How Much Can Someone Sue For A Car Accident?

How much are most car accident settlements?

There are many factors that must be taken into consideration when analyzing car accident settlement values in the United States. 

To provide some perspective into how expensive car accidents can be, each year in the United States, deaths from car accidents result in $55 billion in medical and lost wage costs combined. While the average car accident settlement is not easy to determine, statistics from 2020 established that 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 below $10,000. 

What is the average car accident settlement in Colorado?

For anyone in Colorado wondering what their potential car accident settlement amount may be, expecting 1.5 times your financial losses is typically a reasonable way to determine what amount you can expect to be compensated for. As an accident victim, you have the right to completely recover any financial losses as well as non-economic damages. 

If you have suffered serious injuries from a car accident, there’s a chance you can expect to receive even higher compensation for the pain and suffering you have endured as a result of the accident. Be sure to discuss pain and suffering with your car accident attorneys so you can understand how exactly this element is measured when determining a settlement amount.

What can I expect to be paid for my car accident settlement?

The average car accident settlement amounts are usually around $15,400 for cases involving accident injuries and $3,000 for cases involving property damage. While there are some situations in which a car accident lawsuit may result in millions of dollars worth of settlement payouts, common car accident lawsuits often settle for significantly less. 

It’s important to understand the laws of the state you’re in, as each state’s laws will impact the amount you are likely to be compensated for in your lawsuit. In addition to state laws, the specific facts of your case are also essential in determining your settlement value, so it’s essential to go over all of these details with your car accident attorney so they can ensure you receive the most fair settlement possible.

There are many factors that should be considered when determining the value of your car accident settlement, with the most common including the strength of your claims, the severity of your injuries, and the financial losses you have endured as a result of the incident. Given the disparity in car accident types and the uniqueness in everyone’s claims, it’s important to ensure your attorney has all of the necessary details in order to adequately represent you in negotiations and in a courtroom, should the case go to trial.

How is a car accident settlement determined? 

There are many factors that need to be taken into consideration when determining the value of a car accident settlement in Colorado. The car accident lawyers at Bachus & Schanker are here to ensure you understand the importance of each factor and to help you prepare a strong case. 

How are settlement amounts calculated? 

Economic damages and non-economic damages are the main factors that are considered when calculating settlement amounts in a car accident lawsuit. 

Economic damages

Economic damages are the monetary damages that are considered in car accident lawsuits, as well as other typical personal injury lawsuits. In car accident cases, the most commonly considered economic damages are:

• Past and future medical bills 
• Lost wages 
• Automobile repair

Non-economic damages

These types of damages do not consider the financial losses in a car accident and instead cover all of the non-financial issues that come along with a car accident. These damages are typically more difficult to determine due to their subjective nature. Some of the most commonly sought after non-economic damages include: 

• Emotional distress
• Pain and suffering
• Loss of enjoyment of life

How much are most personal injury settlements?

Like most car accident settlements, there are many factors that come into play when determining personal injury settlements, making it difficult to pinpoint one particular average amount to anticipate for personal injury settlements. 

The average personal injury settlement amount often ranges from $3,000 to $75,000, which is a significant gap. Each settlement is contingent upon the facts and circumstances that surround the accident. Cases with less severe injuries and minor financial losses are more likely to be settled closer to the lower mark. Cases with more severe injuries and higher financial losses will be settled closer to the higher amount. 

Personal injury claim settlement amounts

Common factors that need to be taken into consideration when determining the settlement amount for personal injury cases include: 

• The laws that apply in the state
• The severity of the injuries
• Costs of medical treatment
• Permanent injuries, including scars
• How well you follow your medical treatment recommendations
• Complicated facts and the merits of the claim
• Legal issues, such as interpretation of laws
• Legal representation
• Defendant’s ability to pay

Contact our Colorado attorneys for car accident settlements

If you or a loved one has been involved in a car accident and are seeking legal advice, contact the Colorado car accident lawyers at Bachus & Schanker. Our attorneys have extensive experience and knowledge in handling car accident cases and are adequately equipped to help you obtain the settlement amount you deserve.

Sources: 

Barrett, S. (2023). Types of Personal Injury Damages and Compensation.

Bieber, C. (2022). Typical Car Accident Settlement Amounts (2023).

Goguen, D. (2023). Is There a Car Accident Settlement Formula.