How Much to Expect From a Car Accident Settlement?

If you’ve been injured in a car accident due to someone else’s negligence, you’re probably wondering how much you might get in a car accident settlement. The answer to this question depends on how the accident happened and the nature and extent of your injuries. You’ll want to contact the Drexler Law Firm to help you get the best settlement you possibly can.

What is a Car Accident Settlement?

A settlement is an agreement, to resolve a claim, that pays an individual who has been hurt in an auto accident. The process begins when an injured person files a claim against the other driver’s insurance company or files a lawsuit against the driver who is at fault for the accident.

Sometimes an investigation is conducted before a settlement is reached. The majority of car accident cases are settled out of court. If, however, an agreement cannot be reached, the case might need to be litigated or even tried in front a jury to reach a final resolution.  When working towards a settlement, it is important to have as much information as possible about the accident, the injuries and the drivers. This might include photographs, a police report, witness testimony and medical documentation. This is often a complicated process and needs the skills of an experienced Los Angeles auto accident attorney to receive the best settlement possible.

What is Included in a Car Accident Settlement?

The at-fault driver’s insurance will normally pay for a settlement. There are two specific types of compensation in a settlement that an injured person may receive.

• Economic – Economic damages are compensation received after an auto accident that is based on monetary losses. If you receive an economic settlement this would cover things such as hospital bills, medical treatment, property damage, and lost income. A settlement may also include damages awarded for potential lost income and future medical bills needed for therapy and ongoing recovery.
• Non-economic – Non-economic damages, or general damages, are more subjective and sometimes harder to prove. Things such as pain and suffering, emotional trauma, PTSD or physical disfigurement are usually part of the calculus. Loss of companionship and decreased enjoyment in life might also be included in this category. Non-economic settlements are difficult to put a price tag on. You’ll likely need the assistance of an experienced attorney to help you receive a fair settlement for non-economic damages.

What is My Car Accident Settlement Worth?

When determining the amount a settlement is worth, there are several factors involved. The following are the general areas that are considered.

• Property Damage – Property damage would include the vehicles involved and any property that was in the vehicle during the accident. Other possible expenses in this category would include any towing charges, rental car costs, and costs to repair any damage caused by the accident.
• Medical Bills and Future Medical Treatment – Current medical bills and potential future treatments are considered when seeking a settlement. You may need a doctor’s testimony or a variety of medical documents to prove how much future medical treatment you may need.
• Long Term Effects of Injuries – The type of injuries you have, how severe they are, and if they’re temporary or permanent are all taken into consideration when determining a fair settlement. How your injuries will affect your day to day life for years to come is also taken into account. If an injury affects your ability to complete basic daily activities or there are permanent scars and disabilities, you’ll likely receive a higher amount in damages.
• Lost Income and Future Income – Both current income, as well as potential future earnings, are taken into account when determining a settlement. Your age and how many more years you would likely work is taken into consideration when figuring future income. Lost bonuses and potential promotions can also be taken into account. 
• Pain and Suffering – You may be able to receive damages for pain and suffering. This would include physical pain endured, emotional distress, and the potential for future pain and suffering. Calculating pain and suffering is subjective and it is often difficult for car accident victims and insurance companies to agree on a fair amount.
• Ability of Attorney – Finally, how skilled your attorney is will determine what type of compensation you receive. You’ll want to have an experienced legal team like The Drexler Law Firm with a proven track record of winning fair settlements. Having the right attorney can make the difference between receiving an adequate settlement and spending years attempting to cover costs related to the accident.

How Long Does a Car Accident Settlement Take?

The amount of time it takes to receive a settlement will vary depending on each individual case. Working with an experienced car accident lawyer can help resolve the process as quickly and smoothly as possible. 

Get the Help You Need

The entire process for receiving an adequate settlement can be complex. Each case is unique and dependent on a variety of factors. The only way to truly know the value of your case and how much you can expect from a car accident settlement is to speak with an experienced attorney. 

The Drexler Law Firm has a successful record of winning cases for over 2,000 individuals. We have proven expertise in representing car accident victims and individuals who have suffered personal injuries. Contact the Drexler Law Firm for a consultation.