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How Much Should I Get In Personal Injury Traffic Accident Compensation?

According to statistics, every year 1.35 million people die in road accidents. However, calculating on daily bases, we get an average of 3,700 people. In addition, the Center of DCP stated that the monetary damages due to these accidents are massive. If we consider the deaths due to these accidents, it costs $55 billion each year for their collective compensation. 

However, the victims of car accidents due to someone else negligence should know their proper rights. They should be aware of what to do and what to demand in return for this negligence. Learning what to do and what to expect can allow victims to make informed decisions in this critical situation. 

Anything could be a reason for a car accident. From driving under the influence to just a minor mistake, all come under the personal injury case. However, every case is different from the others and the same goes for their procedures. So, in order to get the best out, you must contact the specific attorney for every particular case. 

Let’s take the example of driving under the influence. If you face an accident due to someone’s drinking and driving mistake, you should immediately contact the DUI attorneys. They will help you in accessing your case and make it stronger for you. 

However, when it comes to settlement or compensation for these accidents, you can calculate them in various ways. 

Procedure to Calculate the Settlement of Personal Injury Traffic Accident

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When it comes to compensation amount, knowing the average compensation amount is not very fruitful. As every case is different and every settlement amount is based on the specific scenario. So, do not just rely on the average settlement amount ever. To clear your mind let’s just take an example of wrongful death. 

The compensation in this case is different for every person. If you are an adult, your family will get the amount of approx. $4.1 million. However, if any child gets through the wrongful death, then the compensation amount will be approximately $2 million and $1.5 million respectively. 

Well, car accident settlements are intended to compensate crash victims for their losses. The following the things car accident compensation is based on:

  1. Medical Expenses

Medical expenses typically come under compensatory damages. These compensatory damages compensate a victim for monetary losses incurred as a result of the accident that caused their injuries. 

Almost all injury claims, including slip-and-falls, medical negligence, auto accidents, and pedestrian accidents, are eligible for general compensatory damages.

  1. Lost Earnings

The money you would have made at work from the time of the accident to the date of the verdict is referred to as lost earnings. Your accident-related injuries must prevent you from going to work. 

Lost wages will be used to make up for any time lost due to missed medical appointments, rehabilitation sessions, or other treatments.

  1. Pain and Sufferings

The word “pain and suffering” refers to a legal concept that describes the mental and bodily harm a victim of accident experiences. Any substantial physical or emotional distress you experience as a result of the accident may be considered pain and suffering for settlement purposes.

  1. Mental or Emotional Stress

Any non-physical harm resulting from your accident or injury is referred to as emotional distress in the context of personal injury law. 

A subjective form of harm, emotional discomfort can vary from person to person and be either specific or generic.

  1. Property Loss or Damage

Personal injury claims also cover property damage. In most cases, claims for property damage are resolved quickly. Vehicle damage resulting from a traffic accident is the most frequent sort of property damage claim.

However, the coverage of insurance and who is at the fault will also impact the compensation or settlement amount. 

Understanding Settlement

Before calculating the settlement amount or compensation, you should forts know what the settlement is about. 

When an accident happens in any country or state, the faulty person will be responsible to compensate the losses of the victim. However, if the faulty person has insurance coverage, then the insurance company will pay for all the victim’s damages. It includes medical bills, property damages, lost wages, and other losses.

In most cases, the insurer representing the person who caused the collision will make a settlement offer to accident victims. This would be a lump sum payment in exchange for the victim giving up all rights to future claims. 

If the victim chooses to accept the settlement, the case is closed. However, if the victim does not believe the offered compensation is adequate, he or she may file a car accident lawsuit.

Although, after the car accident, the victims file a lawsuit. But, most of the cases are settled out of court. According to a survey, 98% of victims received their funds through a settlement rather than a court case.

Most claims are settled because insurers want to avoid the cost of a trial and victims want to avoid the time and uncertainty of a trial.

How Long Does It Take for a Personal Injury Case to Get Settle?

There is no such thing as an average time for a car accident settlement because so many factors influence how long it takes to calculate and settle a claim. Obviously, each car accident is unique, and the duration it takes to resolve an auto accident case varies depending on the details and facts of the case.

A car accident case can take anywhere from a few weeks to several months (or years) to settle. There is much to investigate on both sides, and if you suffered exhaustive injuries and property damage, this may explain why the settlement process is so lengthy.

Final Takeaway

Personal injury settlements can be extremely beneficial in assisting you to recover from an accident. By learning as much as you can about settlements, you can increase your chances of getting the most money possible.

Another way to ensure you get the results you deserve is to hire an experienced accident lawyer.

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