Car accidents are an unfortunate common occurrence, with over 42,000 fatalities on US roads in 2022. The types and amounts of compensation you may be awarded if you were injured in a car accident can vary significantly depending on the details of your auto accident and injuries.
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Economic vs Non-Economic Damages
Economic damages cover things like medical bills, lost income and property damage. Non-economic damages cover subjective losses like pain and suffering, loss of enjoyment of life and emotional distress.
Medical Expenses
One major component of economic damages is compensation for medical bills, both past and future. This includes hospital bills, ambulance fees, costs of surgery, prescription medications, physical therapy and any other medical treatment required due to accident-related injuries. According to a recent survey, the average settlement amounts in 2020 fell within the range of $20,000 to $25,000, with a significant portion covering medical costs.
Lost Income
If your injuries force you to miss work for a period of time, you can claim lost wages as economic damages. The compensation covers any income you lost due to being unable to work while recovering from your injuries. If you are left with permanent disabilities that impact your future earning capacity, you may also be able to claim compensation for loss of future earnings. Speak to a personal injury attorney to find out more.
Property Damage
Car accident settlements often include compensation for any property damaged in the collision, such as damage to your vehicle. The Insurance Information Institute (III) reported that the average property damage claim amount was around $4,700 in 2020. For severe vehicle damage, this portion of the settlement may cover the value of your totaled car.
Pain and Suffering
This covers physical pain and mental anguish suffered due to the accident and resulting injuries. The compensation amount takes into account the severity of your pain, type of injury, length of recovery time and any ongoing pain even after treatment. The more severe the injury and pain, the higher this portion of the settlement may be.
Loss of Enjoyment of Life
If your injuries from the accident limit your ability to participate in activities and hobbies you previously enjoyed, you can receive compensation for loss of enjoyment of life. For example, if you are no longer able to play sports due to permanent physical limitations caused by the accident.
Emotional Distress
You may be able to claim damages for any emotional trauma related to the accident, such as fear, anxiety, sleep disturbances or other mental health issues like depression that developed as a result. Ongoing counseling and therapy expenses can also be included in the settlement.
How Long Does a Settlement Take?
According to Nolo, it took an average of about 10.7 months for collision victims to receive a car accident settlement. Over half of the victims were able to resolve their claims within 6 months. However, the timeline can vary based on factors like the severity of your injuries, length of medical treatment, complications in proving fault and willingness of insurance companies to settle. More complex cases can take 1-2 years to resolve.
With the right legal help, you can obtain the compensation you need to recover from your injuries and get your life back on track.
