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Legal

Breaking Down the Average Car Accident Settlement

Every year, close to two and a half million people end up with car accident injuries or are permanently disabled from car wrecks in the U.S.  

Have you been involved in a car accident? If so, you may be concerned about lost wages from being out of work, paying for hospital bills, and other out-of-pocket expenses. 

Are you wondering, “How much can I sue for a car accident?” Keep reading to learn more about what determines the average car accident settlement amount.

Average Car Accident Settlement

On average, the victim of an accident involving bodily injury can expect to receive a settlement amount of around $20,000. This number is based on all the different types of injuries one might experience in a car accident. 

If the accident involves a serious bodily injury, the settlement amount will be much higher. Cases involving minor injuries will be much lower on average. 

Are you entitled to compensation? A lawyer can help you get what you deserve. Find out more on car accident lawyers here. 

What Does the Insurance Company Pay? 

Depending on the circumstances surrounding the accident, your insurance company or the other driver’s insurance company may be the ones to compensate you for your injuries and property damage. 

If the accident was the result of another driver’s negligence, their insurance company should be the one to compensate you for any damages, pain, suffering, and losses. They’ll try to lowball you but if you get a lawyer involved, you may get them to cover all of your expenses. 

How Is the Settlement Calculated? 

There’s a specific formula used to calculate a settlement amount. Begin with your physical injuries. Get the medical treatment you need as soon as possible. The cost of your medical treatment ends up being the basis of the settlement. 

Hold onto receipts and relevant documentation regarding your medical costs. Calculate your lost wages. Hold on to those numbers. 

Next, look at the non-economic damages. Can you put a number on your pain and suffering? This becomes your multiplier. 

Let’s look at an example. Say you had a serious injury and your medical expenses totaled $300,000. Your multiplier might be 10 for an injury that will affect you for the rest of your life. When you calculate your potential settlement amount by multiplying 10 x 300,000, your settlement amount is roughly $3,000,000.

How Much of the Settlement Will You Get? 

When you hire an attorney to take your case, they will get a portion of the settlement as their fee. Most of the time it’s a percentage of the settlement.

You can expect to pay out around 30% if the case settles before filing a lawsuit. If a lawsuit ends up being filed, the fee goes up to around 40%.  

Consult an Attorney 

If you’ve been involved in a car accident, it’s in your best interest to retain the services of an attorney. Find out what the typical car accident settlement is for a case like yours before pursuing a car accident lawsuit. 

Did you learn something useful here? Stick around and browse through other topics like healthy living, law, personal finance, and more. 

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