What is the average car accident settlement worth in Texas? The average car accident settlement worth in Texas is difficult to determine due to the multitude of variables that affect the value of damages. Generally, the settlement will cover financial losses like medical expenses, along with non–economic damages like pain and suffering.
To understand what you may be able to recover in your case, it is important to talk with a Houston car accident lawyer about your specific circumstances.
How a Car Accident Settlement is Calculated
Several aspects are taken into account when determining how much you may be able to recover in a car accident settlement. While there is no average car accident settlement, your lawyer can walk you through how are personal injury settlements are calculated. A settlement will usually include economic and non-economic damages, and each one is calculated differently.
Economic damages are calculated by adding up each one of your monetary losses. These are easy to assess because they are tangible losses. On the other hand, non-economic damages are subjective and intangible.
To calculate these losses, economic damages are generally multiplied by a number between 1.5 and 5 (the higher the number, the more severe the loss) to determine the value of your settlement.
Your lawyer will help you identify losses in each category and add them up according to their respective formulas to reach an estimated settlement value. This value will guide negotiations so your lawyer can ensure you receive a settlement that reflects and covers the full value of your losses as much as possible.
Factors that Impact a Car Accident Settlement
There are many variables in a car accident and the claim process. Each one can impact how much your settlement may be. After reviewing your case, your lawyer will walk you through which elements may impact the average Texas car accident settlement and how they can help you get the best outcome possible in your situation. Some of the most common factors that can affect your settlement include the following:
- Severity of your injuries: This may be one of the most influential factors on your settlement. Severe injuries require more extensive care than minor injuries, which in turn results in more expenses and requires greater compensation. The more you have lost, the more likely you are to recover more in a settlement.
- Extent of your losses: In addition to medical costs, you have likely suffered other losses as well. Loss of income and vehicle damage can add up and put a financial strain on your finances. The extent of your pain and suffering is calculated as well when adding up all of your losses.
- Partial fault: If you contributed to an accident in any way, your compensation may be reduced. Per Texas’ modified comparative negligence law (Civil Practice and Remedies Code Chapter 33), your damages will be reduced by your contribution amount as long as you are less than 50% at fault. Parties over 50% at fault cannot recover compensation.
- Insurance company: While designed to help you after an accident, insurance companies often try to avoid paying you. First offers are typically low and require negotiation by a lawyer to provide you with a fair amount. Some insurance companies try to avoid paying you altogether. Be sure to hire a lawyer before filing your accident claim.
With the help of a lawyer, your case can be optimized for maximum results. Even a small amount of lost compensation can considerably impact your ability to pay for your expenses.
Your lawyer is skilled at building a strong case and negotiating with other parties to ensure the value of your settlement does not decrease.
What You Can Recover in a Car Accident Settlement
You are likely to recover multiple losses in a settlement for a car accident. Your specific losses will determine which ones are covered by damages.
Compensation generally includes economic damages for financial losses and non-economic damages for pain and suffering. Together, some of the specific items you can recover include:
- Medical expenses
- Lost wages
- Loss of future earnings
- Vehicle repair or replacement costs
- Decreased quality of life
- Pain and suffering
- Loss of companionship
- Loss of enjoyment of life
- Mental anguish
To determine what a settlement is worth in Texas, your lawyer will ensure all of your losses have been accounted for and will help you calculate them.
Financial losses are calculated by adding up the value of all existing and projected expenses. Pain and suffering is more subjective, and a specific formula is used to determine how much compensation you can recover.
How a Car Accident Lawyer Can Help You Protect Your Settlement
Protecting the viability of your claim is essential to safeguarding your settlement. Having sufficient evidence and an advocate goes a long way toward improved results.
The steps you take immediately after an accident can set the tone for your case and how swiftly it can be resolved. Here are five things to do after your car accident in Texas:
- Collect evidence such as photos, medical records, pay stubs, and repair costs
- Exchange information with the other driver
- Try to get witness statements and their contact information if possible
- File a police report
- Receive medical care for your injuries
You should also be sure to hire an experienced lawyer right away to speak on your behalf and protect your case. They will ensure your claim and rights are protected and that you are treated fairly, especially by the insurance company.
Hiring a lawyer often results in significantly higher settlements and favorable outcomes. As such, this step should be taken before filing your claim.
Lowe Law Helps You Recover Your Losses
Lowe Law understands your concerns about the average car accident settlement in Texas. When you hire us, you can be confident that we will fight aggressively for you so you can receive maximum damages for the injuries and losses you suffered.
We ensure you have the resources to rebuild your life. Contact us today to schedule a free consultation and learn how much your case may be worth.
