How Much Will You Get From Car Accident Settlement

1. How Much Will You Get From Car Accident Settlement?

2. INTRODUCTION If you have been injured in a car accident, you would definitely have to deal with the medical bills, insurance payments, the emotional distress and more. In fact, car accidents can happen anytime even when you are most careful. These might leave you suffering from problems that you probably never thought you would have to deal with. However, car accident settlements might compensate you for the damages that you have sustained. These include lost wages, psychological or physical trauma, etc.

3. Do You Pay Taxes On Injury Settlements? If you have received any settlement following a car accident, you might wonder if you have to pay taxes on the money received. Now, the answer is in most cases, you don’t need to. However, this is not a hard and fast rule and it depends on the nature and circumstances of the settlement or judgement. Usually, it doesn’t matter whether the money you have received is through settlement or through judgement following trials.

4. How Much Is The Average Car Accident Settlement? When thinking what is the average pay-out for a car accident, you must know that the amount would vary. Since the severity of the incident and the injuries not the same, the amount would vary. Usually, the damages are divided into three main categories. Special, General and Punitive. Also, statistics have shown that the average small car accident settlement falls between $14000 and $28000 or $21000.

5. How Much Should I Settle For My Car Accident? There are two concepts that you need to understand, your odds of winning and amount of recovery. You also do some math for that. For instance, if you think you have 50% chance of winning at the trial and the jury is likely to award you around $100,000, you can settle for $50,000. But remember that every case is different and this is just a rough outline of an evaluation. Others are different. You must demand twice what you are looking for to settle the case for, if not more.

6. How Long Does Car Accident Settlement Negotiations Take? Non-litigated case usually settle after six to ten months from the date of injury. The insurance company must respond within 30 days to plaintiff’s settlement demand letter. After the settlement gets reached, it would take four to six weeks to complete the settlement process. Finally, if you have been injured in a car accident, ensure that you act quickly. You have two years from the date of accident to file the lawsuit for your personal injury.

7. CONCLUSION In a car accident case, the settlement amount depends on various factors. These include the type of injury you have had, the damage of the car and more. Now, this is not the same for all, it varies in every case and for every individual. Your lawyer can help you find the right compensation that you really deserve. Also, the insurance company plays a big role in determining the amount along with your attorney. You don’t need to worry as your attorney will handle it.

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