Car accidents are a common cause of injury for many people in the US. It is estimated that car accidents lead to at least 100 deaths per day – which is quite a staggering amount. Therefore, one can say that car accidents in the US are pretty common phenomena that one should be aware of.
However, this article is not here to deal with how many car accidents take place in the US. This article deals with the aftermath of the car accident – especially how much money you can claim from a settlement.
If you are involved in a car accident caused by another person, and you have been injured in the process, then keep on reading to know more about how much money you can claim from a car accident settlement case in the US.
What Is Car Accident Settlement?
After an accident on the road, money becomes a pressing matter for the victim. This is because a lot of money is required to pay for the medical bills, car repair bills, and more. Moreover, a typical car accident disrupts the personal and professional lives of the victim.
Therefore, according to law, the insurance company must provide an amount of money to the victims if a person is found guilty of causing the said car accident. This amount that the victim receives is called the car accident settlement. It is also referred to as car accident compensation.
However, the car accident settlement amount that the victim receives is calculated by an insurance company on behalf of the victim. However, some specific clauses and factors determine how much money is given to the victim.
Read more: How Do We Find An Experienced Bus Crash Lawyer? And How Much Does It Cost.
What Is Included In A Car Accident Settlement?
When the car accident lawyer calculates the car accident settlement, many factors are taken into consideration by the insurance company. These factors can be economical or non-economic and can also be punitive. These factors are:
1. Economic Damages
As the name suggests, economic damages refer to the various bills that have to be paid by the victim to cover up charges like medical bills and property damages. Calculated by accident lawyers, they are:
Medical bills are all the bills that the victim incurs to pay for all the injury that has been caused to them. There are only a few cases where the victim has survived a car crash unscathed depending on the severity of the damages caused, the settlement after a car accident.
This also considers the future medical bills that the victim has to bear. This includes additional physical and mental therapy sessions that the victim will have to attend to for a long time.
Property damages refer to the damage that the perpetrator has dealt with the victim’s property. For example, this refers to the damage caused to the car involved in the accident.
The car accident lawsuit also considers the damages that have been caused to the house of the victim. This happens many times when the perpetrator crashes the car on the victim’s property, dealing damage to the victim and his home.
Reduced Earning Capacity
If the victim is a professional with a job that provides them with their financial livelihood, then the accident will render them incapable of doing their job. This will significantly reduce the salary or wages that the person used to get from the company they worked for.
According to the car accident settlement, this will be considered a form of economic damage to the victim. Therefore, this will also incur a certain amount that has to be paid by the accident perpetrator.
2. Non-Economic Damages
While economic damages are easier to calculate, non-economic damages are far more challenging to do so. This is because such damages are based on the perception of the personal injury lawyer and are qualitative. Therefore, it is difficult to calculate such damages caused to the victim.
Non-economic damages mainly refer to the emotional and psychological pain that the victim has gone through after being involved in the accident. Some examples of non-economic injuries are:
- Physical and mental pain and anguish
- Permanent disability
- Physical and mental trauma
- Loss of livelihood
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3. Punitive Damage
Punitive damages are difficult to calculate because these do not act as compensation for the victim. Instead, these are charges that have been made against the perpetrator and are meant to punish them for causing a car accident due to negligence.
An example of punitive damage would include the charges against the perpetrator if the victim was involved in a hit-and-run scenario after the perpetrator was robbing a bank.
Typical Car Accident Settlement Amounts
Some examples of the amount charged to the perpetrator as per the automobile accident lawsuit are:
- If there are minor injuries like non-fatal tissue damage, the perpetrator is liable for $10,000 to $25,000.
- If the victim has serious injuries that will last for a long time, especially damages that require plastic surgery or physical and mental therapy, then the perpetrator is liable for $50,000 to $75,000.
- If the victim has suffered from minor spinal injuries that did not result in any form of bodily paralysis, then the perpetrator is liable for $75,000 to $100,000.
- If the victim has been struck with long-term physical and mental disabilities and injuries that might require extensive surgeries, then the victim can get up to $100,000 to $250,000.
- If the victim dies due to a car accident, then the victim’s family can get more than $250,000 for loss of life.
Frequently Asked Questions:
We recommend opting for a car accident settlement instead of filing for personal injury lawsuits because it is safer. Also, the chances of getting compensation from the insurance company aren’t guaranteed here.
Yes, you are entitled to get a car accident settlement for ‘pain and suffering.’
This is dependent on the evidence present during the scene of the accident. The best evidence is automobile forensic reports and CCTV camera footage.
If you were partly at fault for the accident, you too would be charged with a car accident lawsuit.
Car accident lawsuits are common forms of legal; cases are fought every day in the US. According to this lawsuit, the victim is entitled to a state of insurance claim depending on the extent of the injuries caused to you.
Depending on the nature of the injuries caused to the victim, they might get a car accident settlement ranging from a minimum of $10,000 to more than $250,000. However, it is essential to note that the final amount given rests on the hands of the insurance company and the extent of the injuries caused to the victim.