After you have been involved in a car crash, it is only normal to wonder how you will recover financially, especially since accident-related bills can be very expensive. You may also want to know the amount you can receive in financial compensation, how long it will take to get it, and what you have to do to win your case. For starters, according to the Insurance Information Institute, the average car accident settlement for physical injuries was $15,785 while the average compensation amount for damaged property was $3,841 in 2018.
However, since every vehicle crash is different, the compensation amount you will get after a vehicle crash depends on the losses and damages you have incurred. Thus, the full compensation amount will be the total of your financial losses plus non-economic losses such as pain and suffering. Factors that can affect the amount of compensation you will receive include:
The severity of your injuries
Crash injuries could be minor or catastrophic. The severity of your injuries will determine the compensation you will receive. Therefore, the more severe and permanent your injuries are, the more money you should receive. So, if you have catastrophic injuries, you deserve a larger compensation amount. For instance, a victim who sustains a traumatic brain injury or a spinal cord injury may get more money than someone who suffers from whiplash or breaks their arms.
Financial losses
All the financial losses that you have suffered from the crash such as lost income, medical expenses, and vehicle repair costs can be factored in when calculating the value of your claim.
Liability
If it is very easy for you to prove that the crash was caused by another party, you should expect to be granted fair compensation. However, the amount could be reduced if there’s debate over who caused the crash. Therefore, it is advisable to hire an experienced lawyer who can establish who the liable party is and gather strong and compelling evidence to prove their negligence.
The insurance policies
Many people have insurance to pay for claims. Moreover, the limits of the insurance policy and the specific coverage will impact the compensation amount. Therefore, a great insurance policy can increase the value of the compensation amount.
What is fair compensation?
Fair compensation should fully compensate you for the property damage, past, and future lost wages, past and future medical bills, and pain and suffering among other losses. In addition, it can take very long for a case to be settled depending on the severity of the crash and the requested compensation. Thus, the larger the damages, the more time you may take to fight for a fair pay-out.
Conclusion
Thus, it is advisable to hire a lawyer who can represent you. Not only will the lawyer maximize your compensation amount, but they will also shorten the time the case will take before a settlement is reached. The litigator can achieve this by collecting compelling evidence, filing your claim as soon as possible, and fighting for you to receive fair compensation.