Auto Accident Settlement Amounts: How Much Are They Really Worth

June 19, 2013

If you have been hurt or injured by an accident in your car, then you will be entitled to some kind of auto accident settlement amounts. In order to get the best from your settlement, you should be aware of how your company will calculate the amount it will pay you. Factors which help a company to calculate the cost of a claim can also include the extent of injuries, and any other damage which has happened as a direct result of the accident.

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Medical Costs

The cost of any treatment which you may receive from a hospital or doctor will definitely count in your settlement. You are more likely to get a large settlement if you have a physical injury than if you have emotional injury or loss of wages, or even damage to the car—although this can run into thousands. These medical expenses involve treatments of your injuries, visits to hospital, emergency services, medications and tools such as a wheelchair or a crutch, and any sort of physical therapy that is needed. You will also receive cover for any future medical treatments, such as operations to correct a break in your leg, or further medication and hospital stays. Insurers will take into account the severity of the injury so you may be awarded more for a break in the hip, for example, than in the wrist or ankle.

Auto Repair Costs

Another part of the settlement will address the damage to your car. How much you receive for this will depend upon the extent to which your car has been damaged. You may have suffered a small dent or you may have suffered significant loss, up to and including the complete writing off of your car. This damage can be a great deal, and while you may need to deduct parts which have been sold on as spares or scraps, you should not exclude the possibility that you will be significantly compensated for the loss of your car.

Personal Costs

The personal costs of an accident may not be immediately visible, and can include emotional damage. The people hearing this part of the claim might be unsure how to weight this, but you are unlikely to receive a large amount for any emotional suffering. Personal costs also include those parts of the settlement which are taxable income, which is usually compensation for wages, and also punitive costs awarded against the other side.

Charges

Despite all of these areas in which you can be compensated, you are unlikely to be awarded the full amount, as you may be charged settlement fees by your company, and you will also have to pay other costs which your company will charge you. In addition, any claims may also be met in the future by higher premiums on your insurance, and a lower settlement cost available to you.

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