Jason Stephens | May 8, 2023 | Car Accidents
One of the most common questions that many people ask their Texas car accident attorney is how much their settlement will be. While each case is different, generally, the bigger the plaintiff’s losses, the larger their settlement will be to cover them.
How high of a settlement can you expect from your case? There are several factors involved in the average Texas car accident settlement.
Average Car Accident Settlements in Texas
According to the Insurance Information Institute, the average car accident settlement for claims with bodily injury was $22,734 in 2022. This was much higher than the national average in 2021, which was $19,691. In fact, the average settlement amount has risen steadily since 2015.
Claims for accidents with property damage alone averaged $5,314 in 2022 — a few hundred dollars more than the 2021 average of $4,959.
In Texas, the combined average premium for 2020 was $1,302, which was a little less than the 2019 average of $1,370, according to a report released by the National Association of Insurance Commissioners (NAIC).
Factors that Determine a Car Accident Settlement Amount
A high settlement often accompanies high losses in a car accident for a range of reasons.
Car accident settlements are intended to restore you to your condition as you were prior to the crash, covering your fiscal losses and compensating you for the pain and suffering of your injuries.
Some car accident victims may be out of work for days, weeks, or even months, and the settlement should cover their lost wages from that time missed. If you are permanently disabled or rendered unable to work again, the settlement will cover your loss of earning potential, too.
Your experience could leave you with lasting emotional trauma or poor mental health. It’s not uncommon for car accident victims to develop situational anxiety or PTSD after the wreck. An experienced Texas car accident lawyer can build a case for higher compensation for you to cover all of your pain and suffering.
Factors that Could Reduce Your Car Accident Settlement Amount
Your car accident lawyer will build a case for the highest possible settlement for your Texas car accident claim, but certain factors can reduce how much you receive.
Often, settlements are negotiated in mediation or outside of court between the two parties’ attorneys. The other driver’s insurance company will seek to pay as little as possible, so there could be negotiation on the non-economic portion of your settlement.
Another factor that could reduce how much you’ll get after the car accident — or even if you get a settlement at all — is whether you contributed any fault to the accident.
Texas is a modified comparative negligence state, which means that a plaintiff can only recover a settlement or award in court if they were 50% or less to blame for the accident. The amount of fault you contributed to the car accident will also be the amount that your award is reduced.
How Much Is Your Texas Car Accident Claim Worth?
To determine how much compensation you are entitled to, it’s important to consult a reliable Texas car accident attorney.
The other driver’s insurance company will probably make you a very low offer, if they accept your claim against their customer at all. However, a skilled Texas car accident attorney can properly evaluate the value of your claim and often negotiate a better settlement.
And if your case goes to court, your accident attorney can represent you to fight for the compensation you deserve to cover your losses.
Contact Our Car Accident Law Firm in Fort Worth, TX
If you’ve been injured in an accident in Fort Worth and need legal help, contact our Fort Worth car accident lawyers at Stephens Law Personal Injury | Wrongful Death | Truck Accidents to schedule a free consultation.
Stephens Law Personal Injury | Wrongful Death | Truck Accidents
1300 S University Dr # 300
Fort Worth, TX 76107