Being involved in a car accident that resulted in one or multiple injuries has many consequences. If you lived through one of these accidents, then you probably know that the first thing you have to deal with is psychological distress, quickly followed by insurance payments and medical bills.
A car injury settlement is self-explanatory – it is designed to cover all your expenses related to the car accident in question. But there is one thing that is not self-explanatory here – how much money to expect from a car injury settlement.
Every Case is Different
While some aspects of car accidents that result in injury are the same or very similar, a number of them will be very specific for each specific scenario. The magnitude of the injury, the consequences, the physical damage to the car, the liability, the insurance policy… These are just some of the things that make the entire process a little bit more complex.
This is why there is no straightforward answer to the question “How much to expect from a car injury settlement?”
Let’s dive into the specifics.
Who Pays Out a Car Injury Settlement?
Your auto insurance policy plays a very important role in the entire settlement process. For instance, depending on the type of your policy, your insurance firm will be able to provide coverage to compensate for injuries and related damages. But what if the accident was your fault? In this case, the insurance company will compensate for a very specific cost of fixing the damages and medical bills.
When it comes to physical damages and medical bills, things do not tend to be overly complicated. The problems start to appear when an insurance company puts a price on your pain and suffering which may appear more than unfair to you.
How is a Car Injury Settlement Calculated?
This problem casts a huge shadow here. Why? Because there is no exact formula that every insurance company has to use. This means that every insurance company has its own formula applied to the calculations. Furthermore, if the accident only results in your car getting damaged, estimating the amount of cash that you will receive is straightforward once you take a look at your policy limits.
On the other hand, getting reimbursed for pain and suffering related to your injury is difficult. This is why it is important to go to a doctor immediately after the accident.
If you have suffered a severe injury or one that has left you with permanent consequences, chances are that you will receive a significantly higher settlement.
Average Car Accident Settlement
The average car injury settlement in the U.S. is around $21,000. Expect your settlement to be somewhere between $14,0000 and $28,000.
What to Do After Getting Injured in a Car Accident
In order to make sure that you receive a fair amount of cash from a car injury settlement, you need to:
- Collect as many documents as you can
- Immediately contact your attorney
- Don’t accept the first settlement offer an insurance company throws at you
As you can see, it is impossible to assess the exact amount of cash you’ll receive from a car injury settlement. We hope that the information we shared helps you estimate how much cash you will receive in your specific case.
For any financial help throughout your car accident settlement, reach out to Direct Legal Funding!