Car Accident Settlements: How Much Can Victims Receive

Those who sustain injuries in car accidents can deal with serious financial strains in addition to the physical pain their injuries cause. Even if their own insurance provider pays for some of the expenses related to their injury, they may end up with stacks of medical bills and other invoices they cannot afford to pay while having to take time off work to recover from their injury. 

Accident victims who sustained injuries can be eligible for compensation. They can take legal action against the party who caused the accident. A local attorney who specializes in car accident cases can usually recover money to pay for the expenses, pain, suffering, and lost wages of the victim. But, how much can victims get?

How Car Accident Settlements Work

Attorneys who represent an injured victim and the at-fault party negotiate settlements. Often, the attorney asks for an amount of money, the lawyer of the other party proposes a lower amount, going back and forth trying to convince each other that their proposal is a fair one. Usually, the settlement payments come from the at-fault party’s insurance provider who issued liability insurance to the client. When both lawyers negotiate a settlement, their clients decide whether or not to agree to them. When they settle, the injured victim and the liable party sign a written settlement agreement that states the amount and timing of the payment, the legal rights the accident victim gives up by agreeing to the payment, and other actions both parties agree to take to resolve the claim. Because the victim won’t be able to seek more compensation for future injury complications after signing a settlement agreement, it is important to accept a settlement that pays them fair compensation. 

Settlement Amounts

There is no standard amount an accident victim can receive from the insurance company. Each car accident involves unique facts and circumstances that determine this amount. The victim’s attorney will determine a reasonable amount of compensation to demand from the other party by considering the nature and extent of their client’s injury, lost income, their current and future medical needs, as well as pain and suffering.  In general, the money the victim can get depends on the severity of their injuries and their prospects of making a full recovery. An experienced lawyer will assess the different ways car accident injuries harm victims and translate this harm into a dollar amount that victims can legally demand as compensation for their injuries.