A car accident settlement is an agreement between the parties involved in a car accident to resolve their legal claims. This settlement typically involves the at-fault party or their insurance company paying the injured party a sum of money to compensate them for their damages. Such as medical bills, lost wages, property damage, and pain and suffering.
The Process
The settlement process usually begins with negotiations between the parties or their legal representatives. The injured party will typically make a demand for compensation through a demand letter. Then the at-fault party or their insurance company will respond with a counteroffer. Negotiations may continue until a mutually acceptable settlement amount is reached.
Once the parties agree to a settlement amount, a settlement agreement is typically drafted and signed. This agreement will typically contain provisions detailing the terms of the settlement. This is including the amount of money to be paid and any other conditions or obligations of the parties. Once the settlement agreement is signed, the case is typically considered resolved. Then the injured party will receive their settlement funds.
But this is general information. Individual cases vary and people injured in a car accident may wonder how much to expect from a car accident settlement.
How Much Should I Expect from My Car Accident Settlement?
The value of a car accident settlement can vary greatly depending on several factors. This includes the severity of the accident, the extent of the injuries sustained, the amount of property damage, and the insurance coverage limits of the at-fault party.
It’s difficult to provide an exact figure for how much a car accident settlement might be worth without knowing the specific details of the case. However, here are some general factors that can impact the value of a car accident settlement.
1. Medical Expenses
If the injured party incurred significant medical expenses as a result of the accident, this will be factored into the value of the settlement. Personal injury settlements should cover all medical expenses related to the accident.
2. Lost wages
If the injured party was unable to work due to their injuries, the settlement will factor in the cost of the lost income. If the injured person takes time to heal but is able to return to their job, the number of days they were forced to take off for recovery can be used to calculate a sum of lost wages.
3. Disability
If the accident victim can’t work after the accident because of long-term physical or mental injuries from a car accident, disability benefits may be factored into the settlement.
4. Pain and suffering
Compensation for pain and suffering is a common non-economic damage that is calculated as part of a car accident settlement. Pain and suffering may include issues such as physical pain, emotional distress, and loss of enjoyment of life.
5. Property damage
The accident may have resulted in damage to the injured party’s vehicle or other property. The cost to repair or replace the property will be calculated in the settlement.
In Washington State, the value of settlements generally ranges from $5-$10,000 for car accidents. This is if they cause minor injury and property damage. Another possible amount is $75,000-$85,000 for car accidents that result in long-term injury but no fatalities. And $1 million or higher for car accidents involving fatalities. Ultimately, the value of a car accident settlement will depend on the unique circumstances of the case. It’s important to consult with an experienced car accident attorney who can help evaluate the specifics of your case and provide guidance on a potential settlement value.
Contact a car accident lawyer today!
A car accident lawyer can help you recover a full and fair settlement for the injuries you sustained in a car accident. This is with no up-front costs to you. We know the sneaky strategies used by insurance companies to get injured people to agree to settlements far below what they are worth. Our clients typically end up with a settlement or jury award that is five to ten times larger than they could have negotiated on their own. We have been representing people injured in Whatcom County, Skagit County, Island County and Snohomish County since 1979. Contact the experienced and hard-working personal injury lawyers at Tario & Associates, P.S. in Mount Vernon, WA today for a FREE consultation!
