How Much Money Can You Get from a Car Accident?
The typical settlement after a car accident can fall anywhere between $2,000 and $100,000. However, depending on many factors, you could get less or even more than the specified range. When you have been involved in a car accident, getting better should be your top priority. But you may not get better if you don’t have the money to pay for your medical treatment and cover other losses.
The Columbus car accident attorney at Wolfe & Mote Law Group, LLC, can explain what types of damages you may be entitled to and how to properly calculate the value of your claim to ensure you don’t settle for less than you deserve.
Types of Damages Awarded to Victims of Car Accidents
A car accident can wreak havoc in your life and make your financial situation feel daunting. However, if another party was at fault for your car accident, you can pursue compensation—known as “damages”—to make up for the economic and non-economic losses you may have endured.
Economic Damages
Economic damages compensate for monetary losses due to the accident. They are quantifiable and can include:
Medical expenses: Hospital stays, surgeries, physical therapy, and medication costs.
Lost wages: Income lost due to inability to work after the accident.
Property damage: Cost of repairing or replacing your vehicle.
Rehabilitation costs: Expenses for necessary rehabilitation services.
Economic damages are relatively easy to calculate. All you need to determine the total amount is to gather all receipts, bills, pay stubs, and other financial records.
Non-Economic Damages
These cover non-monetary losses and are more subjective in nature. Examples include:
Pain and suffering: Physical pain and emotional distress as a result of the accident.
Loss of consortium: Impact on personal relationships due to the accident.
Mental anguish: Psychological trauma experienced after the accident.
Non-economic damages aren’t as easy to calculate as they don’t have a specific dollar amount attached to them. These damages are determined on an individual basis, which is why you may need to consult with an attorney to ensure that you’re getting a fair amount.
Punitive Damages
Punitive damages serve as punishment and deterrence but are less common than economic and non-economic damages. In Ohio, punitive damages are available to victims if they can prove the defendant engaged in malicious conduct or acted with aggravated or egregious fraud (Ohio Revised Code § 2315.21). Punitive damage cannot exceed two times the amount of awarded compensatory damages.
What Is the Average Car Accident Settlement Value?
The average car accident settlement can vary widely depending on the specifics of the accident. Generally, settlements range from a few thousand dollars to $100,000. Minor accidents with limited damage might result in settlements under $10,000. In contrast, serious accidents involving severe injuries or fatalities could easily reach six or seven figures. You might want to discuss your specific case with an attorney to understand how much money you can get from your car accident.
Factors That Affect How Much Money You Can Get from a Car Accident
Several factors can influence the settlement amount, including:
Severity of injuries: More severe injuries typically result in higher compensation due to increased medical costs and long-term impacts.
Degree of fault: Your level of responsibility in the accident affects your compensation, especially in states like Ohio with comparative negligence laws.
Insurance policy limits: The at-fault party's insurance policy limits can cap your potential compensation. When insurance coverage isn’t enough, you may need to consider filing a lawsuit.
Evidence and documentation: Strong evidence and thorough documentation support your claim and can influence the settlement amount.
Legal representation: Having an attorney can enhance your negotiation power with insurance companies.
Nothing should stand in your way of getting the compensation you deserve. Often, the injured party and the at-fault party’s insurance company may have different opinions about what amount of money would be “fair” to settle the claim. That’s why you may want to have a car accident attorney fighting for your interests to ensure you don’t settle for less than you deserve.
An Accident in Which You Were at Fault vs. You Weren’t at Fault
Being at fault in an accident can limit your compensation options. In Ohio, the comparative negligence law applies, meaning your compensation may be reduced by your percentage of fault. For example, if you are deemed 20% at fault, your compensation is reduced by 20%. Conversely, if you’re not at fault, you can pursue full compensation for your damages. Ohio’s comparative negligence law is governed by Ohio Revised Code § 2315.33.
Can You Trust an Insurance Company’s Assessment of Your Claim?
Since insurance companies manage claims on a daily basis, you would expect them to do a good job at calculating how much money you should get. Unfortunately, that’s not the case. Insurance companies are profit-driven businesses whose primary goal is to minimize payouts to protect their bottom line. This means their assessment might undervalue your claim. It’s essential to approach insurance settlements with caution and consider obtaining an independent evaluation from an attorney to ensure a fair offer.
Why You Need an Attorney to Value Your Claim After a Car Accident
An experienced attorney can provide invaluable assistance in accurately valuing and negotiating your car accident claim. They know personal injury law like the back of their hand, have the resources to gather compelling evidence, and can negotiate effectively with insurance companies to secure a fair settlement. Additionally, an attorney can guide you through the entire legal process, ensuring your rights are protected and improving your chances of obtaining the compensation to which you are entitled.
Get the Compensation You Deserve
After a car accident, you may be too hurt to work and have no money to cover your bills. In this situation, it’s understandable that you may feel pressured to accept the first settlement. But before you do, you need to know how much money you are entitled to if you pursue your claim the right way. The team at Wolfe & Mote Law Group, LLC, can evaluate the facts of your car accident and explain the value of your case. Get in touch today to schedule your free case evaluation.