What is the Average Car Accident Settlement?
The Basics of a Car Accident Settlement
The average car accident settlement a victim receives after an auto accident is a hard thing to calculate. A personal injury settlement amount really depends heavily on the specific details of the case. There are, however, some ways to come to broad estimates that can help you understand the amount of compensation that you could receive in a personal lawsuit. The following are some of the most common issues that can impact a car accident claim and resulting settlement, though there are many other factors that could influence a settlement, as well.
Economic Losses
Economic losses that result from a personal injury accident include those that have an easily assignable dollar value. Some of the most common economic damages faced by car accident victims include:
- The costs of medical care required to treat an injury
- Lost wages if a victim is unable to return to work
- The cost to repair the vehicle as well as other property destroyed in the accident
Non-Economic Losses
Non-economic losses are harder to estimate and refer to damages that do not have a directly assignable dollar value. Some of the types of non-economic losses that an accident victim in New Jersey can expect to recover include:
- Disfigurement or scarring
- Loss of enjoyment of life
- Pain and suffering
- Permanent impairment
One of the ways that accident victims calculate the amount of non-economic damages that they can expect to receive is by multiplying their economic losses by a certain number, depending on the severity of the injuries incurred. This formula is referred to as the “multiplier method” by attorneys. Many accident victims are eligible to receive a substantial amount of compensation for pain and suffering.
Partial Responsibility for a Crash
New Jersey follows a modified comparative negligence law, which allows accident victims to receive compensation even if they were partially responsible for the collision. If an accident victim is more than 50% responsible for the accident, however, the victim is barred from receiving any compensation. This also means that the amount of compensation that an accident victim can expect to receive will be reduced by the percentage of the accident victim’s fault. As a result, if a driver was 10% responsible for an accident, the driver will receive a tenth less than the total award offered.
Speak with a New Jersey Car Accident Settlement Lawyer Today
Car accident settlements help accident victims obtain the compensation that they need to “make them whole” or to financially place them where they would have been if the accident had never occurred. Unfortunately, many accident victims fail to ask for the amount of damages that they deserve. To make sure that your car accident lawsuit resolves in the best possible manner and that you obtain the results you deserve, contact Ferrara & Gable today to schedule a free case evaluation.
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