Following a car accident, victims will experience damages that affect their physical health, economic situation, and quality of life. Recovering compensation for these damages, such as medical bills, lost earning potential, and loss of enjoyment of life involves filing a car accident claim with the at-fault party’s insurance company.
Negligent parties, such as reckless drivers, car part manufacturers, and designers, can be held liable for their negligence that caused the car accident. A car accident lawyer can help you negotiate a settlement with the at-fault party’s insurance company to recover compensatory damages.
The value of your settlement or court award depends on the severity of the car accident. If you suffered a catastrophic car accident that resulted in severe injuries, you could earn six figures in compensation for your damages.
Filing a Car Accident Claim to Recover Compensation for Damages
Car accidents can severely affect a person’s life, causing severe injuries that can dramatically change a person’s daily routine. They may have to grapple with the pain and suffering caused by a severe injury, such as a spinal cord injury, broken bone, or shoulder injury.
After a car accident, a victim can file a car accident claim with the at-fault party’s insurance company to pursue compensation for the economic, physical, and psychological impact of the accident. Parties can be liable for car accident claims if their negligence caused the car accident.
Some negligent driving behavior that can cause a car accident includes distracted driving, speeding, and running red lights. After filing a car accident claim, a car accident lawyer can help you negotiate a settlement or earn a court award to compensate you for car accident damages.
Average Settlement or Court Award for a Car Accident
Car accident victims can recover compensation for damages through a settlement or court award. Car accident lawyers can help negotiate a settlement with the at-fault party’s insurance company. However, they may try to deny, delay, or devalue your settlement to keep their profits up.
A car accident claim with a stalled or failed negotiation will go to court, where a jury and judge will decide what compensation the plaintiff should get for their damages. There is no universal value for a car accident settlement or award, as many factors can affect the value.
According to survey research by Forbes, the average settlement for a car accident claim is between $20,000 and $50,000. However, some factors can increase that value to six or seven figures or reduce the value.
What Factors Can Affect the Value of Your Settlement?
Several factors can affect the value of your car accident settlement, including the severity of the accident, what damages you suffered, and whether there was a liable party. Insurance companies and court juries will consider multiple factors when negotiating a settlement or deciding on a court award.
The following factors can affect the value of your car accident settlement:
- How many at-fault parties are there?
- Was it a minor car accident?
- Did the at-fault party breach duty of care?
- Did you suffer severe car accident injuries?
- How much emotional trauma did you suffer?
- Were you partially to blame for the car accident?
- Do you have concrete evidence to prove the at-fault party’s liability?
- What damages did you suffer?
A car accident lawyer can help you consider these factors and evaluate the possible value of your car accident claim. After determining the possible value of your settlement, you can decide whether going through the long car accident claims process is worth it.
Learn more: How Much is a Truck Accident Claim Worth?
Economic Damages That Can Increase the Value of Your Car Accident Settlement
The cost of your damages is one of the most important factors for establishing the value of your car accident settlement. The more damages you suffer, the more likely you will receive a large settlement from a catastrophic car accident.
Economic damages are those with a monetary value attached to them. These are the most common damages you can suffer after a car accident. Victims of car accidents suffer severe injuries that require medical treatment. Car accident victims can pursue compensation for medical bills, such as costs regarding ambulatory services, hospitalization, physical therapy, medication, and surgery.
Car accident victims can also experience wage-based losses. They may lose wages from time away from work spent recovering from their injuries, or experience lost earning potential if their severe injury prevents them from ever returning to work. Car accident victims can also pursue compensation for property damage to their vehicle during the car accident.
Calculating Your Non-Economic Damages
Other damages you can pursue in a car accident claim are non-economic damages, which are intangible costs affecting your quality of life. These damages concern the mental and emotional cost of the car accident. They can include pain and suffering, loss of enjoyment of life, loss of consortium, and mental anguish.
Non-economic damages do not have a specific value, so you and your lawyer must calculate them using one of two accepted methods. The multiplier method is commonly used to calculate pain and suffering damages. It involves adding up the value of your economic damages and multiplying that value by a number ranging from 1.5 to 5 based on the severity of the car accident.
The per diem method allows car accident victims to receive money every day for their non-economic damages. They will receive a certain amount daily until they reach maximum medical improvement.
Why You Should Hire a Car Accident Lawyer
Hiring a car accident lawyer can help you recover fair compensation for your car accident damages. They will know what steps to take, as they have experience handling previous car accident claims.
You need someone in your corner who can offer advice based on specific experience. An experienced car accident lawyer will be able to help you calculate the value of your settlement and handle the claims process in a way that can ensure you receive a settlement that matches or exceeds that value.
Contact The Russo Firm for Help With Your Car Accident Claim
At The Russo Firm, our car accident lawyers have decades of experience helping victims in Tampa, New Orleans, and Garden City. They can help you calculate your damages, collect evidence, and negotiate a settlement with the at-fault party’s insurance company. Contact us for a free car accident consultation today at (561) 270-0913 or leave a message on our online contact page.