Most people receive a car settlement between $14,000-$28,000. The exact amount depends on your insurance and some other factors. However, you're able to get a rough idea by adding your medical expenses, care expenses, and lost wages and multiplying that by 3.
A car accident is a very scary experience. If you've been injured and the other driver was at fault, you may receive a settlement to pay for your bills and car expenses.
There isn't an exact formula for calculating a car accident settlement. If you only sustained damage to your car, you'll usually be covered by your policy terms.
Pain and suffering are only compensated if you've been severely injured. For this reason, it's important to be examined by a doctor immediately, even if you don't think that you've been hurt.
Depending on the severity of the accident, there could be profound effects that follow you now and into the future.
Consider things like car damages, or needing to buy a new vehicle entirely. Don't forget medical expenses for immediate injuries and more permanent damages. Of course, make sure to include any lost wages.
The cost of psychiatric care for any mental damages sustained from the ordeal is important to take into account as well. Some of these are hard to put a number on but are important to keep in mind.
Some mental damages include:
It's hard to know an exact settlement number to expect due to every insurance provider being different. However, you're able to get a rough estimate by using the below formula:
Insurance providers look at the following factors when determining your eligibility for a settlement. Review these factors and make sure to save all receipts and expenses associated with your accident.
The type of insurance you have is a major factor in how your settlement is determined. Some states offer Full Tort and Limited Tort insurance options, which state whether economic and non-economic damages are covered.
Positive impacts from your insurance:
Negative impacts of your insurance:
To have a successful car accident settlement, you have to prove the other person is at fault and liable for the damages caused.
Ways to establish liability are:
Proving your medical expenses is more than showing receipts. Some things that may hurt your case for medical expenses are:
Lost wages are one of the easiest things to prove. Count days that you were unable to attend work, including work time missed for medical appointments.
Your car most likely sustained moderate to severe damage in the accident. Include any expenses for repairs in your settlement request.
Additional claim expenses in settlement negotiations include:
As discussed above, there could be unforeseen effects that follow you past the accident, well into your life. Although it's hard to put on a number on non-economical damages, it's important to keep these under consideration. Therapy and medications for anxiety, depression, and other disorders are expensive and should be included in your settlement.
If you're not sure, consider comparing different insurance providers to your own to find out who's able to provide you with the level of protection you need. Don't get caught on unprepared in the life-altering car accident.