Car accidents are frustrating experiences.
Even minor fender benders can lead to extensive injuries, medical bills, and a future of chronic pain.
Fortunately, if you were in an accident that was no fault of your own, you can be compensated for your damages.
Car accident settlement can vary greatly depending on several factors.
These factors can include the severity of the accident and injuries, the insurance policies involved, and the nature of the incident.
For these reasons, there is no average car accident settlement.
Even if there were, the average car accident settlement wouldn’t tell you anything about how much money you will get in your accident settlement.
What’s more important is for you to know is how much you might receive in your personal injury case.
In the article below, we will look at what you can expect from an accident claim.
How Car Accident Settlement Amounts Are Determined
Determining how much money you could receive in a car accident settlement relies on the specific information surrounding your case.
Your motor vehicle accident will probably look a lot different from the next.
A car accident can range from a minor rear-end collision to a severe multi-vehicle car accident resulting in severe damage and injury.
If you suffer only minor injuries without costly medical expenses, you will receive much less in an accident settlement than someone who spends a few nights in the hospital.
Your actions after your accident will also influence how much compensation you can receive from the at-fault driver’s insurance company.
Accident victims should always call the police after an accident, especially if it results in personal injury or property damage.
However, many people are tempted to handle everything on their own without calling law enforcement, especially in a minor crash.
This is a mistake, and it could ultimately cost you thousands of dollars of financial compensation.
You should also document all accident-related damages and gather personal information, including the insurance information of all drivers involved.
You also need to keep copies of your:
- medical bills
- receipts for car repair
- estimated costs for continued care
- other financial losses, like lost wages
This information is crucial to determine how much money you can receive in a personal injury settlement.
If you choose to handle the case without an attorney you may end up with less than if you hire an experienced car accident attorney who is better able to negotiate with the insurance company.
Personal Injury Settlements Depend on What the At-Fault Party Can Pay
One important thing to consider about your accident settlement is how much the liable party can afford to pay.
Even if another driver is found 100% at fault for your accident and you have to undergo extensive medical care, the task of collecting a judgment can weigh into the average settlement amount.
Let’s say your claim is worth $50,000.
However, the responsible party only has insurance policy limits covering $40,000 and very few other assets.
You always want to receive a fair settlement, but in situations like this, you might be better off settling for the $40,000 instead of fighting for the extra.
You should always consider how difficult (and costly) it will be to collect your judgment when you decide about your case with your personal injury lawyer.
What Are Lawyer Fees in a Car Accident Settlement?
Fortunately, the fees for your personal injury attorney will be easy to calculate, and they should be clearly laid out in the retainer agreement.
Personal injury lawyers work on a contingency fee agreement.
That means they don’t get paid unless you win a settlement, and then they will take a percentage of that settlement.
A typical retainer fee is 33% of the recovery if the case settles before filing a lawsuit.
If your claim had to go to court, the retainer fee for your accident lawyer may rise to around 40%.
You also need to pay for expenses.
Your accident attorney will likely cover all of the fees for the case and then be reimbursed for them in the settlement.
The expenses could range from $100 to well over $100,000 if your case makes it to trial.
How Long Does it Take to Get a Settlement from a Car Crash?
It will also vary from case to case to how long it takes to receive an accident settlement.
If you have severe injuries that require a lot of care, it will take longer to receive your settlement.
But your case may settle quickly if you have minor injuries and minimal property damage.
Many cases can take up to a year or more to get a settlement check after an accident because the victim is still recovering and the future effects of the injuries are unknown.
You should receive your settlement check within thirty days of signing the Settlement Release Agreement and sending it back to your insurance adjuster.
Cases involving minor children or a wrongful death claim can take much longer because a court hearing must be held to approve the judge’s settlement.
Act Quickly– Call Larry Nussbaum Trial Attorneys Today
If you’ve been hurt in an automobile accident, it’s important not to waste any time.
Most states have a statute of limitations of two years from the date of the accident to file a lawsuit.
This may seem like a long time, but it will go by quickly, and your legal representation will need as much time as possible to build your case.
Working with an experienced attorney can help you win your personal injury lawsuit against the negligent driver with minimal distress.
Working with an injury lawyer will make you more likely to receive adequate compensation, allowing you to focus on your physical recovery.
Your attorney also won’t let your insurance company push you around and ensure you receive a reasonable settlement.
If you’re ready to discuss your case with a team you can trust, Larry Nussbaum Trial Attorneys is here to help.
Schedule a free consultation to get started.