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Updated May 24, 2020 | Auto Accidents | Social Share
After a car accident, you are probably overwhelmed. Dealing with injuries, vehicle repairs, or long hospital stays can all contribute to the chaos and uncertainty that follows a crash.
While recovering from the immediate aftermath, you may also wonder how you will pay for medical bills, lost wages, and other damages. A car accident settlement could be the answer to your financial difficulties.
But what are typical car accident settlement amounts? The answer: It depends.
What Are Average Car Accident Settlements?
Unfortunately, there is no set equation or average payout when it comes to car accident settlements. Why? Every case is different, and so is every settlement. Just because someone else won thousands of dollars in an auto accident settlement doesn’t mean that you will, too.
What Types of Auto Accident Compensation Can I Receive?
In Indiana, victims of car accidents can recover both economic and non-economic damages.
Economic Damages
Economic damages, also called special damages, cover losses with a quantifiable dollar amount. These damages include medical expenses, vehicle repairs, and lost wages.
Non-Economic Damages
Non-economic damages, known as general damages, are intangible losses without an exact dollar amount. Examples include pain and suffering, loss of companionship, and mental anguish.
How Are Car Accident Settlement Amounts Calculated?
A wide variety of factors can affect the value of a car accident settlement. In general, a major accident will be worth more than a minor accident, so settlement amounts for crashes involving serious injury or death are often higher than fender benders.
Other factors impacting car accident compensation include the following:
- How many people were involved in the accident
- Type, severity, and duration of your injuries
- Current and future medical expenses
- Need for ongoing assistance or other medical care
- When you can return to work, if at all
- How much insurance the negligent party has
- Whether you have uninsured/underinsured motorist coverage
- What percentage of fault you have for the accident
These factors must be documented through medical records, photographs, witness statements, police reports, or other types of evidence.
Contact an Automobile Accident Attorney Today
If you or a loved one have been injured in a car accident, contact the Indianapolis Car Accident Attorneys of Wilson Kehoe Winingham. The lawyers at WKW can help you and your family fight for the compensation you deserve. Call 317.920.6400 or fill out an online contact form for a free, no-obligation case evaluation.
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