Car accidents are, unfortunately, a common occurrence. If you find yourself involved in a Chicago car accident, you may be wondering how much you can expect to receive from a settlement.
The amount of money you receive will depend on numerous factors, including the type and severity of your injuries, the amount of your medical bills and lost wages, the type and duration of your medical treatment, the amount of pain and suffering you endured, whether there are any permanent effects from the injuries, and whether or not you shared any percentage of fault in causing the accident.
Injuries requiring long-term medical care or resulting in permanent disability will result in a higher recovery than injuries that heal quickly with no long-term effects. It is essential to remember that every case is different.
The only way to get an accurate estimate of your potential settlement is to speak with an experienced Chicago car accident lawyer. Read on to learn more about what you can expect from a Chicago car accident settlement.
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Average Car Accident Claim Amounts in the U.S.
People get hurt every day, whether it’s a car accident, a slip, and fall, or something else. And when they do, they often turn to the legal system to seek compensation for their injuries. But how much is the average accident claim worth in the United States?
According to the Insurance Information Institute, the average claim for bodily injury following a collision was $20,235 in 2020. Nevertheless, the average payment was $23,900, according to a Martindale-Nolo poll of readers who filed vehicle accident claims between 2015 and 2020. Most claimants from readers received less than $10,000.
Of course, these numbers are just snapshots. Your actual settlement will depend on many factors as stated above.
Factors that Might Affect a Car Accident Settlement
Many factors can affect the amount of money you receive in a car accident settlement. Some of these factors will be out of your control, such as the severity of your injuries. Others, however, will be within your control. Here are some of the most critical factors that can affect your settlement amount:
The Severity of Your Injuries
The more severe your injuries, the higher your settlement will generally be. This is because more severe injuries tend to result in higher medical bills, lost wages, and pain and suffering.
If you’ve been in a car accident, it is critical to get medical care as soon as possible. This will not only ensure that you get the treatment you need, but it will also provide documentation of your injuries. This documentation will be important when it comes time to negotiate a settlement with the other driver’s insurance company.
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The Amount of Your Medical Bills
The more treatment you require and the higher your medical bills, the higher your settlement will be. This is because your medical bills are one of the primary elements of damages and also a way to measure the severity of your injuries.
Keep track of all of your medical bills. This includes everything from your ambulance service to the hospital to your follow-up appointments, therapy, and diagnostics. Make sure to keep all your receipts and documentation in one place so you can easily access them when your attorney requests them.
Your Lost Wages
If you have been injured in an accident, you may recover damages for the wages you have lost due to your injuries.
To recover lost wages, you must prove that your injuries have caused you to miss work. This can be done by providing medical documentation and by testifying about your injuries’ impact on your ability to work.
Lost wages can be a significant factor in a car accident settlement, so tracking how your injuries have affected your ability to earn a living is important.
Your Pain and Suffering
If you’ve been in a car accident, you know that the physical pain and suffering can be immense. But did you know that your pain and suffering can also significantly impact any settlement you might receive?
When you’re involved in an accident, the other driver’s insurance company will always try to minimize the amount of money they have to pay out. One of the ways they do this is by looking at the severity of your injuries. If your injuries are minor, they’ll argue that your pain and suffering are also minimal.
In addition, the insurance company will also consider how long your injuries are expected to last. If you’re expected to make a full recovery within a few weeks, they’ll again argue that your pain and suffering are minimal.
However, they’ll be more likely to offer a higher settlement if you’re facing a long road to recovery. This is why it’s important to have an experienced personal injury attorney to battle the insurance company. A seasoned attorney will be able to obtain and present the necessary evidence to prove your pain and suffering when negotiating a settlement. It could make all the difference in the money you ultimately receive.
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Average Trial Verdict Amount in Illinois
As anyone who has been the victim of a personal injury knows, the cost of medical bills and lost wages can quickly add up.
Fortunately, Illinois law provides a means for injured individuals to seek compensation from those responsible for their injuries. However, winning a personal injury lawsuit is no guarantee of a large payout.
Research from Jury Verdict Reporter shows that Illinois’s median personal injury verdict was just $27,220 in 2009 (equivalent to $32,978 in today’s dollars). While this may not seem like much, it’s important to remember that 51% of all personal injury lawsuits that go to trial result in a successful damages award for the plaintiff.
If you’ve been injured due to someone else’s negligence, our auto accident lawyers in Chicago can help you understand your legal options and fight for the compensation you deserve.
What’s Deducted from Your Settlement?
Once you’ve settled with the other driver’s insurance company, it’s important to understand that you won’t receive the full settlement amount. This is because there are a number of deductions from the settlement, including:
- Attorney’s Fees: The deduction amount will depend on your agreement with your attorney, but it will typically be between 33% and 40% of the settlement.
- Costs: All costs incurred by your attorney will also be deducted from the settlement. These costs include medical record fees, filing fees, expert witnesses, and other expenses.
- Liens/Medical Expenses: There are various liens that may be filed on your case including medical provider liens, health insurance liens, Medicare or Medicaid liens, and others. Our legal team at Drake & Collopy, P.C. Chicago will negotiate with any lienholders to reduce the amount of their reimbursement in order to help you get as much of the settlement as possible.
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Speak With Chicago Car Accident Attorneys to Learn How Much Your Case Might Be Worth
If you have been injured in a car accident, you naturally want to understand how much your case may be worth.
While the final amount will depend on many factors, our Chicago car accident lawyers can help you estimate what you may be entitled to receive.
Contact Drake & Collopy, P.C. today for a free consultation to discuss your case and find out how we can help you get the compensation you deserve.
