Typical Auto Personal Injury Settlement
Being in auto accident is not something anyone wants. Auto accidents are a fact of our modern day lives and so also injuries caused by auto accidents. However, if you were injured in an auto accident, you can get some type of injury settlement.
Typically in an automobile accident the following are considered to arrive at a settlement:
- Cost of repairs to the vehicle.
- Medical bills from the time of accident till complete recovery.
- Compensation for loss of wages and earnings through convalescence till time of resumption of work.
- Pain and Suffering.
Pain and suffering are difficult to quantify as they encompass a number of variables. So insurance adjusters have arrived at a broad formula on which to commence negotiations.
The total cost of medical bills is the norm on which they base their offer. This is multiplied by a certain factor to arrive at the eventual settlement. The factor depends on the severity of the accident. Here are some typical examples:
$ 750 Vehicle bills
$ 500 Medical bills
A relatively minor accident with little damage to the vehicle or property. A settlement of from 1.4 to 1.8 times may be expected, typically from $550 to $2,250.
$ 2250 Vehicle bills
$ 2500 Medical bills
Accident more severe in nature with greater injuries. Expect between 1.8 and 2.4. Typically from $2,500 to $11,400
Example # 3
$5500 Vehicle bills
$8250 Medical bills
A severe accident of life threatening proportions. Considerable medical attention with possible long term repercussions. A factor of between 2.3 and 3 will be applicable. Expect from $8,500 to $41,250.
Finally, whatever formula you apply, you are restricted to the amount of insurance the other driver has bought.
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