Car accident Settlement: How much can you get?
According to one source, the average car accident settlement is a little bit more than $15,400. That’s for car accidents that involve a bodily injury. Most car settlements are between $14,000 and $28,000. If you want to get a rough estimate on your own car accident settlement, then add up your expenses and multiply that sum by three. For example, add up your expenses for medical bills, car repairs, and lost wages, then multiply that sum by three.
The average claim that includes property damage is a little bit more than $3,000.
A settlement means that your case has been resolved out of court. Typically, it means a one- time payment has been mutually agreed upon by the parties and the defendant usually does not admit fault. Settlements are significantly less stressful than going to trial.
How do you negotiate a car accident settlement?
Initiate a Claim as Soon as Possible After an Auto Accident.
Keep Accurate Records About the Accident.
Hire an Attorney to:|
Help you calculate a fair settlement.
Send a detailed demand letter to the Insurance Company.
Auto Accident Settlement average timeline
The negotiation timeline will vary depending on how many offers and counteroffers occur before you accept a settlement amount. Typically, it can take anywhere from one to two weeks for the insurance company to respond to your demand letter.
Taxes on Personal Injury Awards
If you sue someone for causing you personal physical injury or physical sickness, any damages or settlement you receive to compensate you for your medical expenses, lost wages, and pain, suffering, and emotional distress is not included in income. The money you receive isn’t taxed.
Justice Law Partners Inc and Justin Rodriguez specialize in a wide range of legal matters and are particularly active in the cities listed below.