What Is a Good Settlement Offer?
Medical bills, rental car fees, property damage invoices, and other damages can add up quickly after a car accident. Furthermore, when someone is critically injured, they are unable to work, making it incredibly difficult to pay costs. This sometimes leads to the inquiry, "What is a good settlement offer?"
How Much Should You Settle for?
Many reported instances in the United States settle for between $14,000 and $28,000, according to data from across the country. The average salary is roughly $21,000 per year.
Now, how does this affect your situation? It doesn't, to be honest. Because each and every scenario is unique. We've handled injury cases ranging in value from a few thousand dollars to millions of dollars. There is no such thing as a right number.
Average Settlement Amounts for Auto Accidents
Because each case is different, determining typical settlements is challenging. However, depending on the conditions, this is a general guideline to expect.
● Small injuries range between $10,000 to $25,000 (soft tissue damage or whiplash)
● Long-term injuries that necessitate surgery or physical therapy might cost anywhere from $50,000 to $75,000.
● Spinal injuries can cost anywhere from $75,000 to $100,000 (not resulting in paralysis).
● Brain damage - the awards are $100,000 and $250,000 (cognitive impairment, loss of brain function, requiring surgery).
● Settlements for disabilities such as paralysis or severe brain impairments that necessitate daily care can cost hundreds of thousands or millions of dollars.
The Factors that Affect the Amount of Your Auto Accident Settlement
The amount of your vehicle accident settlement may vary depending on some factors. It is dependent on
● What or who was harmed in the collision,
● If only the automobile was damaged,
● If you were physically injured, and
● If you suffered prolonged pain and suffering after the immediate occurrence
You may be awarded a lower settlement due to short-term injuries and/or compensation for the time you were unable to work due to your recovery, or a higher payout due to long-term injuries and/or compensation for the time you were unable to work due to your recovery.
How Much Do You Get for Pain and Suffering?
If your injuries are severe and you were not at fault in the accident, you may be able to get a lump-sum payment for your pain and suffering as well as future lost wages. These lump-sum settlements can be large, with some claiming hundreds of thousands of dollars and others claiming more than a million dollars.
The lump-sum compensation for pain and suffering is determined by a predetermined scale that specifies the amount you can receive based on the severity of your automobile accident injuries. However, depending on the severity of your injuries, the amount you receive is usually lowered on a sliding "partial" scale.
The First Offer May be Much Lower Than the Value of Your Claim
Insurance companies want to settle your vehicle accident claim for the least amount possible. The company exists to generate a profit. The company's profit margin is harmed by paying claims.
As a result, the insurance company is likely to make a low bid compared to the value of your damage claim. The corporation is assuming that you are unfamiliar with personal injury lawsuits and how to calculate your damages. It also wants to settle the claim before you know the true extent of your losses or consult with a Des Moines auto accident lawyer.
You are not obligated to accept an offer from the at-fault driver's insurance company. There are numerous alternatives available for settling the claim, including rejecting the offer, counter-offer, or filing a personal injury claim.
How to Calculate the Value of a Car Accident Settlement
Speaking with a lawyer is the best approach to determine the value of your case. In many circumstances, you may not even require the assistance of a lawyer. You don't need a lawyer if you have a bill for an ER visit or a family doctor appointment, as well as minor damages to your vehicle. However, if there are serious injuries or death as a result of the accident, a lawyer is required to investigate the matter. Our firm provides entirely free consultations, so there is no fee to consult with us about your situation.