How Much to Expect from Car Accident Settlements

Posted on: May 3, 2019

Los Angeles experiences car accidents every day, with victims suffering from numerous bodily injuries and property damage due to these vehicular crashes. Because of these incidents, it is essential for you to file a police report and pursue your claim so you can get compensated for your losses immediately due to these unfortunate events.

However, many Californians still wonder how much they can expect from car accident settlements. Even though there are different causes to car accidents, getting a range of what the case may be worth is still possible

The Average Car Accident Settlement in California

The cost of car accident settlements usually ranges from 14,000 to 28,000 dollars. With these figures, the average value is about 21,000 dollars. However, it is more crucial to immediately understand that there is no exact formula to know the actual amount that you can get from a car accident settlement.

There are also other factors that affect the average amount of your settlement. For property damage, the amount of compensation depends on your policy’s limits. Getting compensated for pain and suffering, on the other hand, is only possible if you’ve sustained bodily injuries.

Reviewing Your Insurance Policy

In California, car owners must have their vehicles insured. Car insurance is also one of the most crucial factors in determining the amount of your settlement. Also, before you can have a rough idea of how much you’re getting, know that most insurance companies offer bodily injury liability and property damage liability.

For bodily injury liability, policies offer coverage for medical bills if you get into a car accident. They have 20/50 and 100/300 maximums as the standard coverage which means that the insurance company can pay an individual up to 100,000 dollars of an individual’s physical injuries and 300,000 for occupants of the two cars involved. There are also other insurance agencies that may offer different options.

Property damage liability, on the other hand, is the third part of your coverage. For example, a 100/300/50 maximum means that 50,000 dollars are set to cover the damage of your vehicle and other property. Take note that your legal advisor or attorney has to know the maximum policy coverage of the driver at fault. It is also worth knowing that the minimum property coverage may be unable to pay for all your claims, which would lead you to leave the rest to your insurance company.

Be Aware of Insurance Adjusters Using Multipliers

There are also insurance companies that use multipliers that take into account medical costs and property damages along with your special damages. Using a multiplier allows insurance adjusters to estimate and attain the average amount of your total claim. Once they have a rough idea of the amount, they can determine the award of a jury if the case goes to trial and reaches a verdict.

It is vital to remember that the compensation amount talked about here is merely an estimate. This functions as a starting point for negotiation once your personal injury lawsuit gets reviewed.

What is the Average Time for Car Accident Settlements?

Many victims wonder how long it takes for a car accident settlement to be resolved since most of them want to acquire the compensation as quickly as possible and move on from the traumatic experience.

Civil claims are supposed to supply you the resources after the accident, which is why this mentality from victims is understandable. Three crucial factors must happen for you to get compensated as soon as possible.

  • Medical Treatment: Seeking proper medical attention as soon as possible is the top priority after you get into a car accident. Once your health has gained significant improvement, you can worry about the rest. The duration of medical treatments can last anywhere between a single day or several years.
  • Obtaining Medical Reports and Records: To acquire compensation for lost wages and medical bills, you must gather all of your records and reports from your doctor. This acquisition of various information can last for days or months, depending on how much you have to obtain.
  • Demand Package: The insurance company is going to review the claim once the settlement demand is sent. The claim should include the medical bills and records, among other documents, and will take 15 to 90 days before having a response.

There’s also no exact duration for settling car accident claims. However, employing an experienced legal professional can speed up the process for you, saving you both time and energy in resolving your claims.

Seek Legal Assistance from Expert Car Accident Lawyers

Attempting to negotiate your claims on your own is never a good idea. There are many attorneys out there that have handled numerous car accident settlements. Additionally, if you’re not knowledgeable enough about the proper legal processes, you may end up losing your chances in getting the maximum compensation. The best thing you can do is to seek professional legal advice from experienced car accident lawyers in Los Angeles.

In this event, insurance adjusters would surely approach you and try to negotiate and challenge your claims. Defense lawyers would also be present to exploit loopholes that can prevent you from acquiring the compensation you deserve. Prevent these scenarios from happening and get the maximum compensation from your claims by having an expert lawyer by your side.