What Is The Average Car Accident Settlement Amount?
Given the elements and factors that must be taken into consideration, it’s difficult to pinpoint a specific average car accident settlement amount. The car accident attorneys at Bachus & Schanker are here to help guide you through this confusing process and answer any questions you may have regarding your potential car accident settlement amount.
Average car accident settlement amounts in the U.S.
Car accident settlements in the United States can vary based on the many factors involved in reaching the settlement amount. Deaths from traffic crashes result in $55 billion each year in medical and lost wage costs combined, providing a slight reflection on how expensive car accidents can be.
Although average car accident settlements are difficult to determine, in 2020, the average claim for property damage after a car accident was $4,711; while claims for bodily injuries after a collision were $20,350. The average car accident settlement amount was $23,900 from 2015 to 2020, with many receiving less than $10,000.
Average car accident settlement in Colorado
Put simply, the average car accident settlement in Colorado is 1.5 times your financial losses. Accident victims have the right to fully recover any financial losses plus additional non-economic damages.
For serious injuries, you may be able to receive higher compensation for pain and suffering. If your claims seem questionable, however, you may not receive as much as an average case with your particular injuries.
How much money do you get in a car accident settlement?
Some of the most common factors taken into account when determining your car accident settlement value include financial losses, the strength of your legal case, and the severity of your injuries. No two car accident cases reach the same settlement — they are all too unique. It is in your best interest to hire an experienced attorney to conduct successful negotiations with the opposing counsel.
Typical car accident settlement amounts
Typical car accident settlement amounts are around $15,400 for cases involving accident injuries and $3,000 for cases involving property damage. While some car accident cases result in settlement amounts of millions of dollars, most car accident settlements are much less.
The laws of the state may impact a typical car accident settlement, and the facts that are specific to your particular incident may make a significant impact on your personal settlement amount.
Determining your car accident settlement amount in Colorado
To determine your car accident settlement amount in Colorado, your car accident attorney will discuss the various factors with you so that you know what to expect and how to prepare.
What factors go into calculating settlement amounts?
The main factors that go into calculating settlement amounts are broken down into economic damages and non-economic damages.
Economic damages
Economic damages are typically straightforward in car accident lawsuits. The most common types of economic damages include:
- Past and future medical bills
- Lost wages
- Automobile repair
Non-economic damages
Non-economic damages are typically more difficult to calculate as they do not have set financial values. Non-economic damages often consist of the following:
- Emotional distress
- Pain and suffering
- Loss of enjoyment of life
Insurance coverage
If you have car insurance, you may be covered for some of the expenses you have incurred as a result of your accident. It’s important to speak with your insurance company and your car accident attorney to determine whether you are adequately covered.
Colorado insurance laws
Similar to many other states, Colorado has laws that require vehicle owners to have a certain amount of car insurance coverage to be able to legally drive within the state.
The minimum required liability coverage in Colorado is as follows:
- $25,000 for bodily injury or death to any one person in an accident
- $50,000 for bodily injury or death to all persons in any one accident
- $15,000 for property damage in any one accident
How do I know if I should accept a car accident settlement?
If you have a car accident attorney, you can discuss whether you should accept a car accident settlement or not with them. An experienced attorney will know what your case is worth and will be able to properly guide you toward accepting the best settlement possible.
What can I do to improve the outcome of a car accident settlement?
To have a successful outcome or to improve the outcome of a car accident settlement, it’s important to take certain steps following the incident to help ensure success. If you find yourself in this situation, it’s essential to know what to do after the accident and to be sure you take the following steps:
- Ensure that you and everyone else involved are safe: The first thing you should do following an accident is to check everyone, including yourself, to make sure you’re all safe. Some people may need immediate medical attention or help, so it’s important to assess the situation and see how you can help or how you may need to be helped yourself. Immediate indications that you may need help include pain, bleeding, or broken bones.
- Move to a safe distance from your vehicle: Remaining too close to the vehicles involved in the accident can be dangerous. It’s important to move over to a safe location before proceeding with the following steps. If you’re too close to the vehicles, you may be injured if you get struck by another car or if one of the damaged vehicles catches fire.
- Call 911 as soon as you can: Regardless of the severity of the incident, you should call emergency services as soon as possible. The 911 dispatcher will send police and a medical team to assist at the scene of the incident. Emergency medical technicians will be able to assess any injuries, and the police officers that arrive will be able to take a police report, which is a necessity for a successful car accident case.
- Communicate with the other driver: If you are capable, communicating with the other driver is essential to gather their contact and insurance information. By doing so, filing a claim will be easier for everyone involved.
- Take notes about the auto accident: Since car accident lawsuits can take a long time to settle, having notes about the accident can help in a variety of ways. You’ll be able to reference key facts about the incident that you may not be able to recall later. Also, having information like the other driver’s license plate number and the model of the vehicle can be essential for insurance purposes.
- Know how to determine who is at fault: It can be difficult to determine who is at fault in a car accident lawsuit, which is why it’s important to have as much documentation as possible. Insurance companies usually rely heavily on police reports, documentation of the scene, sustained injuries, weather conditions, violated traffic laws, and many other factors when determining which party is at fault and to what extent.
- Seek medical attention as soon as possible: Car accident injuries can vary greatly. Some injuries may be catastrophic, while others may not even be noticeable until later. Speaking with a doctor as soon as possible not only helps your chances of recovery but also provides medical reports for a lawsuit.
- Contact an attorney once you are able to: Retaining an experienced car accident attorney as soon as possible is imperative to improving your car accident settlement amount. An attorney can begin the process and start building on your case as you continue to focus on your recovery.
Colorado average car accident settlements
Since Colorado is an at-fault state, this allows drivers to bring a claim any time they may be involved in an accident, thus decreasing the typical requirements needed to receive financial compensation. This means that Colorado has more car accident claims that result in lower amounts than those in no-fault states. Be sure to discuss your options with your car accident attorney to understand how Colorado’s at-fault laws may impact your case.
Contact our car accident attorneys
When you work with the Bachus & Schanker attorneys, we help you understand the potential settlement value of your claims. Our legal team wants you to understand the legal reasons behind the value of your claim. These experienced attorneys work hard to ensure that you reach the compensation that you deserve.
Sources:
Bieber, C. (2022). Typical Car Accident Settlement Amounts.
Goguen, D. (2023). Is There a Car Accident Settlement Formula?
Goguen, D. (2023). Colorado Car Insurance Laws and Requirement.
