Dealing with a car crash lawsuit does not only consist of emotional distress, but you are likely dealing with insurance payments and medical bills too. The trauma associated with any car accident can amount to a lot more based on your financial concerns. A car accident settlement can reimburse you for the money that you have paid. But how much money can you get from a car accident lawsuit?
How Much Money Should You Expect From a Car Accident Lawsuit?
The most important thing to state is that each case is unique and is judged on its own merits. Based on insurance industry research a standard car accident case will settle for approximately 3 or 4 times as much when handled by an experienced car accident lawyer. There are certain factors that you need to consider if you are trying to calculate your settlement amount:
Were you injured in a “pure tort state” or a “no-fault” state?
Claims adjusters and attorneys will put a multiple on your “specials” which is the total amount of wage loss and medical bills in a pure tort case. However, the process with a no-fault case is not so straightforward. However, in Michigan, there are unique laws that have injury threshold requirements such as pain or suffering compensation.
What are the insurance policy limits?
This would consist of the liability limit of the driver at fault, as well as the coverage limit on your policy, as well as the liability policy limit of the owner of the vehicle that was driven by the at-fault driver.
The employment of the victim.
It also includes the amount of time from work missed or rendered disabled from work by a medical specialist.
What is the extent of the injuries?
Including if medical treatment is ongoing, all the injuries are fully resolved with minimal treatment. The type of injury also needs to be considered. For example, a spinal cord or neck injury or post-traumatic amnesia is considered.
Considering all of these components and you want to get a rough estimate of how much you would expect, the formula would be to add your medical bill expenses, lost wages, and cost of car repairs. Multiply this sum by 3, and you would get a rough amount.
For example, if you injured your back, you paid $5,000 in doctor’s bills, and were out of work for a week, which resulted in $2,000 income lost, the settlement might be approximately $21,000 but is likely to fall between $14,000 and $28,000.
Who Pays the Settlement in a Car Accident Lawsuit?
If you’ve been involved in a car accident, the settlement will either come from your insurance or the other driver’s coverage. This will compensate you for damages and injury. If the crash was your fault, the insurance company will pay a certain amount to fix the car. But if the costs to repair the damages are more than the vehicle’s value, the insurance company may consider your vehicle irreparable or “totaled,” and will give you a lump sum based on the value. If the accident was caused by another driver, their insurance company should compensate you for damages, losses, as well as pain, and suffering.