A car accident can leave you with extensive medical bills, insurance payments, lost income, and stress. A car accident injury settlement can reimburse you for the money that you had to pay for your medical expenses and lost income, as well as damage to your vehicle and more.
If you’re wondering what the average settlement is for a car accident in Chattanooga, the answer depends on the circumstances of the accident, the extent of your injuries, and the specifics of your case. Continue reading to learn what other factors might determine your possible settlement amount.
Who Pays Accident Settlements?
If you were involved in an accident that was your fault, you’d likely go to your own insurance company for compensation for your accident-related losses. If the cost of repairs to your vehicle is more than its value, the insurance company may consider your car “totaled” and give you a total of what it’s worth.
If the accident was caused by another driver’s carelessness, you can seek compensation from the at-fault driver’s insurance company for your medical expenses, lost income, car repairs, and more. In many cases, the insurance company will try to reduce your claim and give you a low settlement offer to close the case quickly and inexpensively, potentially leaving you with less than you truly deserve.
Is There an Average Settlement for a Car Accident?
There are many variables to consider when determining a car accident settlement, so, unfortunately, it is difficult to give an example of an “average” car accident settlement. Generally, an insurance company comes up with a settlement amount by totaling your medical bills, car repair or replacement bills, and lost income, which is multiplied by three for your settlement total. However, many factors influence the total, such as the type of injury, your treatment plan, the length of your therapy, and the severity of the accident.
Many insurance companies pay settlements once the treatment is completed. If you’re still undergoing treatment or expecting future surgeries or physical therapy, be sure to let the insurance company know so you don’t end up with less than you deserve.
How are Settlements Calculated?
The insurance company considers many factors when determining your settlement, which is why it’s an advantage to have an experienced attorney on your side, advocating for your rights. An attorney can collect the appropriate evidence and calculate the total costs of your injury to seek the full compensation you deserve. An attorney also understands the potential impact your injury may have in the future, such as loss of future income. If your expenses exceed the maximum amount the insurance policy will pay, an attorney can sue the other driver for the remaining costs.
We’re Here to Help You Seek Maximum Compensation
If you were injured in a car accident caused by someone else, Jay & Brent are the Board-Certified Trial Specialists you need on your side. Our experienced attorneys at The McMahan Law Firm will seek the compensation you deserve for your car accident injuries. Call (423) 265-1100 or fill out the online form to get your free case review.