It is not uncommon for individuals to wonder how much compensation is for the average settlement for a car accident lawsuit. However, there is no average settlement for a car accident lawsuit. This is because every person’s case is different.
The ways in which car accident lawsuit settlements are calculated are generally the same. Here is a basic idea of what you can expect from your car accident settlement and how to obtain an advance on your settlement funds through High Rise Financial.
What Factors Are Considered When Evaluating the Value of a Car Accident Settlement?
Since there is no average car accident settlement amount, you may wonder how car accident settlements are calculated. A variety of factors are taken into account when evaluating how much an individual‘s car accident settlement could be worth:
- The injury victim’s medical expenses
- The value of lost income and future earnings
- Compensation for pain and suffering
- Other non-economic damages
The Injury Victim’s Medical Expenses
One of the largest expenses car accident victims incur is medical expenses. The cost of healthcare in the United States is astronomical. Even a seemingly minor injury could produce tens of thousands of dollars in medical costs.
To calculate the value of your car accident settlement, your attorney will need to get you an in-depth analysis of your medical expenses in their entirety. This does not only include routine medical expenses such as your hospital bills or ambulance fees. Every healthcare-related cost associated with your car accident injuries should be considered when your attorney calculates the value of your claim.
Some of the different types of medical expenses you may be able to recover include:
- Transportation costs
- Costs of rehabilitative care
- Mental health counseling fees
- Costs of physical or occupational therapy
- Diagnostic imaging expenses
- Costs of prescription medications
- Costs of medical equipment such as hospital beds, prosthetic limbs, wheelchairs, and more
- The costs of making accommodations to your home, such as installation of wheelchair ramps, specialized showers, hospital beds, and more
- Your future medical care
The Value of Lost Income and Future Earnings
Another economic loss commonly reported by car accident victims is their loss of income. However, this encompasses more than just your lost wages. You have the right to recover compensation for the money you lost while out of work.
Your diminished earning potential should also be taken into consideration. If your injuries will prevent you from being able to earn as much as you were prior to your injuries, or if you will no longer be able to earn a living, you may also miss out on:
- Contributions to your retirement savings accounts
- Potential salary increases over time
- Regular bonuses from your employer
- The opportunity to expand your career
Compensation for Pain and Suffering
It is difficult to put a price on the chronic pain and emotional trauma you experienced as a result of your car accident. Pain and suffering can have a devastating impact on a car accident victim’s life. However, because it does not have a monetary value, your attorney will need to calculate the value of your pain and suffering individually.
This is one of the top reasons why there is no average settlement for a car accident. Every person’s pain and suffering are subjective. Your attorney can use the multiplier or per diem methods to determine how to calculate the value of your pain and suffering.
Other Non-Economic Damages Car Accident Victims Recover
Your medical expenses, loss of income, and pain and suffering are not the only ways your life has been affected by your car accident injuries. There are a variety of other non-economic damages that do not have a financial value.
Your attorney can determine whether they are worth using similar methods to calculate the value of your pain and suffering. With that in mind, there are a wide variety of non-economic damages car accident victims may be entitled to:
- The injury victim’s loss of close relationships with family and friends
- The injury victim’s difficulty engaging in sexual relations with their partner
- The injury victim’s diminished quality of life
- The injury victim’s embarrassment at suffering skin scarring and disfigurement
- The injury victim’s reputational damage
- The injury victim’s emotional trauma and psychological distress
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Other Factors Influencing a Car Accident Settlement
Many factors could impact the amount of compensation that you could be awarded in a car accident settlement. Beyond your compensatory damages, several laws could influence your case, some of which include:
- The statute of limitations for car accident claims in your state
- How your state processes fault
- Whether your state follows a pure comparative fault, modified comparative fault, or pure contributory negligence system
- How much insurance coverage is available, and how negotiations pan out
How to Access Your Car Accident Loan Settlement in Advance
When you are waiting on your car accident settlement to come in, the financial struggles you experience could further traumatize you and your family. Fortunately, with High Rise Financial, you can take charge of your financial future.
Obtaining a car accident lawsuit loan allows you to receive an advance on your settlement to cover your costs and begin to put your car accident experience behind you. Contact our office today to learn more about whether you qualify.
Call High Rise Financial for Help Today
If you are waiting on a car accident settlement to come in, you may be able to access a portion of these funds ahead of time when you contact High Rise Financial for a lawsuit loan.
Our loan specialists will review your application to determine how much we can approve in pre-settlement funding. Do not hesitate to contact our office to get the financial relief you need as soon as tomorrow.