March 16, 2022

How Much Can a Car Accident Settlement Give Me?

When the car accident you were in was caused by another driver, you might be eligible for compensation. This requires filing a car accident claim with the auto insurance company for a settlement. How much you receive in the settlement depends on various factors like causation and damages. Be sure to talk to a Jackson multi-vehicle accident lawyer before accepting the initial settlement offer.

How Much Will My Car Accident Settlement Be?

Your car accident settlement amount will be based on the compensatory damages you suffered. Severe injuries and property damages often warrant higher settlement payouts. In other words, the more damages you suffered, the higher your settlement should be.

However, this may not always be the case. Some auto insurance companies will attempt to offer as little compensation as possible. This saves them money as a business. Many insurance agents use a variety of tactics to confuse and trick consumers into accepting unfair settlements.

Knowing what damages you could be eligible for can help you avoid this. Compensatory damages in car accidents include economic and non-economic damages. Economic damages can be easily discovered by documentation of monetary losses through receipts, paystubs, and bill statements.

Common examples of economic damages in a car accident include:

  • Car repair costs, How Much Can a Car Accident Settlement Give Me?, Germany Law Firm PLLC
  • Towing fees
  • Medical bills
  • Medication costs
  • Lost wages

If your injuries are severe enough and expected to last a long time, you could receive compensation for future lost wages and medical bills. Severe injuries often tie into non-economic damages too. Non-economic damages are harder to measure because they represent subjective harm experienced from the accident like:

  • Pain and suffering
  • Emotional distress
  • Sleep problems
  • Post-traumatic stress disorder
  • Loss of enjoyment of life
  • Loss of consortium

Loss of consortium, specifically, means the loss of a relationship as a result of the accident. Damages like these may need to be proved by witness testimonies.

Things that Affect Car Accident Settlements

There are several factors that can influence your car accident settlement amount. For one, auto insurance agents may try to offer as little compensation as possible. This means they will find any excuse to not compensate you for certain damages.

Things that can hurt your settlement amount revolve around your evidence of the other driver being at fault and damages. Not having a simple piece of evidence like the police report could significantly hurt or delay your claim. Other factors that might hurt your claim include:

  • Whether Driving Under the Influence (DUI) charges are present
  • If any of your injuries from the accident could be deemed as pre-existing injuries
  • How soon you sought medical attention
  • What you said to the other driver and passengers
  • Insurance policy limits

Try contacting a Jackson car accident lawyer if you have concerns.

Multi-Vehicle Accident Attorney in Jackson

You could be eligible for substantial compensation if the other driver caused the accident. Contact the Germany Law Firm, PLLC at (607) 487-0555 to talk to a Mississippi auto accident lawyer for a consultation today. Our legal team can work with you to attain compensation for medical costs, pain and suffering, and lost earnings. We are located throughout Jackson, Madison, Gulfport, Oxford, and other cities in Mississippi.

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