How Much is the Average Car Accident Settlement?

Did you know that 6 million car accidents happen in the United States every year? What’s worse is 3 million people suffer from injuries in a car accident!

If you’ve been in a car accident, you’re most likely dealing with insurance claims, possible medical bills, and emotional distress. Don’t panic because a car accident settlement can help reimburse you for the money you’ve already paid out.

How much is the average car accident settlement? Read on to find out!

Where Does the Average Settlement Come From?

Depending on your car insurance or the other driver’s, they may compensate you for any injuries or damages.

Never admit fault immediately after the accident. Talk to your attorney and see what they say. If the crash ends up being your fault, the insurance company will pay a certain amount to fix your car IF you have collision coverage.

Have you read your policy lately? Because you should or call your local agent.

If the cost to repair the damages is more than the value of your car, the insurance company will claim the car as “totaled.” With that, they’ll give you money based on how much they think it’s worth.

You may not like the number they come up with, but it’s a start at moving forward and getting a working vehicle.

What Kind of Settlement to Expect

Expect the settlement to be three times the cost of your medical bills. Yet, a variety of factors go into deciding your average settlement.

A judge looks at the type of injuries you suffered, your treatment plans, the length of therapy, loss of income, etc.

If you’re working with your insurance company after the accident, let them know you’re still going through medical treatment. Don’t settle for less because that’s not fair to you.

How Much Is the Average Car Accident Settlement?

How much are you going to get? And will you be satisfied with it?

Well, first of all, it’s not an exact formula. You’re reimbursed based on the policy limits in your coverage.

Expect to get pain and suffering compensation if you’re injured. That’s why it’s important to get checked out by a doctor immediately following the accident.

You might only feel the effects of whiplash a day or two after the accident so don’t just assume you’re OK.

So how much is the average car accident settlement?

  • Add up your expenses for medical bills
  • Add up your car repairs
  • Add up lost wages

Multiply that sum by three and there’s your rough answer.

What’s Next?

Don’t delay! You have approximately one to two years from the date of the car accident to file a lawsuit. Working with a personal injury lawyer helps take the stress off.

At STEINLAW, we’re dedicated to obtaining that greatest level of recovery for your case. We welcome the opportunity to help you answer the question, “How much is the average car accident settlement?”

Contact us today and let’s work towards a brighter future together for you!