Car accidents can result in significant expenses, including medical bills, car repairs, and lost wages. What is more, in many cases you will start receiving these bills almost immediately. If you have been involved in a car accident, you may be asking yourself: how much money can you get from a car accident? Will a car accident settlement cover my losses? We will take a look at these issues in this post!
Generally, the amount of money you can get from a car accident settlement will depend on a number of factors, including the severity of your injuries, the extent of the damage to your car, and the insurance coverage of the other driver. We will take a look at some of these factors now.
- Factors that Affect the Amount of a Settlement
a. Severity of Injuries: The amount of money you can receive from a settlement will depend in large part on the severity of your injuries. If you suffered a minor injury, such as a cut or a bruise, you may be able to receive a smaller settlement. However, if you suffered a more serious injury, such as a broken bone, a head injury, or a spinal cord injury, you may be entitled to a much larger settlement.
b. Extent of Property Damage: The amount of damage to your car will also play a role in determining the amount of your settlement. If your car was heavily damaged, you may be entitled to a larger settlement for your injuries. Why is this? Generally, insurance companies believe that if you have suffered serious injuries there should be significant damages to the cars involved in the accident.
c. Insurance Coverage: The amount of insurance coverage the other driver has will also affect the amount of your settlement. If the other driver has a large insurance policy, this increases the money you may recover. Conversely, if the other driver has little or no coverage, your settlement will likely be much smaller. Indeed, if there is no insurance – despite having a strong case – the chances of getting a fair settlement are very small.
d. Contributory Negligence: If you were partially responsible for the accident, your settlement may be reduced by the percentage of fault assigned to you. For example, if you were found to be 20% at fault, your settlement may be reduced by 20%.
e. Statute of Limitations: The amount of time that has passed since the accident will also play a role in determining the amount of your settlement. If you wait too long to file a claim, you may be barred from recovering any compensation.
- Types of Damages You Can Recover
a. Medical Expenses: You can recover compensation for any medical expenses you incurred as a result of the accident, including the cost of doctor visits, hospital stays, surgeries, and rehabilitation.
b. Property Damage: If your car was damaged in the accident, you can recover compensation for the cost of repairs or replacement.
c. Lost Wages: If you missed time from work as a result of your injuries, you can recover compensation for your lost wages.
d. Pain and Suffering: You can also recover compensation for any pain and suffering you experienced as a result of the accident. This type of compensation is intended to cover the emotional distress and physical discomfort associated with your injuries.
e. Punitive Damages: In some cases, you may be able to recover punitive damages. These damages are intended to punish the other driver for their reckless or intentional conduct and are typically awarded in cases involving extreme misconduct, such as drunk driving.
- Negotiating a Settlement
a. Hire an Attorney: Hiring an experienced car accident attorney can be extremely helpful in negotiating a settlement. An attorney can help you build a strong case, negotiate with the insurance company, and ensure that you receive.
b. Once you have a clear understanding of the damages you are entitled to, you can begin negotiating a settlement with the insurance company. Insurance companies are in the business of making money, so they will often try to settle your claim for as little as possible. To ensure that you receive the maximum amount of compensation, it is important to have a strong case and to negotiate with the insurance company from a position of strength.