement to expect in your case, you need to look at several factors. Some of the things that can impact the value include the following:

1. The severity of your injuries

The more severe and long-lasting your injuries are, the higher your settlement should be. The purpose of a claim is to compensate you for your losses and damages fairly. Therefore, if you have serious injuries, you deserve a larger sum. The amount you receive should be proportional to the seriousness of your injuries.

2. Your financial losses

An award should fairly compensate you for your physical injuries in addition to your financial losses. Medical bills, lost income, and property damage are categories of financial losses for which you can make a claim.

3. The laws in your state

The laws in your state impact the amount of your settlement. While all of the states hope to compensate victims fairly, subtle differences in the laws between states can impact the value of your claim.

4. How obvious it is that the other side is at fault

When negotiating a car accident settlement, the strength of the case can make a difference in the amount you receive. The more obvious it is that the other side is at fault, the higher your car accident settlement will be. If there’s room for debate, both sides must 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.

5. 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 insurance policy’s limits 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 car accident settlement amount.

What is a fair settlement for a car accident?

A fair settlement fully compensates you for your financial losses and emotional suffering. This may include compensation for:

• Physical injuries
• Property damages
• Mental injuries
• 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.

What are some of the biggest settlements ever won?

• $247 million was awarded to the Texas Estate of McPherson in 2018 for a truck accident that resulted in the victim’s death
• $242 million was awarded in Texas in 2017 for an accident that caused a brain injury and was found to be caused by defective back seats of a Toyota
• $129 million was awarded in Georgia in 2017 for the wrongful death of one passenger and the quadriplegia of another passenger due to the accident
• $80 million was awarded in Georgia in 2016 for an accident involving a truck driver that collided with a line of cars that killed 5 people
• $28 million was awarded by Washington State in 2015 to a driver who claimed a car accident that resulted in the victim’s quadriplegia was caused by the state’s negligence to maintain safe road conditions

How do I maximize my car accident settlement?

To maximize your award, you must build the evidence in your case and aggressively prepare your legal strategy. Maximizing an accident settlement means building a strong case by interviewing witnesses, developing tangible evidence, and using the legal process to strengthen your legal position.

Another essential part of maximizing a settlement is negotiating effectively with the other side. Getting the maximum settlement requires a comprehensive legal strategy that builds your case from all angles.

Contact our experienced car accident settlement attorneys

Are you wondering about the value of your car accident case? Do you want to maximize your car accident settlement? Our skilled attorneys can meet with you to give you an informed opinion about the value of your individual case. Contact our attorneys today for a free information session and consultation.

Sources:

¹Cost of Auto Crashes and Statistics. Rocky Mountain Insurance Information Association. Retrieved 26 May 2022.