Car accident settlements are agreements between a victim and a negligent party who is to pay compensation. Usually, both parties agree to a settlement because it saves them from the extra time and expenses that going to court would require.
Although car accident settlement amounts vary from case to case, deaths from crashes alone cost a collective $55 billion annually. Still, a car accident settlement amount depends on many factors. In this post, we’ll look at some to give you a better idea of what you may be awarded in your personal injury case.
State Laws
Every state has its own laws about insurance coverage, statutes of limitations, and traffic regulations. State laws can affect your claim more than you may imagine, so it’s best to contact a lawyer who can help you navigate your car accident case. If that’s something that interests you, see more info about lawyers in your area.
Liability
Some states require the insurance company of the at-fault driver to pay all the medical bills and financial expenses of the other party involved in the accident.
Sometimes, it’s hard to prove who is liable for the accident, and other times, investigations find that one party is only partially at fault. In these instances, a car accident claim may take the case to civil court.
Insurance Coverage
Most states have laws that set a minimum requirement for insurance coverage. Many also request drivers have uninsured motorist coverage. The type of insurance coverage the drivers have makes a huge difference in whether a settlement is necessary and how much the victim is awarded.
Severity of Injuries
Another major determining factor in car accident settlements has to do with the injuries that result. Serious injuries or death result in the largest settlements compared to victims who only suffer moderate damage. The reason is that victims with life-changing injuries also experience pain, suffering, and indefinite medical expenses.
Financial Loss
A final factor that influences a settlement amount is the financial loss that the innocent party experienced. Calculating this can be problematic, but it involves lost wages, vehicle and property damage, medical expenses, and compensation for pain and suffering.
Since it may be difficult to prove these expenses without a detailed record, the victim should keep careful track of them. As for quantifying suffering or pain, it’s best to work with an experienced lawyer who can help you come up with a reasonable sum.
Get a Better Car Accident Settlement!
If you are the victim of a car accident, don’t settle for the average settlement! Instead, hire a car accident or personal injury attorney that can help you get the compensation you deserve after a car accident!
To learn more legal tips and advice, browse more articles on our website! We offer a plethora of information that can help you with much more than your car accident settlement.
