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5 Factors That Determine Your Car Accident Settlement Amount

Car accident settlement amounts can range from a few thousand to millions.

The more severe the injuries, the higher your claim value.

Loss of wages, medical bills, pain and suffering, and other factors play an important role in what the insurance company will offer.

A typical car accident injury claim means that the matter gets settled out of court. You receive compensation for your injuries. The insurance company and at-fault party are released from any further liability or damages.

Most insurance companies would rather settle than go to court. However, don’t assume that you’re better off negotiating with the insurance company on your own. People who represent themselves trying to save on attorney fees generally receive a lower offer from the insurance company. It’s important to remember that injury lawyers charge contingency fees. This means that there are no upfront legal costs and the only fee you pay is paid directly from the money that your attorney recovers on your behalf.

Settlements are negotiated by injury lawyers representing both the victim and the individual with legal liability. The victim’s lawyer specifies an amount of money and the liable party’s lawyer negotiates a lower amount. The lawyers might go back and forth a couple of times before settling on an amount of money.

Factors That Impact Your Car Accident Settlement

The type of accident you were in and the injuries you sustained are what impact the car accident settlement amount you are offered by the insurance company.

There are several factors that determine the amount of money you receive from your car accident settlement claim. They include:

1. Your post-accident behavior has a significant impact on how the insurance company will attempt to settle your claim

The actions you take immediately after your car accident have a significant impact on your claim value.

If you fail to visit a doctor or delay medical treatment, the defendant’s lawyer is likely to argue your injuries were not a result of the accident.

Also, avoid speaking to the other driver about the particulars of the accident as some details may be lost or misconstrued. You may also appear to be partly at fault if you tell him/her you are sorry for the accident. It is also advisable to abstain from making formal statements as anything you say may be used to deny or undervalue your claim.

It is generally best if you only discuss the accident with your car accident lawyer.

The first thing a good lawyer will advise you to do is seek medical care as it goes a long way in receiving a fair settlement offer.

2. The type of insurance coverage you have available impacts your car accident settlement

The model of your vehicle and the amount of insurance coverage you have influence your car accident settlement amount.

Different states have varying requirements for insurance coverage amounts in car accident settlements. Illinois, for example, has a requirement of at least $30,000 of car insurance coverage for a settlement of $60,000 in bodily injury claims per accident.

A better option for you would be having underinsured motorist coverage. Underinsured motorist coverage (UIM) is an optional insurance policy available in most car insurance companies. The policy requires that your insurance company compensates you for injuries whenever an at-fault driver is unable to fully pay your claim.

3. The types of injuries you sustained from the accident will determine the potential value of your case

The type and severity of the injuries you sustained from the crash also factor-in in your car accident settlement.

The value of your claim should increase with more catastrophic injuries. Injuries to the spinal cord and those requiring amputations are often at the higher end.

The cost of your treatment, the severity of pain, and extended loss of ability to work have a significant impact on your quality of life.

As a result, such injuries are more likely to receive a large settlement than injuries that heal in a couple of weeks or months.

4. The number of people who received an injury due to the at-fault party

More often than not, if there are multiple people in the vehicle, more than one person will have a car accident injury.

Anyone who was injured may seek compensation from the liable party. With limited financial resources, the liable party may be unable to pay the full settlement.

5. How soon you need money and how long you are willing to wait for a fair settlement (or trial date)

If you are in a rush and desperate to receive money, the insurance company will prey on this and offer a lower settlement. In most instances, patient victims tend to receive higher settlement offers than those looking for a fast payout.

It’s important to talk to your lawyer about your needs, so they can develop a strategy that will maximize your compensation.

Best Way to Maximize Your Car Accident Settlement Amount

Every car accident victim wants the most money they can get for their injury claim. Every case is unique, so the best way to increase the value of your claim is to consult with a lawyer immediately.

It is always advisable to seek professional representation immediately after being involved in a car accident.

An experienced car accident settlement lawyer will protect your rights against insurance company devaluation strategies and offer you the best chance to receive a high settlement.

What’s more, it costs nothing to talk to an experienced car accident settlement lawyer.

If you have been injured in an accident, call now or schedule a free consultation with an attorney near you.

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