If you’ve been the victim of a car accident, it can be tough to keep track of all the bills that come your way. From medical expenses to transportation expenses, it’s easy for your finances to spiral out of control after an accident. If you’re in the process of filing a lawsuit against another party in the car accident, it can be helpful to understand the average insurance settlement for car accidents if the suit is successful. Here, we’ll explore some commonly asked questions from people who are curious about the average lawsuit settlement for car accidents.
What is the average settlement amount for a car accident lawsuit?
While $50,000 is the car accident lawsuit settlement average, this number can vary widely. The severity of injuries, the severity of property damage, and other factors can all play a role in the average accident settlement amount. Plaintiffs can see high or low amounts of car accident settlement amounts depending on these and other factors.
How long does it take to receive a settlement?
In most cases, it takes at least six months to two years to get the money to which you’re entitled after a ruling in a car accident lawsuit. It could take even longer, and the defendant may request a structured payment plan to give you the money you’re owed over time, instead of all at once.
Are there common types of car accident factors that affect the settlement amount?
Two types of cases that tend to result in high settlement amounts are rear-end accidents in which liability is not contested, as well as lawsuits in which the plaintiff required surgery as a result of the injuries sustained during the car accident.
What role does insurance play in the settlement?
Insurance plays a large role in car accident settlements. Insurance companies assess the damage caused by the accident, the value they’re willing to pay and who is at fault. If they feel their driver was not at fault, they can take the risk of going to trial (which can result in zero payout).
What loans work best for car accident lawsuits?
Many people who want to file lawsuits against people who have harmed them in an auto accident struggle to do so due to legal fees. It can be hard to pay for a lawyer when you’re also working to recoup the losses caused to you during your auto accident, as well as trying to pay for medical bills.
Legal funding, aka lawsuit loans, can be a great fit for people who cannot pay for a lawyer but need to file a lawsuit. These loans are helpful because the person filing the lawsuit is at no risk if they lose the case. If you decide to go this route, you won’t pay any money out of pocket until the case wins and is completely settled.
If you’re considering filing a lawsuit after an auto accident, remember:
- The average settlement amount for a car accident lawsuit is $50,000.
- The severity of the plaintiff’s injuries can affect the amount of the settlement.
- Cases that involve a rear-end accident (with no question of who was at fault) and/or cases in which the plaintiff required surgery to resolve their injuries often result in higher payouts.
- Legal funding can be a good option for people who want to file a lawsuit but cannot afford legal costs out-of-pocket.
At Legal Bay, we’re here to provide you with loans for lawsuits to get the compensation that you deserve after an auto accident. Reach out to our loan on lawsuit team today to learn how we can help.