If you were in a car accident recently, you might be wondering about car accident settlement amounts. After all, you probably are confronted with medical bills, lost wages, property damage, and pain and suffering. A car accident settlement could reimburse you for your damages and injuries, assuming another driver was at least partially at fault for the crash.
When you file a claim for your accident, your auto insurance or other drivers may be responsible for paying you a settlement. Getting reimbursement for your property damage and medical bills is relatively routine. It can be more challenging to compensate for pain and suffering, which is where an attorney may help you.
What Kind of Settlement to Expect?
Every car accident is different, so the best way to get an idea of a settlement in your case is to talk to an experienced attorney. However, some attorneys say that you could expect a payment approximately three times the cost of your medical expenses. But many factors go into what your settlement will be.
The judge or jury will take into account your type of injuries, treatment plan, how long you need therapy, loss of income, and pain and suffering amounts for similar accidents. Most of the time, you only are offered a settlement when you finish your medical treatment. If you have a permanent injury, this will affect how much money you receive.
How Car Accident Settlements Are Determined
There is no exact standard used by the auto insurance industry to determine what your settlement will be. If you only damage your vehicle, you will usually be reimbursed according to your policy limits.
Regarding pain and suffering, you only get this type of compensation when you have an injury. That is why it is crucial to be checked by a doctor after the accident, even if you think you are fine. Whiplash, for example, may not be evident until a day or two passes. If you wait too long for medical care, you may not get compensation from the insurance company.
If you want a rough idea of what you could get from a settlement, add up your costs for medical bills, lost wages, and car repairs. Multiply that amount by three. For example, if you hurt your back, say that you paid $5,000 to your doctor for medical treatment. You were out of work for five days and lost $1,000 in wages. So, a rule of thumb would be a settlement of about $21,000. Most likely, it would be between $14,000 and $28,000.
You will see a higher settlement if you had surgery and if the injuries are long-lasting. Your potential payment goes up if the other driver was drunk or otherwise driving in an incredibly reckless fashion.
Note that one of the common limiting factors in a car accident settlement is the policy limits. For instance, if you have $25,000 in damages but the other driver’s insurance limit is $20,000, you cannot receive more than $20,000. However, your attorney can help you apply for coverage on the underinsured motorist coverage you (hopefully) carry. This is optional coverage in some states but can be a lifesaver in some accidents.
As always, the amount of your settlement can vary according to many factors. A good reason to talk to an experienced attorney is to check what payments have been in your area for your injuries. That can give you a perfect idea of what your case could be worth. And most personal injury lawyers offer a free consultation, so you risk nothing by talking to them.