What Is the Average Car Accident Settlement?

An experienced Carrollton auto accident attorney knows car collisions can be a life-changing experience. Despite the physical pain and lifestyle changes victims have to endure, financial concerns are also at the top of the list for car accident victims. Therefore, it’s only normal to start wondering about the prospect of monetary recovery and the average car accident settlement amounts.

Many victims wonder how much they can expect to receive and if they need legal representation. This article explores the average amount to expect, the damages you can claim, and how to calculate the settlement amount.

Types of Damages in a Carrollton Car Accident Case

If you’re dealing with an injury after a Carrollton car accident, you’re probably wondering about the damages you can recover. Damages from car accidents are classified into economic, non-economic, and punitive.

Economic Damages

Damages are classified as economic if you can objectively verify them through assessments, invoices, estimates, and several other monetary statements. Economic damages usually include medical expenses, lost wages, loss of earning capacity, property damages, etc.

Calculating these types of damages varies depending on your situation. For medical care, the average cost depends on the extent and nature of your injury. For example, claims involving spinal cord injuries usually have a higher settlement than a mild case of whiplash.

Non-Economic Damages

Non-economic damages are intangible losses like emotional distress, pain and suffering, stress, inconvenience, anxiety, and PTSD. These losses don’t come with financial projection, so the court does its best to determine how much a victim should get.

Punitive Damages

Also known as exemplary damages, it goes beyond simply paying general damages. Courts award this compensation if they find the defendant guilty of gross misconduct. In addition, if the at-fault party displayed a disregard for people’s lives, then the court will award punitive damages.

Punitive damages can be awarded in drunk driving and hit-and-run cases. This includes cases where the driver might be aware of their drunken state and still proceed to drive the car.

What Is the Average Car Accident Settlement in Carrollton?

Carrollton’s average car accident settlement is $18,417 for accidents with physical injuries. However, for accidents with property damage only, the average car accident settlement is $4,525. The amount you can receive depends on the severity of your injuries and other losses.

Accidents with bodily injury usually have higher compensation than those with property damage alone. Similarly, the average car accident settlement for a spinal cord injury is more than a minor injury like whiplash.

Additionally, the compensation is mainly dependent on negotiations between your Carrollton auto accident attorney and the insurance company. To determine the ideal settlement in your case, your car accident attorney must gather all the facts while documenting your expenses and other losses.

Carrollton auto accident attorney

A Carrollton Car Accident Attorney Explains How to Calculate Settlement Amount

There is a specific formula for calculating your average car accident settlement amount. The starting point for all calculations is always the physical injury. The cost of medical treatment is the basis of your entire settlement.

Therefore, you need to get medical treatment as soon as possible after an accident. Don’t be afraid to get CT scans, X-rays, and every recommended test and treatment from a medical professional.

You should also collect receipts and documentation highlighting medical costs. Another factor is lost wages. This covers the money you could have earned while taking time off work to recover.

Once the economic damages are covered, you can tackle the non-economic settlement. Insurance companies and Carrollton car accident attorneys calculate non-economic damages using a multiplier method.

This means that you will multiply your economic damages by an amount representing the severity of your non-economic damages. The more serious your accident injury, the higher the multiplier will be. For severe injuries like spinal cord injuries, the multiplier can be as high as 10.

For example, suppose your medical expenses are about $250,000 for a spinal cord injury. Then, if the multiplier is 8, the settlement amount will be $2 million. Note that this amount doesn’t consider other economic damages like missed wages.

What Is a Fair Settlement Offer?

Most car accident cases settle outside the courtroom, eliminating the need for trial. Understanding if an offer is fair or not will help you avoid accepting less than your compensation is worth.

From the beginning, you shouldn’t accept an offer before speaking with your Carrollton auto accident lawyer. This is because more insurance carriers lowball claimants in their initial proposals. Also, this is in hopes that they will settle before understanding the worth of their claim.

However, there are cases where you might settle for less than you initially asked for. In such cases, you might need to meet the defendant somewhere in the middle during the negotiation process. This can happen when you share fault for the accident or the defendant’s insurance coverage is less than you asked for.

However, always consult your car accident lawyer for help in determining if the offer is fair.

Should I Settle Out of Court or Go to Trial?

After your car accident, you might decide between settling out of court or going to trial. There are pros and cons to either choice. For out-of-court settlements, you receive compensation sooner.

They’re less expensive and less risky. However, you might not receive as much compensation as you hope.

On the other hand, a trial allows you to secure a higher settlement award. In some cases, you could get punitive damages. The downside of going to trial is the risk involved. The judge or jury might rule against you in court. It also takes a while to resolve, and litigation is usually costly.

Again, most auto accident cases get settled out of court, with only a fraction going to trial. Having a skilled Carrollton auto accident lawyer can be helpful in either case because they will help you get the best settlement.

Contact Our Carrollton Auto Accident Lawyers Today!

Are you wondering what the value of your car accident case is? Would you like to maximize your average car accident settlement? Our attorneys at the Law Office of John B. Jackson can provide you with an informed opinion about the worth of your auto accident case.

Our lawyers have considerable experience with different accident cases and can help you get the settlement you deserve. We will evaluate the facts of the case and consider past, current, and future medical treatment and every out-of-pocket expense to determine the value of your case.

So contact our office today to speak with a personal injury lawyer in Carrollton. We offer free case reviews and work on a contingency fee basis.