This page was written, edited, reviewed & approved by Dustin Lance following our comprehensive editorial guidelines. Dustin Lance, the Founding Partner, has handled many types of personal injury cases and is licensed in Utah and Idaho.
If you’ve been in a car accident, you might be wondering how to calculate your car accident settlement. The process can be confusing, but Lance Bingham helps you understand it better.
As experienced Utah car accident lawyers, we provide a guide to calculating car accident settlements so you can make informed decisions about your personal injury claim. With the right information, you can determine the value of your car accident case and ensure you are fairly compensated.
Our goal is to make the process as simple as possible, ensuring you get the best possible outcome in your personal injury case.
A car accident settlement is the amount of money you receive after being involved in a car accident. This money is intended to cover medical expenses, lost wages, and other costs resulting from the accident. It’s typically paid by the insurance company of the at-fault driver or the company you have insurance with.
Most car accident cases settle out of court because it’s quicker and less costly for both parties. Going to court can be a lengthy and expensive process, which is why many car accident victims and insurance companies prefer to settle. Here’s why:
Settling out of court can be a smart choice for both sides, especially if a fair and reasonable agreement can be reached.
Pain and suffering damages play a significant role in determining your car accident settlement amount. These damages account for the physical and emotional distress caused by an accident, and understanding how to calculate them is crucial for any personal injury claim.
Calculating pain and suffering isn’t always straightforward. Insurance companies use different methods, such as a personal injury calculator, to determine the amount based on the severity of the injuries and their impact on your life.
The final settlement amount depends on various factors, including your minor injuries, ongoing medical care, and any future medical expenses you might incur.
Insurance coverage plays a major role in the settlement process. The amount of available insurance limits can significantly affect how much you’re able to recover.
If the at-fault driver’s insurance limits are lower than your claim, your settlement could be limited to the policy’s maximum coverage, even if the damages exceed that amount. This is why it’s important to work with a skilled car accident lawyer to assess all possible sources of compensation.
A personal injury settlement calculator can help you estimate your potential settlement, including pain and suffering damages. This tool factors in variables such as your out-of-pocket expenses, future medical expenses, and the severity of your injuries.
However, keep in mind that it’s just an estimate, and the car accident settlement depends on many factors, including the insurance company’s evaluation and any personal injury lawsuit you might pursue.
Several factors affect how much money you can get from your car accident settlement. These include your medical expenses, lost wages, and the severity of your injuries. Below are the main factors that determine your settlement.
Medical expenses are one of the most important factors. This includes hospital bills, doctor visits, physical therapy, and any future medical costs related to your injuries. The more expensive your medical treatment, the higher your settlement amount may be.
If your injuries prevent you from working, you can include lost wages in your settlement. This includes your regular income and any lost future earnings if your injuries affect your ability to work long-term.
Pain and suffering refer to the emotional and physical pain caused by the accident, as this can include physical injuries, emotional distress, and other types of suffering. The amount for pain and suffering depends on the severity of your injuries and how much they affect your life.
If your vehicle is damaged in the accident, the cost to repair it or replace it is included in your settlement. This also applies to any other property damaged during the accident.
When calculating your settlement, there are three main types of damages you can claim. These include economic, non-economic, and punitive damages.
Punitive damages are rarely awarded but can be included if the at-fault driver acted with gross negligence, such as driving under the influence of alcohol or drugs.
In most states, the amount of money you can receive depends on who is at fault. If the other driver is mostly at fault, you can claim more. But if you’re partially at fault, your settlement might be reduced.
In some cases, the law uses "comparative negligence" to determine fault. If you are partly responsible for the accident, the court will reduce your settlement by the percentage of fault assigned to you.
Insurance companies assess the evidence from the accident, including witness statements and police reports, to determine who was at fault. They will also consider any previous accidents or driving history of the involved drivers.
Calculating a car accident settlement involves several important steps.
To get a fair settlement, gather all evidence, including:
Your settlement should include both current medical bills and any future costs related to your injuries, such as future medical treatment or ongoing therapy.
Once you have a clear picture of your damages, you’ll need to negotiate with the insurance company. A skilled car accident lawyer can help you get a fair settlement by negotiating for the compensation you deserve.
The time it takes to reach a settlement can vary, but most cases take several months. The time depends on how quickly evidence is gathered, how complex the case is, and whether both sides can agree on a fair settlement.
It can take time to recover from injuries, and sometimes, your settlement may need to be adjusted to account for future medical care or physical therapy. Your doctor can help determine the expected recovery time.
Some cases may take longer due to disputes over fault, or if the insurance company doesn’t offer a fair settlement. These cases might require more negotiation or even legal action.
A skilled personal injury attorney can help you throughout the settlement process. They gather the necessary evidence, evaluate your injuries and damages, and ensure that you’re offered a fair settlement.
An experienced personal injury attorney will handle all communications with the insurance company to ensure your rights are protected and you get a fair settlement.
If the insurance company doesn’t offer a fair settlement, a personal injury lawyer can file a personal injury lawsuit on your behalf to ensure you receive the compensation you deserve.
The value depends on factors such as medical expenses, lost wages, pain and suffering, and the degree of fault in the accident. A lawyer can help you calculate a fair settlement.
If you are partially at fault, your settlement may be reduced based on the percentage of fault assigned to you.
Pain and suffering damages are calculated based on the severity of your car accident injuries, including physical and emotional pain. The more severe injuries you have, like brain injury or broken bones, the higher the potential for a larger settlement.
Yes, lost income from being unable to work due to severe injuries or physical pain can be included in your personal injury claim.
If you suffer from permanent injuries or need ongoing medical treatment, your settlement should include future medical expenses. This can cover things like regular medical appointments, long-term physical therapy, or any future medical bills that arise from car accident injuries.
Yes, the amount of insurance coverage available can impact the final settlement amount. If the insurance limits are too low to cover your damages, you might need to look at other sources for compensation.
Injury severity directly affects your settlement. For example, minor injuries might lead to a smaller settlement. In contrast, more serious injuries or bodily injury claims, especially those resulting in permanent injuries, are likely to yield a larger car accident settlement.
If you’ve been involved in a car accident or auto accident, it’s important to understand how to calculate your settlement. Lance Bingham provides a guide to calculating car accident settlements to ensure you receive fair compensation for your injuries.
Our experienced Utah car accident attorneys will help you navigate personal injury law, gather the necessary evidence, and work toward getting you a fair settlement for your car accident claim. Whether you've suffered from minor injuries or wrongful death, we will fight for your rights and ensure you receive enough insurance coverage to cover your medical bills, lost income, and pain and suffering.
We will handle the complexities of your case while you focus on your recovery. Reach out today to schedule your free consultation and get the help you need with your personal injury claim.
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