Factors That Can Influence How Much to Expect from a Car Accident Settlement

You may have the right to pursue financial compensation for injuries sustained, lost wages, and other damages incurred if you have been hurt in a car accident.

However, when determining how much can be expected from a car accident settlement, there are various factors that must be considered. Each traffic collision is unique, meaning that there is no set amount that can be determined for a car accident claim.

The amount you can expect from the settlement will be based on insurance-related questions, legal liability issues, and other factors. This is why it’s important to seek experienced legal help when determining the value of a car accident claim.

This blog post will discuss some of the factors that can influence how much to expect from a car accident settlement. Read on to learn more.

Fault and Liability

When it comes to fault and liability in an auto accident, the outcome of a case will largely depend on the amount of responsibility each party involved holds.

Generally speaking, a person can be held legally liable if they are found to be more than 50% at fault for the crash. This is known as the modified comparative fault rule with a 50% bar.

If a person is deemed to be less than 50% at fault for the crash, they may still seek compensation for their damages, but it will likely be reduced by the amount of liability they bear for the accident.

For instance, if a person is found to be 30% responsible for their car accident, they may still recover compensation, but it will be reduced by the amount of liability they bore for the crash. In this case, the person would be eligible to receive 70% of their damages in financial recovery.

So, if it is determined that you suffered losses worth $100,000, but you were also 30% responsible for the accident, you would be eligible to receive $70,000 in compensation.

This is based on the modified comparative fault rule with a 50% bar. The other party or their insurer would be responsible for paying this amount.

The Nature and Severity of Injuries

One of the most important factors in determining a car accident settlement is the severity and nature of any injuries incurred. This factor will heavily influence both insurance settlements, as well as court-awarded damages.

If a person has sustained serious injuries, they may be able to receive compensation for medical bills, future medical expenses, lost wages, lost earning capacity, and even pain and suffering.

It is important to keep detailed records of all associated costs so that you can present them when filing your claim or lawsuit.

Furthermore, a person’s age and any preexisting medical conditions may also be considered.

For example, an older person who has sustained major injuries in an auto accident may be eligible to receive more compensation as they may need long-term medical care or will not be able to return to work.

Amount of Evidence Gathered

The amount of money you receive in compensation largely depends on the amount of evidence you have in your favor.

Gathering as much evidence as possible from the start is important to increase the chances of maximising your settlement.

Evidence that can be used to strengthen a car accident claim includes photos, videos, witness statements, recordings from dash-cams or other cameras, medical records and bills, police reports, and much more.

This evidence can be used to demonstrate the severity of your injuries or damages and increase the chances of a higher settlement amount being awarded.

Your Statements About the Car Accident

The things you say in the wake of the car accident can also influence the outcome of a case.

It’s important to be honest and articulate when talking about the incident, as any false statements or exaggerations can hurt your chances of recovering full compensation.

Additionally, it is recommended that you speak with an experienced car accident attorney before making any kind of statement.

An attorney will be able to advise you on what to say, as well as how your statements will affect the outcome of your case.

Insurance Coverage Limits

The amount of insurance coverage carried out by each party involved in the crash will also influence the settlement.

The auto insurance policies held by both parties, and any other forms of liability insurance, should be checked to see if there is sufficient coverage for possible compensation.

If one or more parties do not have sufficient coverage, they may be forced to pay out-of-pocket for damages.

Your Patience Level

Finally, your attitude and patience can also affect the compensation you receive. It is important not to get frustrated and accept a low settlement just because you are anxious to receive your money.

It may take some time for the insurance company or court system to reach a settlement, but it is important to remain patient to get ample compensation for your damages.

If you are struggling to negotiate an appropriate settlement, it may be beneficial to hire a qualified car accident attorney who can help.

Summary

Ultimately, what you can expect from a car accident settlement will vary depending on the unique circumstances of each case.

It is important to discuss your situation with an experienced attorney who can provide advice and help negotiate a fair settlement that covers all losses related to the crash.

This way, you can get the compensation you deserve and move on with your life.