When it comes to car accident settlements, there is no one-size-fits-all answer. Unsurprisingly, the average settlement amount can vary depending on a number of factors. Generally speaking, the average car accident settlement amount in the United States is around $19,000. This takes into consideration factors like medical damages and lost wages due to recovery time from the accident.
The average car settlement amount for car accidents doesn’t provide a reliable indicator of the compensation you may receive in your specific case. General figures for typical car accident settlements are not predictive of the financial outcome you can expect.
Factors That Affect the Amount Of Your Car Accident Settlements
Insurance Coverage
The amount of car accident settlements is heavily affected by the amount of insurance coverage involved. Most states have a minimum insurance coverage requirement, which typically stands at $25,000 per person and $50,000 per accident. This requirement ensures that people who are involved in an accident are not left under-insured and without the proper protection. In Illinois, these minimum requirements are the same for both liability and uninsured motorist coverage on all types of vehicles. Without adequate insurance coverage in place before an auto accident occurs, it can be difficult or impossible to make a claim for financial compensation after an incident has taken place.
Liability
In Illinois, the party at-fault for a car accident is financially liable for paying the damages caused by it. The insurance companies of the drivers involved in an auto accident are responsible for compensating victims for medical bills, property damage, and any injuries sustained as a result. In some cases, it’s easy to determine who is at fault, although there may be partial liability if several people acted negligently in causing or contributing to an accident. When there is no determined at-fault party in auto accidents, claimants usually take the matter to trial or court.
Severity Of Injury
The compensation received from car accident settlements is often significantly influenced by the severity of the injuries sustained. Cases involving severe, life-altering, and irreversible injuries are likely to result in higher payouts compared to those with only moderate injuries.
Injuries that are serious and have long-lasting impacts typically warrant higher compensation than average car accident settlements involving minor injuries. This is because claims for pain and suffering are often included, along with increased medical costs.
Indeed, the average medical expenses following a car accident can skyrocket to as much as $57,000 if hospitalization becomes necessary.
Financial Loss
When calculating the compensation for a car accident settlement, financial loss is a key consideration and plays a significant role in any car accident claim. This encompasses damages to the vehicle, medical bills, emotional distress, and any income lost due to an inability to work.
State Law
Every state has its own set of laws that dictate minimum insurance requirements, traffic regulations, and rules that outline how fault impacts a car accident claim. Consulting a personal injury attorney can provide valuable insights into how these state-specific laws influence your claim and help you decide the most appropriate course of action, whether it’s pursuing a settlement or filing a lawsuit. For instance, each state has a statute of limitations for car accidents, which sets a time limit on how long you have to initiate legal proceedings following the incident.
Get the Compensation you deserve
Determining the value of your specific accident injuries can be a complex process. A good starting point for estimating your potential insurance settlement payout involves examining both injury settlement statistics and comparable car accident settlement examples. Generally, car accident settlements can be categorized into certain types, which can offer you a more informed perspective on the possible range of settlement amounts for your unique injury.
- Catastrophic Injury and Wrongful Death Cases
- Herniated Disc and Other Disc Injuries
- Below are the Waist Personal Injury Settlements
- Above the Waist Personal Injury Settlements
- Car and Motorcycle Accident Cases
- Malpractice and Product Liability Cases
Talk to Phillips Law Offices Today
A car accident attorney can assist you in optimizing the financial compensation you receive from your settlement. They can gather evidence, manage the legal proceedings, and negotiate with insurance providers on your behalf. If you’ve sustained injuries in a car accident, it’s crucial to get medical care right away and seek a complimentary consultation.
Given the time constraints imposed by the statute of limitations, it’s vital to initiate your claim promptly. For a no-cost case assessment, reach out to a personal injury lawyer at Phillips Law Offices, or dial 312-598-0917 to begin the process.
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5 Reasons to Hire a Car Accident Lawyer
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