Did you know that around 38,000 people are killed in road accidents every year, and many more are injured? According to a survey, financial losses from collisions have increased significantly. Another thing you may not know is that traffic accident deaths cost $55 billion each year in collective medical and lost wage costs.
However, accident victims need to understand their rights. Knowing about car accident compensation amounts can help collision victims make informed choices at the time of an car accident. Let’s find out.
1. State Laws
Every state has laws like insurance coverage, the statute of limitations, traffic regulations, etc. State laws may affect your claim more than you realize, so you should ask an attorney. These attorneys can help you navigate your car accident case. It is a matter in which you should know more about lawyers in your area. In fact, a Martindale-Nolo survey of readers who had received car accident compensation found that 98% obtained their funds through a settlement rather than a court case.
2. Insurance Coverage
Most states have laws that set minimum requirements for insurance coverage. Many drivers also insist that they get uninsured motorist coverage. Any insurance coverage driver has made a massive difference in whether a settlement is necessary and how much the victim is awarded.
3. Who is Responsible?
Some states mandate that the driver’s insurance company is responsible for paying all medical bills and financial expenses of the other party involved in the accident after the accident. Sometimes, this matter can be complicated as it may be difficult for you to prove who is responsible for the accident. Then, again and again, investigation reveals that one of the parties is only partially at fault. A car accident claim can take the case to civil court in these cases.
4. Severity of Injuries
The injuries sustained due to an automobile collision are also a significant determining element. In contrast to victims who only experience moderate damage, those who sustain serious injuries or death receive the most significant settlements. The reason is that victims with life-changing injuries also incur agony, suffering, and unending medical bills.
5. Financial Loss
The financial loss the innocent party suffered is the last aspect affecting the compensation amount. It can be difficult to calculate this amount, but it includes missed pay, repairs to 20 inch alloy rims vehicles and other property, medical costs, and pain and suffering compensation. As it may be difficult to show these expenses without a detailed record, the victim should keep meticulous track of them. As for quantifying suffering or agony, it’s preferable to deal with an expert lawyer who can assist you in coming up with an acceptable sum.
6. Liability
In collisions, the settlement amount may increase when a fault is apparent. To prevent a lawsuit, the insurer for the driver who caused the accident will likely admit responsibility and make a fair settlement offer. If culpability is unclear, a compensation offer might not come through or be for a smaller amount. Also, the division of blame between the drivers may significantly affect the amount of money awarded for car accidents. What happens when both drivers are at least somewhat to blame for the collision?
- In some areas, referred to as contributory negligence states, a driver cannot seek compensation from the other driver who was primarily at fault if he is even 1% at fault for an accident.
- On the other hand, in jurisdictions with pure comparative negligence, a driver may seek damages from another driver for injuries, even if the driver was mostly to blame. For instance, a driver who was 75% at fault for a collision could still file a claim against the other driver and be awarded 25% of the total damages.
- A driver may pursue a claim for compensation in jurisdictions that use modified comparative negligence if they are not 50% or 51% at fault for the collision. Again, compensation would be scaled back according to the driver’s percentage of fault.
How Long Will It Take to Get a Compensation for a Vehicle Accident?
One benefit of resolving a claim rather than filing a lawsuit is that car accident compensation frequently occurs quickly. According to Martindale-Nolo, it takes collision victims 10.7 months on average to receive a payout from a car accident. In less than six months, more than half of the victims were able to settle their lawsuits.
How Much Will My Car Accident Claim Be Worth?
The extent of the damage sustained and other criteria determine how much compensation is available for a vehicle accident claim. The sources of information on average car accident compensation amounts differ. The Insurance Information Institute reports that the average bodily injury claim following a collision in 2020 was $20,235, while the average claim for property damage was $4,711. According to a Martindale-Nolo poll of readers who filed auto accident claims between 2015 and 2020, the average payout was $23,900. Several recipients earned less than $10,000.