What Deciding Factors Affect Car Accident Settlements?

When you are in a car accident, there are many issues at play. You might have medical bills to pay for, car repairs that need funds, emotional issues that need attention, and a wide range of other issues to deal with. Fortunately, there is often compensation you can seek, and even more if you were not responsible for the accident yourself. The following are some deciding factors that affect how much you can expect in a settlement.

Insurance or Lawsuit

In most cases, the other driver’s insurance company will contact you and offer a settlement. You are not obligated to accept that offer. Insurance coverage caps out at a certain amount, so if you feel you deserve more than the amount of coverage the other driver carries, you could argue that with the other party. If the insurer doesn’t comply, the driver would be responsible for the additional amount. In many cases, this would end up turning into a lawsuit.

If you file a lawsuit against the other driver, you might end up with a larger settlement. Because insurance coverage only reaches a certain amount, that’s what you are limited to. In a lawsuit, the sky’s the limit because you can seek for a variety of damages that could total much more than the insurance amount.

Severity of Injuries

The severity of your injuries will play a large role in what you can expect to receive in a settlement. For example, if you have minor injuries, you wouldn’t have very large bills to pay for medical care. You might have an initial visit to the doctor, and that’s it. If your injuries are quite severe, your medical care could include an emergency room visit, surgery, follow-up visits, therapy, prescription medication, and a host of other types of care. These severe situations would make a settlement much greater.

Assets to Pull From

If the other driver doesn’t have adequate assets from which to pull a settlement, you may not be able to receive much in terms of compensation, even if you win the case. In that situation, it may benefit you more to take the offer from the insurance company. Some things your lawyer will look at to determine whether there are adequate assets are property ownership, savings accounts, and whether the individual has a stable income.

Getting a Lawyer on Your Side

After being in a car accident, it’s important you have some legal professionals on your side. Contact an attorney, like a car accident attorney from The Law Offices of Arcadier, Biggie, & Wood, today to learn what might impact your settlement.