Were you recently injured in a car accident? By the year 2023, there will be 179,508 workers in the US working as personal injury lawyers & attorneys.
After an accident, the damages you gain depend on several factors. Some of these factors include your driving record, the type of accident, and the injuries that you receive. Yet, knowing how much compensation will cover your damages can be difficult.
By asking for legal representation, you can get the general car accident settlement amount you might expect to receive after your injuries.
See below for the typical car accident settlement amounts with injury.
The Severity and Type of Injury
The severity and type of injury impact the average settlement amounts for auto accidents. The average vehicle accident compensation can range from $3,000 to $75,000. Yet, depending on the severity of the injury, this amount can differ.
Settlements for a minor injury cost $5,000. However, a more serious injury can be much higher, depending on the damages incurred.
An insurance company will try to settle out of court with the injured party. This is often far less costly and time-consuming than a lengthy legal battle to settle in court.
It is wise to consult this car accident lawyer who is knowledgeable in the area. They can give sound evaluation and advice before settling the amount.
The Amount of Wage Losses
Base this number on the amount of money you were earning before the accident but cannot earn because of the effects of the accident. Depending on your job, calculate the income loss according to a certain number of hours, a set salary, or even a set project.
Factor in the missed income from not only lost wages but also income from investments and retirement savings. If you suffer from a disability or long-term injury because of the accident, ensure that the settlement includes a fair amount for future lost wages.
Pain and Suffering
Determine the settlement amount for pain and suffering by multiplying the injured person’s medical expenses by a number between 1.5 and 5. This number can vary depending on the amount of pain and suffering endured by the victim.
There are factors considered when calculating pain and suffering. These include the victim’s age and health before the accident, type and severity of physical pain. It also comprises emotional trauma, psychiatric effects, and losses endured because of the accident.
Property damage would include any physical harm endured to your vehicle. These can be dents, scrapes, and other damage sustained by another vehicle colliding with it. Settlements depend upon the extent of the damage to your vehicle, the cost to repair the damage and the applicable insurance coverage.
On average, the settlement amount for property damage is $4,711. Yet, the amount can reach higher amounts sometimes.
Consider medical bills when assessing the total settlement amount. This is important if you have any outstanding medical bills related to the accident.
The average cost of medical bills might reach $57,000 due to hospitalization. Consider out-of-pocket expenses, such as travel costs incurred while seeking medical treatment.
Learning the Typical Car Accident Settlement Amounts With Injury
Settlements are meant to cover damages suffered by the injured parties, such as severity and type of injury, lost wages, pain and suffering, property damages, and medical expenses. The typical car accident settlement amounts with injury is about $19,000.
Be sure to find the right lawyer for your case to get the most settlement for your injury. Contact a car accident lawyer today to get the advice and help you need!
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