How are Settlements Calculated?
Car accident settlements are calculated by taking into account a variety of factors, including:
- the cost of medical bills;
- lost wages;
- pain and suffering;
- property damage;
- and other related costs.
The goal of a settlement is to make the victim “whole” again, meaning he or she should receive an amount that compensates for any losses associated with the accident. Insurance companies will typically calculate how much they are willing to pay out based on their own internal policies and procedures.
The insurance company or court system will also consider pain and suffering to determine how much should be paid out as part of a settlement.
The amount that is awarded can vary greatly depending on these factors, and the insurance company may be willing to pay out a higher amount if it believes that the victim should receive more compensation for their suffering and losses.
It is important to note that car accident settlements are not always easy to determine, and in some cases, negotiations may be necessary. In these cases, an experienced attorney can help make sure that you obtain the compensation that you deserve.
Overall, car accident settlements can vary significantly depending on a variety of factors. However, most people typically receive an average amount of around $21,000 for their settlement. It is important to remember that this number does not reflect the total cost of the damages caused by the accident and should be considered as just a starting point. With the help of an experienced attorney, you can make sure that you obtain the full amount of compensation that you deserve for your suffering and losses.