Apart from the physical injuries and property damage, car accident victims often worry about recovering financially after an accident. Whether the case proceeds to court or not, it is normal for victims to ask about what they can expect as monetary compensation, how long it will take, and many other uncertainties. Fortunately, with the help of a Bradenton car crash lawyer, accident victims can receive reasonable compensation that can exceed the amount offered by the insurance company if they had followed up by themselves.
What is the Average Car Accident Settlement?
The amount of settlement awarded for car accidents depends on losses incurred by the victims, the insurance policy of the party responsible, and specific laws that guide the case. Nonetheless, the average settlement for car accidents with physical injuries is around $15,443. On the other hand, settlement for accidents resulting in property damage is estimated at around $3,231.
Ideally, the settlement amount should include the total financial losses incurred by the victim and compensation for pain and suffering. However, these figures vary from one case to another, depending on the accidents’ unique situations and state laws.
For instance, Nevada is a typical “at-fault” type of state. This means that car accident victims have a right to file claims even if they sustained minimal injuries and property damage. Generally, at-fault states have more car accident cases and settlements than no-fault states. The following factors determine your settlement amount:
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The severity of injuries – Victims with severe injuries should expect higher car accident settlement. The primary reason for settlement after an accident is to compensate the victims for damage and losses incurred. Therefore, serious injuries deserve large settlements. While it might not be perfect, the settlement amount should be proportional to the injuries.
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Financial loss incurred – Lost income, property damage, and medical bills are a few financial losses that the settlement should cover.
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State laws – Accident laws in your state also affect the amount of compensation accident victims can be awarded. Even though all states aim at achieving fair compensation for car accident victims, different states have subtle differences.
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Insurance policy in place – The party at fault should have sufficient resources to compensate the victim. In this case, most people use their insurance policies to cover the claim. A reliable and straightforward insurance policy can allow for high settlement claims. Different policies have limits for specific coverages, which can affect your car accident settlement.
What Is a Fair Settlement for Car Accidents?
Fair settlement for car accidents and other accidents is a settlement that compensates victims for financial losses and emotional suffering caused by the accident. Such settlement should include compensation for property damage, physical injuries, mental anguish, pain, and suffering.
Since the settlement amount is negotiable, car accident victims can maximize their settlement amounts in various ways. Apart from hiring a car accident attorney, victims should keep their medical records, use witnesses, and collect tangible evidence to build a strong case.
Endnote
If you are dealing with serious injuries after a car accident, you are probably uncertain about your compensation settlement. Ideally, there is no specific figure outlining how much you should be compensated following an accident. Instead, this amount is influenced by different factors. Working with a car accident attorney can ease this process.