How Much Money Can I Get From a Car Accident Settlement?
If you have been injured in a car accident, you may be eligible for a settlement payout. This payment will help medical bills, lost wages, or insurance — not to mention the emotional pain and suffering you may have been subjected to. If you are seeking a personal injury lawyer in Knoxville, TN, you luckily have access to attorneys who will help you claim get what you deserve. Since accidents have such a broad range of circumstances, your settlement could be anywhere from $200 to $1 million.
Average Amounts of Car Accident Settlements
The average amount of a car accident settlement varies with a number of factors. How severe was the accident? What were the circumstances that led to the accident? How extensive are your injuries? Answering these questions and more will help you get an idea of an estimate for your settlement. Additionally, the payout will depend on if you are settling with the insurance company, which will cap you at their insurance limit, or filing suit with the individual.
Estimating the Amount of Your Car Accident Settlement
Severity of Accident
Did you sustain injuries, or was there only damage done to your vehicle? Was the other driver under the influence of drugs or alcohol? In the event that only your vehicle was damaged, you will likely be paid the repair costs for the crash, directly from the insurance company. If you had $3,000 of damages, the insurance company will cover your repair costs.
If, though, you were injured as well, your settlement amount becomes more complex. In addition to the severity of the accident, there may be punitive amounts factored into your settlement depending on the actions or decisions that led to the accident. Was the other driver intoxicated, texting, driving the wrong way down a one-way? Punitive damages, as well as the emotional damages you will learn about below, are not simple to calculate. This is where a personal injury lawyer becomes essential.
If you were injured in the accident, the severity plays a large factor in your settlement amount. If you received minor injuries, this settlement may be between $10,000 and $25,000. If, however, you suffered extensive injuries, accrued major medical bills, and have sustained issues that resulted from the injury, your settlement may be upwards of $75,000. Your lawsuit will rely on many specific details of your accident to determine the amount which you may be entitled to. Your medical bills, as well as how much time has passed since the accident (you generally have between 1-2 years to file a suit), will be additional factors in your final amount.
In addition to determining the amount you are owed due to the extent of your injuries and medical bills, an additional factor to consider is the income you have been unable to make since the accident. This amount varies significantly from case to case, and will best be discussed with your personal injury lawyer. Lost wages are considered for the amount of time you were recovering from the accident — if you have suffered injuries that have rendered you disabled or unable to work, this will be factored in as well.
Pain and Suffering
Settlement amounts due to emotional distress are more complicated than economic factors because they can not be quantified with an invoice. This aspect of your proposed settlement is an important factor to discuss with your personal injury lawyer. Considerations of pain and suffering may be as varied as ongoing depression resulting from the injury, a permanent reduction in your quality of life, anxiety, or other emotional factors. Since these factors are so specific, it is impossible to discuss an “average settlement” amount for pain and suffering.
Finding a Car Accident Lawsuit Attorney
If you have been injured in an accident and need a personal injury lawyer in Knoxville, TN to help, research your best options and meet with attorneys for a free consultation. You do not need to suffer financially, in addition, to physically and emotionally because of your injuries, and the right law firm will be sure you are compensated.