If you’ve been involved in a car accident, one of the first questions on your mind is likely how much compensation you can expect to receive?
Understanding the average settlement for a car accident case can help you set realistic expectations and make informed decisions throughout the legal process, so let’s take a look and see how much YOU can potentially get.
Factors That Impact Car Accident Settlement Amounts
When you’re involved in a car accident, the consequences can be debilitating, especially when it comes to seeking compensation for your injuries and damages. The settlement amount you receive can vary greatly depending on a multitude of factors unique to your case.
Severity and Extent of Injuries
The severity of your injuries obviously plays a significant role in determining your settlement amount. Minor injuries like whiplash or bruises typically result in smaller settlements compared to major injuries such as broken bones, spinal cord damage, or traumatic brain injuries (TBI).
Permanent disabilities or disfigurement can lead to even higher settlements, as they have a long-lasting impact on your quality of life. It’s important to document all your injuries and seek proper medical attention to ensure you receive fair compensation.
Medical Treatment Costs
Your medical expenses are a major factor in calculating your settlement as well. This includes costs associated with ambulance transport, emergency room visits, surgeries, hospital stays, and medications.
Additionally, ongoing rehabilitation, physical therapy, and assistive devices necessary for your recovery should be considered. In our experience, clients often underestimate the long-term costs of their injuries, so it’s crucial to work with an experienced attorney who can help you account for all your medical expenses.
Lost Wages and Diminished Earning Capacity
Car accidents can result in significant time away from work, leading to lost wages. Your settlement should compensate you for the income you’ve missed during your recovery period. However, it’s not just about short-term losses.
If your injuries have a long-term impact on your ability to work and advance in your career, you may be entitled to compensation for your diminished earning capacity. This includes the difference in your pre- and post-accident income potential.
Property Damage Expenses
In addition to bodily injuries, car accidents often result in property damage. Your settlement should cover the costs of repairing or replacing your vehicle, as well as any other personal property damaged in the accident.
This may include items like cell phones, laptops, or child safety seats. Be sure to document all property damage and keep receipts for any repairs or replacements.
Additional Factors Affecting Car Accident Settlements
There are additional elements that can significantly influence the outcome of your car accident settlement. These factors may not be immediately apparent, but they play a crucial role in determining the final amount you receive.
It’s essential to be aware of these additional considerations, as they can either strengthen or weaken your case.
Insurance Coverage Limits
The amount of insurance coverage available can significantly impact your settlement. Each state has minimum liability limits that drivers must carry, but these limits may not be sufficient to cover all your damages.
Optional additional coverage, such as collision or uninsured/underinsured motorist coverage, can provide added protection. In cases involving rideshare accidents, companies like Uber and Lyft have their own insurance policies that may come into play.
Shared Fault for the Accident
Your settlement may be affected if you share some responsibility for the accident. States follow different rules when it comes to shared fault, and understanding how it works in your state is crucial.
For example, in pure comparative negligence states, your settlement is reduced by your percentage of fault. Some states use a modified comparative negligence system, where you can’t recover any damages if you’re found 50% or 51% at fault. Contributory negligence states are even harsher, barring recovery if you’re even 1% at fault!
Quality of Supporting Evidence
The strength of your evidence can make or break your case. Police accident reports, witness statements corroborating your version of events, medical records, and expert testimony on your injuries and treatment are all vital pieces of evidence. Some plaintiffs really can trip up here.
Pay stubs and tax returns can help prove your lost income. We’ve commonly seen cases where clients with strong supporting evidence receive significantly higher settlements than those without. So, gather as much evidence as possible to support your claim!
Average Car Accident Settlement Amounts
While every case is unique, understanding the typical settlement ranges can give you a general idea of what to expect. For minor injuries like cuts, bruises, lacerations, and sprains, settlements often fall between $10,000 and $25,000.
Major but short-term injuries such as fractures may result in settlements ranging from $50,000 to $75,000. Serious, long-term injuries like chronic pain, severe head trauma or internal injuries can lead to settlements of $100,000 or more. However, it’s important to note that multimillion-dollar settlements are rare and usually reserved for extreme cases with catastrophic injuries. See this page for how pain and suffering is calculated for a car accident case settlement.
To put this in perspective, let’s consider a hypothetical example. Imagine you were rear-ended by a distracted driver, resulting in a broken leg and a concussion. Your medical bills total $30,000, and you missed three months of work, leading to $15,000 in lost wages. In this scenario, a settlement in the range of $75,000 to $100,000 might be reasonably expected. Possibly a lot more.
How Settlements Are Calculated
According to Forbes, the average car accident settlement amount ranges widely due to unique factors influencing each case.
Surveys showed an average injury settlement of $20,235 with an average property damage amount of $4,711. Another survey reported an average settlement of $23,900. Most respondents received less than $10,000.
Moreover, settling car accident claims is often faster than going to trial. The average time to resolve a settlement was about 10.7 months, with over half of victims resolving their claims within six months.
Key Takeaways on Car Accident Settlements
As you navigate the complex world of car accident settlements, keep these key points in mind:
- Settlement value depends on the unique facts of each case. What worked for your friend or neighbour may not apply to your situation.
- Serious injuries and high damages generally lead to bigger payouts, but insurance policy limits can cap settlement amounts.
- Strong supporting evidence is critical to maximizing your compensation. Document everything and work with an experienced attorney to build a solid case.
- Laws regarding shared fault and other factors vary by state, so it’s essential to understand the specific regulations that apply to your case.
Getting the Legal Funding You Need for Settlement with Mayfair Legal Funding
Navigating a car accident settlement can be stressful, especially when you’re faced with mounting medical bills and lost wages. That’s where legal funding from Mayfair Legal Funding can help.
Our loan representatives can provide you with the financial support you need to cover your expenses while you await your settlement. We understand that every case is unique, so we take the time to review your situation and tailor our funding solutions to your specific needs.
With Mayfair Legal Funding on your side, you can focus on your recovery without worrying about the financial burden of your accident. Call us today at (888) 357-1338 to learn more about how we can help you get the settlement you deserve!
