The average value of car accident settlements in Kentucky varies widely, depending on several different factors. The amount of damage, the extent of the injuries, the cost of medical bills, and whether or not there were any fatalities are all factors that play a large role in the value of an accident settlement. No two car accident cases are the same, so looking at average settlement amounts may not give you the best idea of how much your case is worth anyway. Louisville car accident attorneys share details below about calculating the value of a car accident claim.
Factors Affecting Car Accident Settlement Values
Car accident claims can be complex, and there are many factors that will affect the overall value of your claim. Remember that accident claims are intended to reimburse you for losses that are sustained as a result of the accident. So, the more loss you suffered, the higher your settlement is likely to be. Some of the major factors affecting the amount of car accident settlements include the following:
- Amount of medical bills
- Length of time missed from work
- Extent of injuries
- Estimate of future medical expenses
- Whether or not injuries are permanent
- Insurance coverage
- Who is at fault
Notice that determining who is at fault for the accident can affect the value of the settlement. You can generally only recover damages if someone else was at fault. So, what happens if you are partially at fault? Kentucky follows the “pure comparative negligence” rule (Ky. Rev. Stat. Ann. § 411.182). This means that you may still be entitled to damages even if you were partially at fault. However, your damages will be reduced by the percentage of liability that belongs to you.
Remember that each car accident case is unique. Even though these factors may affect the amount of a settlement, there is no formula that will give you an exact amount that your claim is worth.
How Insurance Affects Settlements
The amount of insurance coverage in place can have a substantial effect on the final settlement amount of a car accident claim. Liability insurance will reimburse the injured party for their losses, but only up to the policy limits of the insurance coverage. For example, some insurance policies may have limits of $25,000 or $50,000 for bodily injury claims. A significant injury can quickly incur medical bills well over these amounts. Although the injured driver could still attempt to recover from the at-fault driver personally, the settlement from the insurance company will be capped at the amount of the policy limit.
Estimating The Value Of Your Accident Claim
Even though there is not a formula that can be used to determine the exact amount of your settlement, there are some formulas that can be used as guides to get an idea of how much your claim might be worth. A good rule of thumb to estimate the value of your claim is to multiply your medical bills by three and add the amount of your lost income. For example, if your medical bills totaled $10,000, a reasonable settlement amount may be $30,000 plus the amount of your lost income.
Remember that settlements can generally range anywhere from two to ten times the amount of your medical bills, and more extensive injuries will usually fall into the higher range. To get the best idea of the value of your case, you should seek the advice of an experienced personal injury lawyer in Louisville. The attorneys at Dolt, Thompson, Shepherd & Conway, PSC can help you understand the value of your case and help get you the compensation you deserve.