It is common for accident victims to question how much settlement money they may get from their car accident settlement. Commonly the “how much” question is asked from our car accident victims. As it should. We know that filing a claim and waiting for settlement money is a daunting process. Unfortunately there is not a number we can give up front to let you know exactly how much settlement money you could receive. Dollar amounts will vary for everyone depending on the car accident and severity of damages and injuries.
How Much to Expect From a Car Accident Settlement?
If you have been in car accident you may wonder if it is worth it to file a claim. We can easily answer this question. It is absolutely worth your time to hire a car accident lawyer and file a claim. Typically in a car accident, the person at fault will have a claim filed against their insurance. While you can file a claim on your own, it isn’t ideal. When hiring a reputable car accident attorney, like the ones at Vititoe Law Group, you will likely get a higher payout.
In fact, the Insurance Research Council released a report entitled, “Attorney Involvement in Auto Injury Claims.” The study confirmed that, on average, personal injury victims who were represented by a lawyer received settlements 3.5 times larger than those who settled without a lawyer.
Average Accident Payout Amounts
According to Forbes.com around 38,000 people are killed in auto accident each year. Additionally countless numbers of people are injured. According to the Centers for Disease Control and Prevention, the damages from collisions are substantial. Car accidents cost about $55 billion per year in medical costs and lost wage costs.
Every client wants to know average settlement money, it isn’t always the best knowledge for victims to have. Because car accident settlements are calculated differently for every victim. No two accidents are calculated the same. But, according to Insurance Information Institute statistics, the average car accident liability claim in 2020 was $20,235 for bodily injury and $4,711 for property damage. Additionally, almost 99% of those settlements were handled outside of a court and trial. This means that either the victim themselves or a lawyer came to an agreement with the insurance companies before it ever reached a trial.
Higher Accident Payout Amount With a Car Accident Lawyer
As we said before, hiring a lawyer can typically help you receive a payout of more than 3 times the amount without a lawyer. According to a survey done by Insurance Information Institute statistics, the average payout for victims without lawyers was $13,900. While the average payout for readers with lawyers was $44,600. We can not guarantee any amount of settlement money, because each case is different. Vititoe Law Firm will work endlessly to make sure you get the amount you deserve.
How Is Settlement Money Calculated?
Settlements and payouts will vary widely. Individuals damages and injuries incurred from the victim will effect the amount. Additionally things like lost wages, emotional distress, medical bills, etc will determine your payout amount. Ideally your payout will at minimum cover the cost of your vehicle damage and any medical bills to cover your injuries.
When Will I Receive My Settlement Money?
Typically car accident claims settle relatively quickly. Typically car accident victims can expect their personal injury claim to be resolved within six months to a year. During this time your lawyer will make sure they are negotiating a settlement that is sufficient for you and your case. A faster payout isn’t always better. Likely if your payout happens quickly it is because you have settled for a low-ball offer from the insurance company. Not settling quickly can mean a larger payout. Also, hiring an attorney can mean a longer timelines, but a higher payout.
Hiring a Reputable Thousand Oaks Car Accident Attorney
Vititoe Law Group is a nationally recognized Law Firm, founded by James W. Vititoe, a Westlake Village Personal Injury Lawyer.
Over the past 30 years award winning attorney James W. Vititoe and his team of lawyers have been involved in cases resulting in settlements of over $1 Billion dollars.