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You’ve been injured in a car crash due to another person’s negligence. You might be asking yourself, “How much is my car accident settlement worth?” While there is no definitive answer to that question, because every car accident is different, there are some general things to consider when filing your claim and negotiating with insurers.
Car accident data gathered over recent years shows that the average auto accident settlement in the U.S. is approximately $21,000. That average rises to around $31,000 when there are more serious injuries involved. These figures are just averages, however. The unique factors in your own accident, including the severity of your injuries, will be the bigger determinant of what your accident settlement is worth. It can be a good idea to contact an experienced Alabama car accident attorney who understands insurance settlements when wondering what your claim might be worth.
Contrary to what many people think, insurance companies don’t have a one-size-fits-all formula they use in determining settlement amounts. But many adjusters commonly use a multiplier of two, or three for more severe injuries, to arrive at settlements.
Here’s a basic example:
Imagine you spent $5,000 on medical bills following your accident. You also missed work for a week, so lost $1,000 in income. In dollar amounts, the accident has cost you $6,000. If the adjuster multiplies this by two, your settlement would be $12,000. For more severe injuries, your settlement might be $18,000.
It’s important to remember that insurance companies are in the business of making money, so they try to keep settlement payouts as low as possible. The first offer you receive from an insurance company is probably not their best offer. Don’t be afraid to turn it down and seek a better settlement if you feel the offer doesn’t fairly compensate you.
When considering what you think is a fair settlement amount, look at:
There are also less definitive losses you may suffer in the future, such as potential future medical costs that could arise from your injury, or future lost income if you become debilitated and unable to work.
A knowledgeable attorney will review the facts specific to your crash, including how severely you were injured, the extent of your property damage, and other losses and possible future losses due to your accident. They will look at all the unique factors surrounding your crash.
Contact our experienced car accident lawyers at Caldwell Wenzel & Asthana today to schedule a free case consultation. Call us at (251) 444-7000.