Car Accident Settlements: What You Need To Know
After surviving a car accident in New Mexico, money is the last thing on your mind. Your first priorities are likely your physical and mental recovery after such a devastating event. It’s been proven that serious car accidents can affect the victims long after the day of the collision, whether through physical injury or debilitating mental health Yet as medical bills and lost wages start to pile up, you’ll likely begin to wonder about the potential value of your car accident case from a settlement. This will lead you to ask questions like, what is the average car accident settlement worth? Or what is the payout for my car accident? Calculating your potential settlement amount may require assistance from a personal injury lawyer. Consulting with Garcia Legal prior to making any decisions is wise as we can help ensure your claim is fair and returns the maximum value to you.
How Is My Car Accident Settlement Calculated?
In order to determine what kind of payout from a car accident settlement to expect in your case, you must look at several factors. Some of the things that can impact your car accident settlement include the following:
The severity of your injuries
The more severe and long-lasting your injuries are, the higher your car accident settlement should be. The purpose of a car accident settlement is to fairly compensate you for your losses and damages. Therefore, if you have serious injuries, you deserve a large settlement. A settlement should be proportional to the seriousness of your injuries.
Your financial losses
Just like a car accident settlement should fairly compensate you for your physical injuries; a car accident should fairly compensate you for your financial losses. Medical bills, lost income, and property damages are categories of financial losses that you can claim in your car accident settlement.
The laws in your state
The laws in your state impact the amount of your car accident settlement. Each state makes its own car accident laws. While all of the states hope to compensate accident victims fairly, there are subtle differences in car accident laws between states that can impact the value of your claim.
How obvious it is that the other side is at fault
When you’re negotiating a car accident settlement, the strength of the case can make a difference in the amount that you receive. The more obvious it is that the other side is at fault, the higher your car accident settlement is going to be. If there’s room for debate, both sides have to decide whether to resolve the case by agreement or go to trial. The gray area can reduce a settlement from what it might be if the fault is evident in the case.
What insurance policies are in place
The person responsible for the accident must have the resources to pay a claim. Most people have insurance to pay a claim. A robust insurance policy can make a car accident settlement higher. The limits of the insurance policy and the specific coverage in place can impact a car accident settlement. In some cases, both the at-fault driver and the victim may have insurance policies that impact the amount of the car accident settlement.
What Is The Average Settlement For A Car Accident?
Although it’s not easy to give an average settlement amount for car accidents, an educated guess based on known factors of your case can help form an educated guess. Due to car accident cases varying greatly, it’s difficult to produce a number because most personal injury settlements remain private. However, a recent study revealed new auto insurance facts and statistics from the Insurance Information Institute (III). This study shows the average compensation for bodily injuries in car accidents at $18,417 and property damage in car accidents at $4,525. This amount may vary drastically depending on the details of your case and whether or not you seek professional assistance, however, the average settlement is a good baseline to set when entering negotiations. Hiring a high-level Albuquerque car accident lawyer can also massively impact the outcome of your car accident claim.
How Much Is the Average Settlement in a Hit-and-Run Claim?
You may think the average settlement for a hit-and-run car accident claim is less than a normal car accident because the at-fault driver is nowhere to be found to take accountability. However, this is not always the case. Your case could be worth just as much as a normal car accident claim, if not more, depending on certain circumstances. Instead of filing a lawsuit against the at-fault driver, you may need to file your suit against a third party, such as the city for a dangerous roadway or an auto manufacturer for a defective car part.
If you have uninsured, underinsured, or comprehensive insurance coverage, your own insurer may provide the recovery for your accident. Regardless of how you decide to go about your personal injury claim, the amount you recover depends on many factors. Hiring a dedicated attorney can help maximize the value of your settlement. The average car accident settlement is between $10,000 and $25,000 depending on the extent of the injuries and damages. Certain cases, however, can range from $50,000 to $100,000 and beyond.
Contact Our Car Accident Settlement Attorneys
Are you wondering what the average settlement for a car accident is? Do you want to maximize your car accident settlement? Our car personal injury attorney can meet with you to give you an educated opinion regarding the value of your specific case. We can help you understand what you need to do to maximize your car accident settlement as well as how to protect yourself from insurance adjusters. Our car accident settlement attorney can also represent you as you pursue compensation. Contact Garcia Legal today for a free consultation.