Car Accident: What’s the Average Settlement Value?

Car accidents cause a lot of harm, such as PTSD, loss of companionship, loss of enjoyment of life, etc. The details of each collision are different and the settlement amount will heavily depend on those factors. While you might not be able to figure out an exact amount without a lawyer’s help, it is still possible to get a rough estimate based on a variety of factors.

Talk to an experienced and qualified Santa Ana auto accident attorney to figure out the most accurate amount. In a serious accident, it makes sense to contact a traffic accident lawyer as soon as possible. An Internet search can also give you a vague idea of what kind of settlement value you can expect, but only a legal professional will provide accurate, reliable, and pertinent information.

You probably have questions about what type of compensation you could expect after a serious car accident. This is understandable. The amount of compensation you receive will depend on your medical bills, lost wages, and other out-of-pocket expenses. A car accident settlement may also compensate you for non-economic damages, such as pain and suffering.

What Is the Average Car Accident Settlement?

According to the Insurance Information Institute, the average value of a car accident injury claim was $18,417 in 2019. The average claim for property damage was $4,525.

It’s important to remember that the value of a car accident settlement depends on the specific case. For severe physical injuries (such as paralysis), the average compensation amount is higher, whereas compensation for minor injuries such as whiplash is less.

What Things Influence the Settlement Value?

Insurance companies often use a settlement formula to calculate the value of a car collision claim. However, the specific circumstances of the case are always considered. For instance, the amount awarded for minor accidents is not the same as that for crashes with major injuries.

Factors that can impact your Santa Ana car accident settlement include:

  • The severity of your injuries and property damage
  • The amount of medical treatment
  • Your degree of fault for the accident
  • Lost wages and loss of earning capacity
  • Your financial losses
  • The insurance policies limits
  • The available evidence to support your case

How Are Car Accident Settlements Calculated?

The settlement amount is determined according to a very specific formula. Physical injury is always taken into account when calculating the settlement amount, and medical care represents a significant part of the settlement.

You can demand compensation for doctor’s visits, surgery, medication, X-rays, CT scans, or anything else the doctor has recommended. Collect receipts and other documents that show you have incurred medical expenses.

When estimating compensation for lost wages, you can use your past earnings to determine how much money you would have earned if you could have gone to work. This should be a relatively easy process. For more information, contact a Santa Ana auto accident attorney.

In a wrongful death case, family members can claim compensation for loss of consortium, which is a type of non-monetary damage. Once you have this information, focus on non-economic damages. These are damages that cannot be quantified, such as pain and suffering. A scar is another example that can adversely affect your self-esteem and overall quality of life.

Insurance companies generally use the multiplier method to calculate damages for pain and suffering. This is done by adding up the economic damages and then multiplying the result by a number that represents the severity of your pain and suffering. The more severe the injury, the higher the multiplier. The multiplier number is usually between 1.5 and 5, but it can be higher than 5 for very serious injuries.

For example, imagine you suffer from chronic pain and a lasting impairment after breaking a hip. In this case, the multiplier would likely be 5. If your medical expenses, lost wages, and other economic damages total 10,000, your compensation including pain and suffering would be 50,000.

Call a Santa Ana Auto Accident Attorney Today:

At the Crockett Law Group, we have helped many injury victims receive hefty payouts by capitalizing on our extensive experience in numerous accident cases. We are top-rated car accident lawyers who have helped clients recover millions of dollars in compensation.

You deserve the settlement you need, and our entire team is dedicated to helping you reach it. Contact our personal injury lawyers in Santa Ana today by calling (800) 900-9393 for a free case review.

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