The typical settlement amount following an automobile accident is $41,783.00. Due to the data’s higher proportion of settlements for serious injury-related vehicle accidents, this number may be higher than US national averages. The average amount settled in car accidents involving only minor injuries is substantially lower.
These averages do not always correspond to a set sum for each settlement. Every accident has specific conditions, and each truck, motorbike, or vehicle accident claim has its own peculiarities. As a result, the value of personal injury settlements depends on a variety of criteria, while the extent of the injuries is a major determining element.
An experienced car accident attorney at Gatti, Keltner, Bienvenu & Montesi will be able to help determine a proper settlement amount for each specific car accident case.
What Is a Typical Car Accident Settlement?
Analyzing typical settlements is similar to contrasting bicycles and trucks. The amount a victim should hope for and anticipate depends on a wide range of variables. Every circumstance is special to the person making the claim and is particular to them.
Tennessee is an at-fault state. This means that a victim can file a claim even if the accident only caused minor injuries or property damage. In at-fault states compared to no-fault states, there are significantly more litigation and settlements.
When generally speaking, a car accident settlement will be roughly 3 times the baseline expenses. So, if the expenses currently show $10,000, it would not be uncommon to settle for $30,000, given future expenses and damages for pain and suffering. The most important thing is that a fair settlement is received, which means a person is properly compensated for all financial losses and emotional suffering.
To ensure this, a victim will typically receive amounts for physical injuries, property damages, mental injuries, and pain and suffering—this will ensure the victim is whole through the settlement amount.
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What Factors Affect Car Accident Settlement Amounts?
There are many factors that will go into a settlement amount. The most common factors that affect the settlement amount are insurance coverage, liability, the extent of the injuries, property damage, specific state and federal laws, and expected financial loss. The standard insurance coverage minimum in most states is $25,000 per person and $50,000 per accident.
The minimum necessary auto insurance coverages and limits for Tennessee drivers are as follows:
- Liability for a person’s bodily injury is $25,000, and for an accident, it’s $50,000.
- Liability for property damage is $15,000 per incident.
- Bodily injury caused by an uninsured driver is $25,000 per person and $50,000 per accident.
If an automobile accident occurs in Tennessee, the insurance provider of the negligent driver is liable for paying for any losses, including medical expenses, property damage, and any injuries. It is simple to establish responsibility in some situations, but partial liability in other situations may occur. This characteristic of comparative negligence enables claimants to demand compensation from defendants in proportion to their involvement in the accident.
A lawsuit may go to court or a trial when an automobile accident leaves no obvious party to blame, and the settlement amount will vary depending on the amount of fault assigned to each party.
How Is a Settlement Amount Calculated After an Accident?
The insurance company and the extent of the coverage determine how much money someone will receive from a settlement in major part. Car accident settlements are calculated using a standard formula that takes into account factors including injury severity, pain and suffering, future medical costs, lost wages, responsibility, and negligence. The wrongdoer’s insurance policy and available insurance coverage are highly dependent on each other.
An uninsured person may not have the financial means to pay a judgment against them if they were the cause of the damages and injuries. If an insured person caused the injury, the settlement amount may be constrained by that person’s insurance coverage. Each person’s insurance policy limit is determined by the amount of coverage they can afford.
For instance, truck companies and large corporations with delivery vehicles probably have insurance policies with higher coverage limits than the average person does. Furthermore, the majority of states only mandate a minimum of $50,000 in combined total coverage and $25,000 in personal car liability coverage per person for any given crash. Unfortunately, if three or more persons are hurt in the vehicle accident, you might not even be able to recover $25,000 in damages.
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Are There Limits on Damages in Tennessee?
The Tennessee Supreme Court has recently ruled that the $750,000 ceiling on noneconomic damages in a personal injury action set forth in Tennessee law applies to all claims made in the personal injury action as a whole. Therefore, a spouse’s loss of consortium claim is not subject to the ceiling individually. Therefore, the maximum for each individual plaintiff seeking damages, rather than the total combined, is $750,000 individually.
In situations when the defendant intentionally hurt the plaintiff while impaired by drugs or alcohol, or when the defendant deliberately destroyed evidence to avoid accountability, the cap on non-economic damages does not apply. The defendants’ cumulative non-economic damages are capped. The total damages will be divided among the defendants according to their respective percentages of culpability for the accident if more than one defendant is at fault for a plaintiff’s injuries; however, the sum cannot go over the legal limit.
Keep in mind that this cap is only for non-economic damages, and Tennessee does not put a cap on economic damages.
Economic damages are meant to make up for the financial losses plaintiffs suffered as a result of their injury. Medical costs (hospital stays, surgeries, prescriptions, etc.), lost income (past and future revenue lost as a result of the accident), and property damage are examples of common economic damages.
Economic damages are not capped because some cases can have hundreds of thousands of dollars in medical expenses and other related losses.
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Contact the Car Accident Attorneys at Gatti, Keltner, Bienvenu & Montesi
In every manner we can, the attorneys at Gatti, Keltner, Bienvenu & Montesi, PLC assist victims of auto accidents. An individual can get in touch with a knowledgeable Memphis auto accident attorney through us. From this point on, our lawyer can assist this person in suing everyone accountable for their car accident for damages.
Contact our attorneys by phone or online to receive a free consultation regarding car accident damages.