What's the Average Car Accident Settlement?
No two car accidents are the same. And no two car accident settlements are the same. But you might still want to know about the average car accident settlement.
There are a lot of things that go into determining the average car accident settlement. For example, what’s average in Colorado might be different than what’s average in another state where the laws are different. However, it’s still helpful to learn about typical settlement amounts. Here’s what our car accident attorneys want you to know about the average car accident settlement.
Average Car Accident Settlement in Colorado
The average car accident settlement in Colorado is 1.5 times your financial losses. You have the right to recover fully for your financial losses plus an additional amount for your pain and suffering. If you have serious injuries, your recovery may be higher than average to account for severe pain and suffering. However, if there are questions about the strength of your case or the other side’s legal liability, your settlement may be less than average.
How Much Money Do You Get in a Car Accident Settlement?
How much money you get in a car accident settlement depends on your financial losses, the severity of your injuries, and the strength of your legal case. How much money you get for your car accident settlement is unique to your case. You determine the amount of compensation that you’re entitled to based on the law, and you account for any factors that may complicate your case like comparative negligence. Each settlement is individual and requires careful negotiation with the other party in the case.
Typical Car Accident Settlement Amounts
Typical car accident settlement amounts are $15,400 for cases involving accident injuries and $3,000 for cases involving property damage. Even though some car accident cases result in settlement amounts of millions of dollars, most car accident settlements are much less.
Many factors play a role in the value of your settlement. The laws of the state may impact a typical car accident settlement. The unique circumstances of your case are also important. Your settlement may be more or less than what’s typical.
Determining Your Car Accident Settlement Amount in Colorado
At first, it seems simple to determine your car accident settlement amount. You total up all of your financial losses. Then you add an additional amount to account for pain and suffering. When your injuries are minor, your pain and suffering is about 50 percent of your medical bills. When your injuries are severe and long-lasting, your pain and suffering compensation may be as much as five times the cost of your medical bills.
However, it isn’t always that simple. There may be several things that make it harder to determine your car accident settlement amount. For example, there may be questions of comparative negligence that play into your case. If some of your actions contribute to the accident, you may still deserve a monetary recovery. However, the amount that you get may be reduced. If there are questions of legal liability in your case, the uncertainty can lower the amount of your settlement.
Another issue that might complicate your case is whether or not you can collect your judgment. Most people who pay a car accident settlement use their car insurance to pay it. When you evaluate your settlement expectations, you need to consider the ability to collect your judgment from the responsible driver. An experienced attorney can help you explore all of the ways that you can collect your judgment, including insurance. A car accident settlement attorney can also help you determine an appropriate settlement taking into account the efforts that you need to make to collect your judgment.
How Do I Know If I Should Accept a Car Accident Settlement?
A settlement is about reaching a compromise. When you go to trial, you may receive more or less than a proposed settlement. Because of complex factors, the right settlement in your case may be less than the total damages that you might calculate on paper.
However, you shouldn’t settle for less than you deserve. You should evaluate your entire case with the help of an experienced car accident attorney to determine whether you should accept any settlement offers in your car accident claim.
Colorado Average Car Accident Settlements
The average car accident settlement in Colorado may be lower than it is in other states. But don’t be fooled by the statistics! That doesn’t mean that Colorado drivers are recovering less than their peers. Because Colorado is an at-fault state, drivers may bring a claim any time that they’re in an accident. A driver doesn’t have to meet a threshold for the severity of their injuries to bring a claim for financial compensation. The result is that there are more car accident claims for lower amounts in Colorado than there are in no-fault states. However, every victim in Colorado has the right to full recovery for their injuries.
Colorado accident victims have strong laws that protect them. In fact, you have the right to bring a claim even if your injuries are minor or even if you have only property damage. Ultimately, the only thing that matters is that you get fair compensation for your Colorado car accident claim. There are a lot of factors that influence a typical settlement. What matters is that you fight for the compensation that you deserve in your case.
Contact Our Car Accident Attorneys
Do you want the best car accident settlement in your case? Contact our Colorado car accident attorneys. All car accident cases are complex. Our attorneys have the experience that you need to weigh all of the factors and aggressively build your case to reach a fair settlement.
When you work with our attorneys, we help you understand the approximate settlement value of your case. We want you to understand the legal reasons behind the value of your claim. Then, we set to work ensuring that you reach the result that you deserve. Contact us today for a free and confidential consultation about your claim.
Free Case Consultation
No risk and no cost to you or your family