How Much Money Will I Get for a Car Accident Case?

by | Oct 26, 2021 | Uncategorized | 0 comments

Determining Your Damages and Right to Compensation After a Car Accident

If you have been injured in a car accident caused by another person’s negligence, you are likely entitled to damages for your losses. But determining how much money you will receive is not always straightforward. There are several factors that contribute to the final settlement or verdict in your case.

At Triumph Legal Funding, we provide financial assistance for attorneys and their clients who are waiting on a case settlement. It can take months for a car injury victim to receive a payout on their case. With pre-settlement legal funding, attorneys are able to litigate their client’s case while injured parties are able to pay for their day-to-day living expenses. 

Contact our office to get no risk, fast approval for pre-settlement legal funding today, or call (973) 362-3500.

What Is the Average Car Accident Settlement Amount in the U.S.?

According to the Insurance Information Institute, the average bodily injury claim payout was $18,417. The average property damage loss was $4,525. However, these averages fail to paint the full picture of potential compensation that a car accident victim could receive. 

One of the major factors in determining compensation for a car accident is the extent of the injuries. In cases of minor injuries, the payout may only be a few thousand dollars. In contrast, in cases of catastrophic injury or wrongful death, the settlement or verdict could be well over $1 million. 

Factors That Determine Damages in a Car Accident Settlement

Since every car accident is different, it is difficult to give an exact value to your claim. An experienced attorney can help you determine what you should ask for in damages based on the circumstances of the accident.

Factors that are considered when determining damages:

  • The severity of the injuries
  • Any contributory negligence or the percentage of fault of all parties
  • Damage to your vehicle or property
  • Lost wages
  • Loss of future earning capacity
  • Pain and suffering
  • The state where the accident occurred
  • Insurance limits

Many car accident victims are initially frustrated when their attorney cannot give them a guarantee about the outcome of their case. It is important to know that attorneys are bound by a code of ethics that prevents them from making any guarantees about case outcomes, including settlement or verdict amounts. 

Essential Things to Know About Car Accident Cases

While settlement amounts cannot be guaranteed upfront, there are a couple of crucial things that every injury victim should know. 

What to know about car accident cases:

  • The vast majority of personal injury lawsuits, including auto injury claims, settle before trial. 
  • Injury victims represented by an attorney generally get significantly higher settlements and verdicts.
  • No two car accident claims are the same, so a previous outcome does not guarantee a future outcome.
  • It can take over a year to settle a personal injury claim, resulting in financial hardship for the injured party and their family.

No one expects to be injured in an auto accident. While nothing can prepare you for the physical and financial burden of a sudden collision, you may be eligible for funding while you wait for the outcome of your case.

Hurt in a Car Accident? Apply for Funding Today.

At Triumph Legal Funding, we believe in making it easy for attorneys and their clients to get the money they need now while they wait for their case to settle. Pre-settlement legal funding is fast and risk-free. If you lose, you pay nothing. Contact our office today at (973) 362-3500 to get started.