Posted in Car Accidents on October 6, 2021
Following a car crash, no amount of money will fully erase all the pain, trauma, and losses you had to go through. However, when you obtain just compensation for this accident, it can help you start rebuilding your life and give you some peace of mind that you got the justice you deserve for the harm you endured.
Unfortunately, ensuring you get the reasonable amount of compensation you need for this accident is often not as easy as many people hope it to be. In truth, there is no one standard settlement amount that is always awarded to ensure that all of your costs and damages are taken care of. That is why to help clear up some of the confusion surrounding car accident settlement claims, we have prepared the following post. In it, we will go over everything you need to know about this settlement process and what factors can impact your settlement amount.
A settlement refers to an agreement to drop a pending lawsuit following an accident and accept compensation for the incident outside of court. Many car accident cases are resolved through this process — meaning that instead of heading to trial, a person injured in a car crash will file a claim with the insurance company, the insurer will evaluate the damages, and then make a settlement offer. From there, the individual can accept this offer or decline and try to negotiate a different amount. However, if negotiations go south, they can pursue a lawsuit and fight for maximum damages.
Unfortunately, when it comes to these settlement amounts, no lawyer can tell you exactly how much money you may end up getting. This is because there are just too many factors that can affect these settlements and ultimately how much money you can end up with. Consider the following:
One factor that can significantly impact the value of a settlement amount is determining fault following an accident. Typically, to obtain maximum compensation, you will need to prove that another person was at fault for the collision and your injuries. If you end up being at fault for the crash, you will not be entitled to any settlement.
However, if you were partially at fault for the collision, you still may be able to get a portion of this settlement amount, but it will often be reduced based on the percentage of your fault.
Another substantial factor that will be looked at is the amount of losses you suffered after the collision. This means a just settlement will reflect not only the financial losses you experienced, such as your property damages and your medical bills, but it will also reflect your non-financial losses, such as your pain and suffering. As a result, these total losses can range anywhere from a few thousand dollars to the hundreds of thousands and even millions.
Under Louisiana’s regulations, motorists must carry liability coverage on any motor vehicle they own. This coverage pays for property damage as well as personal injury damages, up to a policy’s dollar limits. These limits include:
As a result, the amount that car accident victims can recover will be limited to the amount of car insurance coverage available. This means that even if your losses may be more significant than the at-fault driver’s liability insurance coverage, you will be limited in obtaining a settlement for this coverage amount.
In some instances, settlement compensation may not be enough. For example, if you filed an insurance claim that was denied, the settlement was especially low, or the insurance company refused to negotiate, it may be time to consider legal action.
You need to remember that the settlement you are seeking needs to cover not only your current bills but your subjective expenses, such as your mental and emotional despair following the accident, as well as your future bills and ongoing care. However, when it comes to these intangible losses, the insurance company will likely try to lowball you and provide you a settlement offer that will barely cover any of these expenses. That is why it is essential to have an experienced car accident lawyer look at this settlement amount before you accept it to ensure that it is fair to you.
In addition, if the at-fault driver does not have any insurance, you may have no choice but to proceed with a lawsuit. However, lawyers often do not recommend this route, as people without insurance may not have any assets for you to take. This means that even if you win your suit, the liable party may not have any available compensation for you to obtain to cover your losses and damages. Thankfully, in these situations, a lawyer can look into other insurance options to see if there are places you can collect this monetary recovery.
If you have been harmed in a car accident in Louisiana due to another person’s wrongful actions, it is time to act and go after the justice and damages you deserve. Thankfully with an experienced car crash attorney on your side, you will not have to endure this legal battle by yourself. These attorneys can not only verify whether you have a viable claim, but they can help you understand what legal action you should pursue and make sure they go after the maximum damages you are entitled to.
That is why do not wait any longer to secure the legal help you require. Instead, contact the Law Office of John W. Redmann, LLC, or call our office at 504-500-5000 today for a free case consultation.