How Much Money to Expect From An Auto Accident Settlement?

There are two options that you can choose after facing a car accident, which is settlement and trial. Most people will choose the first option since it is much easier and faster. You won’t need to visit the court and deal with a long and complex process where you have to prove who was responsible and then wait for the officials to decide about your compensation.

On the other side, deciding to choose a settlement is not always a good idea, especially if you are not familiar with all elements that can be added to it, and not being sure about the amount you should ask for. In that case, the best option is to seek help from an expert, and if you need one,?check here.

When it comes to statistics, it says that the average amount of this agreement is around $20,000. However, damage made to your vehicle is not the only factor that can affect this value. In this article, we are going to analyze more about the potential amount you can get through an agreement, and how to determine the right one.

What Are the Main Factors?

Source: oconnorpersonalinjury.com

As we already mentioned, the damage made to your car is not the only element that you will consider when calculating the compensation. Instead of that, be sure to add other factors like injuries, financial losses, insurance, liability, and law. When it comes to injuries, the other side must pay off your debt made in the hospital for the treatment and medication.

Also, if you have more serious injuries, keep in mind that you can ask more for money for the fear and pain. This compensation can be much higher if there are long-term injuries that will prevent you from daily activities, job, and more.

When it comes to financial losses, it is related to all days that you had to spend at home or in the hospital during the treatment and rehabilitation. Therefore, if you were unable to go to work, the other side will have to pay for all wages that you lost during that time.

Moreover, some details related to this agreement can be different from state to state depending on certain laws about accidents. There are states where you can ask for much more money even for minor injuries.

Be Sure to Include All Details

The most common mistake people are making is that they are rushing this process trying to complete the agreement as fast as they can. However, this only leaves more room for mistakes that might significantly lower the amount you can get. Therefore, start with the evaluation right after getting sure that everyone is safe.

If you are not sure how to evaluate the amount required to fix the vehicle, you can easily resolve that by calling the nearest mechanic. Also, when it comes to other elements of the agreement, we suggest you to always contact an expert in this area. That is especially the case with more serious accidents where participants were injured.

Therefore, collect all the papers you got from the hospital including the bills for medication. Also, include the potential expenses related to further rehabilitation from injuries. On top of that, you can add the compensation for physical and mental pain.

Potential Complications

The main feature of this option is that you can avoid the complicated process at court. However, you should never do that at all cost because you might lose a lot of money that way. Also, keep in mind that you are the one who should decide about the agreement if you are not responsible for the accident.

Therefore, you should be the one who is creating the deal. In case that the other side is not satisfied, the only remaining thing is to transfer the case to the court. You could try to negotiate, but be sure that it goes in your favor.

Missing a single detail in the agreement might leave you without a significant amount of money. That is especially the case with physical injuries where short-term injuries can add over $10k to the amount. More serious medical problems will include compensation that can be over $100k, and over millions of dollars in some cases.

The Best Solution is to Hire the Assistance

Since there are so many details that can affect the whole process and the total amount you can get, hiring an expert in this area is always the best option. We know that many people will only try to complete the whole process faster, but keep in mind that the other side might try to use it in its favor and end with a lower amount that has to be paid.

You can avoid that by paying attention to all details and by starting the process at the right moment, which is after the accident. Also, we have to mention that waiting can only lead to additional problems since some evidence could be lost.

You can be more relaxed when you have help from an expert who will assist you with the whole process and help you gather all the essentials that will provide you with the right amount of money. Therefore, there is no reason to try saving some money by not hiring a lawyer.

The Bottom Line

Source: hlf-law.com

As you can see, the key is to collect all details related to repairs and medical treatment. Also, be sure to consider the pain and struggle from the accident. Besides that, you should also add all losses that you will lose in the future, which are caused by the following accident, such as lost wages and treatment.

You can easily collect and calculate all of these elements, but if the other side is not agreeing to your terms and negotiations are not going as planned, the only remaining solution for you is to get this case to the court where you can secure the right amount. Having a good lawyer is advised in both cases.