What’s the Average Settlement for a Car Accident?

settlement for a car accident

When you are involved in a car accident you will undoubtedly be worried about resulting expenses, whether for vehicle repair or for medical treatment, depending on the impact of the accident. In such a situation you would need to know about possible financial recovery and how much monetary compensation you are entitled to receive.

If you’ve considered getting a settlement for a car accident, you can find out how much money you can access and how much time it’ll take to get the funds by hiring a Wilmington auto accident attorney.

According to NSC, 42,060 people died in car crashes in 2020. If you have been injured in a car accident caused by somebody else’s negligence, you have the right to be compensated for your losses, whether monetary or non-monetary.

Your settlement will depend on multiple factors such as the severity of wounds and the incident itself. Here are some important factors you need to know about the average settlement for a car accident.

What’s the Typical Settlement for a Car Accident?

In Wilmington, the average amount of settlement for a car accident is $15,443 covering physical injuries. For accidents with car damage only, the average car accident settlement is $3,231. There are multiple factors involved in the amount of a car accident settlement such as the damages of the accident victim, the insurance policy of the responsible party, and the laws that apply to the case.

How to Determine the Settlement Amount?

A car crash attorney can better guide you to determine the amount of money you will win in a settlement for a car accident, depending on all the factors and circumstances of your case.

A car accident can range from a small crash to a severe collision resulting in severe injuries and property damage. For example, a minor accident without injuries will determine a lesser amount of settlement than what you would get in an accident that resulted in serious injuries and property damage.

North Carolina law states that you must contact law enforcement if your car accident resulted in:

  • Personal injuries
  • Death
  • Property damage over $500

However, it is always wise to inform law enforcement of a car crash, even if the conditions are different from those mentioned above. This is because you could be eligible for compensation, even for a minor accident.

Who Will Pay Your Settlement?

It is important to know who is going to pay the settlement for a car accident. There are two scenarios. If you are injured or your car has been damaged in an accident due to your negligence, your own insurance company will probably pay for any losses. On the contrary, a car accident that is caused by another driver is usually covered by their insurance company.

Unfortunately, insurance companies always think about their profit first, which means insurance adjusters must save their company money by reducing claim holders’ settlements.

Most probably, the insurer may try to make you accept a settlement offer that is far less than what you truly deserve. If you believe you deserve more than what they are offering, you’re probably right. An experienced Wilmington auto accident attorney can assist you to determine the actual value of your case and fight for what you deserve.

Wilmington auto accident attorney

What Kind of Car Accident Settlement to Expect?

To define what kind of car accident settlement to expect in your case, you need to consider numerous factors. Some of the factors that can impact your settlement for a car accident include the following:

1. The Severity of Your Injuries

If you are suffering from serious and long-lasting injuries, your car accident settlement should be higher. Because the purpose of a settlement for a car accident is to fairly pay compensation for your medical bills and property damages. Therefore, if you have serious injuries, you deserve a handsome settlement. A settlement must be comparative to the severity of your injuries.

2. Your Financial Damages

A car accident should justly compensate you for your financial losses just like a car accident settlement should fairly reimburse you for your physical injuries. You can claim medical bills, lost income, and property damage under the category of financial losses in your car accident settlement.

3. The Laws in Your State

Your car accident settlement amount is influenced by the laws in your state. Each state makes its accident laws. However, all the states believe in compensating accident victims fairly, the value of your claim can be impacted by subtle differences in car accident laws between states.

4. How Obvious It Is That the Other Side Is at Fault

The strength of the case can make a difference in the amount that you receive when you’re negotiating a settlement for a car accident. The more evident it is that the other side is at fault, the higher amount of your car accident settlement is going to be.

If there’s room for argument, both sides have to decide whether to resolve the case by agreement or go to court for trial. If the fault is evident in the case, the gray area can reduce a settlement from what it might be.

5. Role of Insurance Policies

The person responsible for the accident must have the resources to pay a claim; most people have insurance to pay a claim. To make a car accident settlement higher one should have a strong insurance policy.

A settlement may be affected by the limits of the insurance policy and the specific coverage in place, both the guilty driver and the victim may have insurance policies that significantly affect the amount of the car accident settlement.

How Can a Wilmington Auto Accident Attorney Help?

A vital part of maximizing a settlement for a car accident is negotiating commendably with the other side. Getting the maximum car accident settlement requires an all-inclusive legal strategy that builds your case from all angles and for that, you need to hire a personal injury lawyer in Wilmington.

We will help you understand what to do to maximize your car accident settlement. Our auto accident settlement lawyers can also represent you in court if you want to pursue a compensation lawsuit. For a free information session and consultation contact our attorneys today.