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How Much Are Typical Car Accident Settlement Amounts? - Jones Law Group

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Jones Law Group September 23, 2022 0 Comments

If you’ve suffered a severe injury in a car accident caused by someone else, it’s only natural to wonder how much compensation you may be able to receive for that other driver’s negligence. You’ll be looking for a car accident settlement that will pay for not only the extensive medical treatment you’ll need, as well as your other monetary losses, referred to as “damages” from a legal standpoint.

One of the most important things to know is that if any personal injury attorney ever promises you’ll get a certain amount of money, choose another law firm. At the Jones Law Group, our team of attorneys won’t do that. What we will promise, however, is to put our expertise and knowledge to work in an effort to get you every penny you deserve.

The following is some information on some of the factors that will go into determining the amount of any settlement you may be able to obtain. If you would like to schedule a free consultation, contact our firm online or give us a call at (727) 571-1333.

Understanding How Car Accident Settlement Amounts are Determined

In general, the worse the injury, the more money the victim will receive. If someone suffers a traumatic brain injury, for instance, they’ll typically get more than someone else who has a broken arm.

But it doesn’t always work out that way. We can’t overstate the importance of not falling for the sales pitch of a lawyer who says they’ll get you hundreds of thousands of dollars. Any sort of claim like that will be completely baseless. Since there’s really no such thing as a “typical” car accident.

Insurance companies use complex calculations, involving many different factors, to determine how much they will offer an accident victim. But that doesn’t mean the settlement offer you receive will be fair.

The best chance you have at obtaining maximum compensation will be to hire an attorney who can make your case as strong as possible. That means gathering the evidence needed to prove beyond a shadow of a doubt that you weren’t to blame.

Your Settlement Amount Depends on the At-Fault Party’s Available Funds

As long as the person who caused the accident was fully insured, you’re going to have a chance at getting what you have coming for the suffering you’ve had to endure. But if they were either underinsured, or worse yet, had no insurance at all, things are going to get complicated.

Hopefully, you have underinsured/uninsured coverage on your vehicle’s insurance policy. If you don’t, then you’re going to have to go after the at-fault driver’s personal assets. This is where you’ll definitely need the help of a skilled car accident attorney. They will be able to find out what those assets are, and can help you get as much as possible.

What Lawyer Fees Will be Taken from My Car Accident Settlement?

This is a great question. In fact, it’s one of the most important questions you should ask any attorney you’re thinking of hiring.

Most personal injury attorneys work on what is known as a “contingency” basis. This means they don’t receive any money unless their client wins their case. Once that happens, the attorney will usually receive a percentage of the car accident settlement. If the case goes to court and the injury victim (plaintiff) wins, the attorney will receive a portion of the jury award.

Attorneys will typically charge anywhere from 25-33% if the case is settled out of court. However, if the case finds its way into a courtroom because the insurer refuses to offer a fair settlement, the percentage will usually increase to about 40%, since additional resources and time will be needed.

How Long Will it Take to Receive My Finalized Settlement?

Before you can obtain a car accident settlement, you’ll need to reach one of two milestones. You’ll either have to recover fully, and no longer need medical treatment, or you’ll have to get to a point where your recovery has progressed about as far as it will go. This is known as “maximum medical improvement.”

The reason waiting is so important is that if you accept a settlement too soon, it won’t cover any further medical bills you might accumulate. You might, for instance, need further surgeries, or other kinds of procedures. If that’s the case, then you’ll be responsible for paying for those expenses on your own.

You really need to be careful which attorney you choose, because there are some firms that are known as “settlement mills.” All they care about is getting as much money as they can, as fast as they can. It doesn’t matter whether or not their client is truly getting everything they deserve.

Once you’ve recovered or reached maximum medical improvement, a settlement could actually occur at any time. If it does, and you agree the offer is fair, then you will receive your check in just a few weeks.

But that car accident settlement offer won’t necessarily be fair. If so, you’ll need to fight the case in court to have any chance of receiving what you truly deserve. This could take anywhere from a few weeks to a year or longer. There is a chance, however, that once you refuse the offer, the insurance company could make a new one in order to avoid the expense of going to court. If that happens, of course, you’ll get your check much faster.

Jones Law Group is Here to Help You, Call Today for More Information

At the Jones Law Group, we have a team of attorneys with a vast amount of experience in helping people hurt in car accidents through no fault of their own. We’ll keep you completely informed throughout your case, and help you avoid any pitfalls that could potentially damage your case.

Even more importantly, we’ll work passionately on your behalf to help you obtain full and fair compensation. Without making any empty promises. Once we have all the information we need, we’ll know the potential value of your case.

Schedule a free case review by calling (727) 571-1333 or using our online contact form.