Average Car Accident Settlement Amounts in California
Being involved in a car accident in California can put you in an expensive situation. You may be faced with steep medical bills and property repairs, in addition to lost wages from having to take time off of work. It’s important to understand how much your car accident case is worth to ensure that you receive a fair payment and do not settle for less than you deserve.
Find Out Car Accident Settlement Amounts
Debunking the Myth of an “Average” Settlement
As a car accident victim who is about to embark on the claims-filing process, it is crucial not to get caught in the myth of an “average” settlement value. No average amount that you find online will accurately gauge how much your individual case is worth.
Case values vary drastically, with some clients receiving several thousand dollars for minor car accidents and others achieving verdicts of $1 million or more for catastrophic injuries and wrongful death. Case values vary too drastically for an average estimate to be accurate.
How Much Is My Case Worth?
Instead of searching for an average amount to use as your baseline during car accident settlement negotiations, calculate how much your specific claim is worth based on its unique factors. This includes the gravity of your injuries, the amount of related costs and property damage, whether you have any level of disability, the number of defendants, and the car insurance coverage available.
A car accident lawyer in LA can help you gain an accurate understanding of your case value by calculating your economic and noneconomic damages for you. Economic damages are the financial losses associated with your car crash, such as medical bills and property damage. They can be calculated by adding together all of your accident-related bills and receipts.
Noneconomic damages, or “pain and suffering,” refers to the intangible effects of a car accident on victims. They include physical pain, emotional distress and psychological trauma. Calculating noneconomic damages can be difficult, as they are subjective. They are often determined by multiplying economic damages by a number from 1 to 5 based on injury severity.
Types of Compensation Available
Understanding the value of your car accident case requires being able to list your compensable losses. A specialized Los Angeles injury attorney can help you create your list to ensure that you don’t miss any opportunities to get reimbursed.
Typical car accident cases involve:
- Past and future medical bills
- Motor vehicle repairs
- The pre-crash value of a “totaled” car
- Pain and suffering
- Lost wages
- Lost future capacity to earn
- Loss of consortium
Always get immediate medical care after a car accident and take your vehicle to a repair shop for an official estimate. Keep copies of all bills and receipts associated with your crash.
The Importance of Contacting a Car Accident Attorney
While you go through the process of filing a car accident claim with an insurance company and negotiating a settlement, it’s vital to know how much your case is truly worth. Unfortunately, you cannot trust the price estimate assigned to your claim by an insurance adjuster. Accepting the first offer could lead to a lowball settlement.Insurance companies want to maximize their own profits by offering as little money as possible to claimants. Avoid accepting a lowball settlement offer by contacting a car accident attorney near you to discuss your case with someone you can trust. An attorney will be on your side and want you to maximize your financial recovery.