Because so many variables are taken into account when calculating and settling a claim, it is impossible to estimate how long a typical settlement for a car accident takes.
Naturally, every auto accident is unique, and the same holds for the time required to resolve a case involving one.
Resolving a car crash case could take several months or even years. If you sustained serious injuries or significant property damage, the settlement process might take time because there are numerous factors to consider by both parties.
Overview of the Car Accident Settlement Process
A car accident lawyer can help you calculate your case worth. After you discuss your case with an attorney, they will have all the information necessary to move forward. This will give your attorney ample time to prepare to defend your rights when communicating with the insurance company.
The insurance company may make a settlement offer after receiving your claim and examining your receipts. Your attorney can advocate on your behalf to obtain the settlement you need.
Insurance adjusters are notorious for attempting to persuade victims that they are partially to blame for an accident and, as a result, do not deserve total compensation. A person who has just suffered an injury should not be alarmed by an insurance adjuster's call, as they are notorious for persuading victims that they are partially to blame for an accident. A hired attorney can help you pursue the monetary compensation to which you are entitled. Utilize their prior court victories against insurance companies.
Using the evidence gathered and, if necessary, the assistance of medical professionals and accident reconstructionists, your car accident attorney can negotiate a fair settlement for you. After an automobile collision, they won't be able to provide you with a precise time frame for when you can anticipate receiving your settlement money. If new obstacles arise, the settlement process may be extended. Even though they cannot predict how your case will progress, they will make every effort to secure the best possible outcome for you.
How Car Accident Settlements Are Calculated
Because each settlement is based on a unique set of circumstances, it is not helpful for victims to know the average settlement amount for auto accidents.
The insurance company would likely offer a lot less money to settle a claim if a person was injured in an accident but suffered only minor property damage, as opposed to someone who lost a loved one or suffered severe permanent injuries.
There are settlements available to help auto accident victims receive compensation for their losses. The following factors typically influence the amount of money awarded in a car accident settlement:
• Medical bills
• Lost wages
• Pain and suffering
• Emotional distress
• Property damage
• The insurance coverage available and determining who is at fault will also affect the average car accident settlement.
How long does it take to receive compensation following an auto accident?
In the event of a car accident, one benefit of settling a claim as opposed to filing a lawsuit is the expediency with which the case is resolved.
According to research by Martindale-Nolo, it typically takes 10.7 months after a car accident and the filing of a claim to receive compensation. Within this timeframe, more than half of the victims' claims should be resolved.
What type of compensation can I anticipate for my auto accident?
After a car accident, the amount of money that can be recovered is directly proportional to the severity of the victim's injuries.
Where you look significantly impacts how much you can expect to receive in a car accident settlement. In 2020, the average cost of a bodily injury claim after an accident was $20,235, while the average cost of a property damage claim was $4,711. The Insurance Information Institute collected this data. According to a survey by Martindale-Nolo, the average settlement for automobile accident claims filed between 2015 and 2020 was $23,900. The average payout was under $10,000.
