How Much Is the Average Car Accident Settlement?

The average car settlement in Kentucky can vary greatly, depending on the factors involved.  These include the severity of the accident, the seriousness of injuries and whether there were any fatalities, the extent of damages to property, the insurance coverage limits, and which parties were found to be at fault for the accident. Each case is unique, so averages make little difference in determining what your settlement should be.

Insurance typically covers damages up to the policy limits of the insured driver, which can include property damage and bodily injury liability. If damages exceed the policy limits or the insurance company doesn’t pay what it should, the at-fault driver may be held personally responsible for covering the remaining costs through a personal injury lawsuit.

If you or a loved one was injured or someone has died in a car accident due to another party’s negligence or fault, you should be entitled to compensation for the losses you received. However, Kentucky personal injury and insurance laws are complicated, and insurance companies and their attorneys are out for profit and will often try to deny claims, pay out less than you deserve, or trick you into saying something that indicates that you may have been at fault

Making mistakes can be costly; at this difficult time, when you are trying to recover from the accident, you do not have to fight for your rights and a fair settlement alone.  An experienced Kentucky car accident lawyer at The Johnson Law Firm can take the burden off you and handle all investigations, negotiations, and legal requirements needed to recover fair compensation. When you work with attorney Billy Johnson, you are represented by a tough lawyer who can determine what your case should be worth and then deal with insurance companies and the court system to get you the settlement you are entitled to.

Why Choose Our Kentucky Car Accident Lawyers?

Your attorney plays a major role in the settlement amount you wind up with, so be sure to look for one you can trust, who has the experience, skills, and resources to fight for the settlement you deserve. Here are some reasons why we feel you should choose The Johnson Law Firm:

• We have the experience you need. Attorney Billy Johnson has been helping victims of car crashes since 1998.
• We get results, such as the $24 million settlement in a truck wreck case on first day of trial.
• We take a personal interest in each client. Billy Johnson won’t turn your case over to a less experienced attorney or paralegal — he works tirelessly on your behalf. You can read testimonials from our many satisfied clients to prove it.
• We are certified and respected for the work we do. Billy Johnson has been recognized by:
• Super Lawyer
• Multi-Million Dollar Advocates Forum
• Million Dollar Advocates Forum
• Instrument Rated Pilot

We offer free consultations to get you started, and there are no fees to you unless and until we win your case.

How Our Car Accident Lawyers Work for the Best Settlement

Time is of the essence when building a car accident case, in order to preserve evidence while it is available and witnesses can be found. When you retain the Johnson Law Firm, we start working for you immediately. We will:

• Meet with you to discuss the circumstances of the accident to determine who might have been at fault and estimate what a fair settlement should be.
• Investigate the accident and gather evidence, such as videos and photographs from traffic cameras and police; ambulance, doctor, and hospital records and reports; and interviews with witnesses and first responders.
• Guide you through the legal processes involved in filing a claim or lawsuit, ensuring you meet all deadlines and requirements.
• Hire experts to reconstruct the accident and testify on your behalf as to fault, the extent of damages, and the costs and effects of your injuries now and into the future.
• Deal with insurance companies and aggressively negotiate for a fair settlement.
• Take your case to court if necessary.

Billy will be there for you at every stage of the legal process, from filing pretrial motions to presenting evidence and making closing arguments, to filing an appeal if appropriate.

What Constitutes a “Fair” Car Accident Settlement?

A fair settlement can reimburse you for your economic, or monetary, damages.  This includes all that money you’ve paid out for medical, hospital, and rehabilitation bills; repairing or replacing your car and any other personal property damaged in the wreck; and compensating for lost wages from being unable to work.

A settlement should also include your non-economic damages that do not have a specific dollar value but negatively impact your life. These damages deal with aspects such as physical pain, emotional anguish, humiliation, reputational damage, loss of enjoyment of activities, worsening of prior injuries and loss of consortium – defined in this case as “familial association.”

The settlement amount you receive may differ from the average or what other people receive due to a variety of factors, such as…

• The seriousness of the injuries
• The health of the victim at the time of the accident
• The prognosis for the victim’s recovery
• How long recovery might take
• The nature of the victim’s prescribed rehabilitation.

As far as an estimation of non-economic damages, when comparing them to economic damages, settlements can run from two to ten times the amount of medical bills and lost income. Again, this depends on the circumstances of the accident, extent of injuries, and whether punitive damages are awarded in order to punish the defendant’s reckless or willful behavior for causing the accident.

Kentucky follows the “pure comparative negligence” rule, so even if you’re partially at fault, you can still recover damages, but they may be reduced by your percentage of fault.

How Policy Limits Impact Settlement Calculations

All Kentucky drivers must have a minimum coverage of $25,000 for bodily injury per person per accident, $50,000 bodily injury for all persons in each accident and $10,000 property damage liability, usually referred to as “25/50/10.” Smart motorists usually carry significantly higher coverage amounts, simply because the value of medical costs has shot up 300 percent or more since these amounts were established. If you’re seriously injured, and the negligent driver’s coverage is exhausted, your insurer makes up the difference.  If your financial needs exceed both combined policy limits, you may have to sue the negligent driver personally for the difference.

Calculation: What Is the Average Settlement for a Car Accident?

When calculating medical bills and lost income, a general formula is to multiply the medical bills total by three, then add 100 percent of the lost income. We’ll use this simple model:

Let’s say you suffered an injury which required surgery, a brief hospital stay, but no rehab, resulting in a final bill of $8,500. You also missed a week of work, representing $2,000 in lost income. Your average car accident settlement might be approximately $25,000 (though it could fall anywhere from $18,000 up to a maximum amount of about $28,000). If you accept the “average” coverage amount from the driver’s insurance company as your final settlement, your insurance company will not be involved at all. But anything over that $25,000 policy limit triggers some compensation from your insurer.

Settlements are typically much higher for more severe or permanent injuries. You may get paid more if the other driver was found to be driving under the influence or broke a traffic law which led directly to your car wreck.

Non-Economic Damages Calculation

Putting an exact price on your pain and suffering is virtually impossible. However, that is exactly what is attempted when calculating non-economic damages, which may include:

• Physical pain
• Mental anguish/emotional stress
• Permanent disability
• Loss of ability to enjoy life
• Scarring/disfigurement.

There are so many variables to this seemingly simple task, and it is important for your attorney to use the evidence in your case to maximize your non-economic damages. Some of these factors include:

• The type, severity, and length of time it takes you to recover
• Whether you’re permanent disabled, scarred, or disfigured
• How your injuries impact your daily life (or employment)
• The changes in your relationships with family, associates and friends
• Your long-term medical prognosis.

When you are represented by a seasoned injury lawyer, insurance companies prefer to negotiate reasonable settlements rather than risk going to trial where things could go badly for the insurance company. This is why it is so important to have a skilled attorney whose reasonable and fair demand for damages is accompanied by a strong case that proves the negligence defendant’s culpability.

Learn How Much Your Car Accident Case Is Worth

The Pikeville, KY, car accident lawyers at the Johnson Law Firm have extensive experience with the court system and insurance companies. Billy Johnson has represented vehicle accident victims throughout Kentucky, as well as in other states. He can help determine responsibility, establish your claim, and earn you financial compensation. The Johnson Law Firm offers prospective clients an initial case evaluation for free, in person or over the phone, so call us today to get started.

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