The aftermath of a car accident is no doubt one of the most difficult and trying times that a person can go through. Not only do you have to get your car fixed, talk to insurance companies, and figure out what’s a good car accident settlement, but you also have to do all of this while recovering from any medical injuries that you may have sustained in the incident!
Suffice to say, a bad car accident can put a lot of stress on you. In this article, we’ll attempt to remove some of that stress and set your mind at ease by helping you figure out how much you’ll get in the settlement.
Car Accident Settlement Amounts
The amount that you will receive in the amount is extremely dependent on the injuries that you have sustained. There’s no one-size-fits-all approach when it comes to settlement, so there’s no using looking at average amounts across the industry as that is an unreliable estimate of what you will receive.
Instead, we should turn our attention to typical car accident settlement amounts for a given situation. Rinse and repeat the following process with your specific scenario as needed.
Firstly, your medical bills will be covered by the other party’s insurance company. If they have auto insurance, they will have at least your state’s minimums. For instance, if your state’s minimum for liability injury coverage is $25K per motorist, and the other motorist has insurance, then you’ll receive payment for your injuries up to that amount. Any medical bills that aren’t met by the motorist’s insurance company will have to be sued for.
Next, we look at other kinds of damages — these are also sued for in court. The most common kind is lost wages. After an accident, you may be unable to work. Those wages that you lose have to be compensated for. Thus, you can receive a settlement equivalent to the amount of money you would have made at your job during your recovery period that you could not work.
So if you receive an annual salary of $120,000 and were out of commission for 3 months, then you’d receive a settlement of $30,000 + medical expenses if the court finds in your favor and the motorist pays you.
Hire a Personal Injury Lawyer
The best way to maximize your car accident settlement amounts is to hire a personal injury lawyer. The right lawyer will have a significant amount of experience in dealing with your exact situation and in suing motorists to get a settlement. Thus, he or she will know how to negotiate with the party at fault and the involved insurance companies to get the best possible settlement for you.
In addition, remember that lawyers often will take on this work in exchange for a percentage of the settlement. Thus, you’re virtually guaranteed to see a positive return on your investment into professional legal services.
Get Your Money’s Worth
There you have it — with this guide to car accident settlement amounts, you’re well-equipped to know what you deserve to see as a result of having been put through this experience. We wish you all the best with your recovery — remember to hire a lawyer to make this process easier on and more profitable for yourself!
For more legal advice, be sure to check out the rest of the articles on the website!