A car accident settlement is an agreement reached between two or more parties that resolves a legal dispute. Specifically, a car accident settlement is an agreement between drivers, passengers, or the drivers and passengers of a vehicle involved in a car accident and the insurance companies of those drivers or passengers. A car accident settlement aims to avoid a lengthy and costly court battle and provide some compensation measures to those involved in the accident. If you have been wondering how settlements are calculated or want to know the largest settlements in U.S. history, the experienced auto accident attorneys in San Antonio have got you covered.
What is the Average Car Accident Settlement?
Some estimates put the average settlement at around $15,000. Of course, not every car accident case will settle. Some cases will go to trial, and others will be dismissed altogether. If you have been involved in a car accident, it is important to consult with an experienced attorney to discuss your options and determine the best course of action for your particular case.
Understanding the Auto Accident Settlement Formula
The most common method insurance companies use to determine auto accident settlements is called the multi-factor formula. This formula takes into account several different factors, including:
- The severity of the injuries
- The type of injuries
- The number of people injured
- The cost of medical treatment
- The lost wages of the injured party
- The pain and suffering of the injured party
The insurance company will weigh each of these factors to determine the size of the settlement. Then, a multiplier is applied to the total to arrive at the final settlement offer. The multiplier is usually between 1.5 and 5, although it can be higher or lower in some cases. The exact number will depend on the individual circumstances of the case. For example, a case with multiple injuries and high medical bills will likely have a higher multiplier than one with only one injury and low medical bills.
It is important to note that insurance companies are not required to use the multi-factor formula. Some insurance companies may use a different method to calculate settlements or make a lowball offer in hopes that the injured party will accept it. This is why it is so important to consult with an experienced car accident attorney before accepting any settlement offer from an insurance company. Your attorney can help you negotiate for a fair settlement and, if necessary, take your case to trial.
What Are the Factors that Affect the Final Value of Compensation?
There is no one-size-fits-all answer to this question, as the amount of a car accident settlement will vary depending on the specific circumstances of each case. However, a few general factors will affect the size of a settlement.
The severity of the case-Car accident injuries can range from minor to life-threatening, and the settlement will reflect this. The more serious the injuries, the higher the settlement will be.
The state where the accident occurred-Different states have different laws regarding car accidents and settlements. It is important to be familiar with the laws in your state so that you can understand what you may be entitled to.
The insurance companies involved are notoriously difficult to deal with, and they will often try to lowball settlements. An experienced lawyer can help you negotiate with the insurance companies and get the best possible settlement.
What is the Largest Car Accident Settlement?
$ 247 million-Estate of McPherson v. Jefferson Trucking L.L.C., et al.
Riley McPherson’s parents were awarded one of the largest car accident settlements in U.S. history after a 26-year-old truck driver killed their son in 2018. While no amount of money can ever truly compensate for the loss of a loved one, this large settlement helped the McPhersons move on.
$242 million-Reavis v. Toyota Motor Corp., et al.
In 2018, the attorneys representing the Reavis family were able to secure one of the largest car accident settlements in U.S. history. The Reavis family was awarded $242 million after all the family members were permanently injured in a car accident caused by a defective Lexus ES 300.
$101 million-Patterson v. F.T.S. International Manufacturing L.L.C.
This case was handled by the same lawyers that represented the Estate of McPherson. In 2019, the Patterson family was awarded $101 million after their lawyer proved that the company’s negligence had led to their son’s injury. This is one of the largest car accident settlements involving tractor-trailers.
The amount of settlement for a typical car accident settlement will depend on several factors. However, some estimates put the average settlement at around $15,000. If you have been involved in a car accident, it is important to consult with an experienced attorney to discuss your options and determine the best course of action for your particular case.