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Every party that is owed money from your car accident case must be paid from your settlement proceeds. A car accident settlement can be divided to pay for medical expenses, property damages, attorney fees, and more. Depending on the severity of your car accident claim, your case may not include these types of costs.
Upon filing a car accident claim, you may pursue economic and non-economic damages. Your economic damages have a monetary value associated with them because they are costs that you would be left to pay for. These costs may include your bodily injury expenses, auto repair expenses, potential liens, and other damages.
Your non-economic damages may include pain and suffering, emotional distress, loss of consortium, and more. Damages you may also recover include your lost wages, future lost wages, and limited earning capacity.
What You Should Know About Obtaining Personal Compensation
During a car accident settlement, your total compensation demands will include economic and non-economic damages. Upon receiving a settlement award, you can use these funds to cover your previously mentioned economic damages. The remainder of your settlement can be your personal source of compensation.
This compensation will cover your non-economic damages. During a personal injury lawsuit, a jury will review your personal injury damages and determine how much compensation you may be granted. Insurance settlements may also include non-economic damages. An out-of-court settlement may be reached at any time during a potential trial—even before you enter the courtroom.
Whether your case ends in an insurance injury settlement or from a personal injury lawsuit judgement, you will need evidence to earn compensation for your damages. With economic damages, you may rely on evidence such as medical bills, property damage bills, police reports, and more to prove your case. For non-economic damages, you still may be required to present evidence such as medical documentation.
Settling Your Car Accident Damages
Part of your potential settlement award from a car accident will cover economical losses. Upon earning a settlement, your award will be reduced by the amount of your accumulated costs
Thus, your total settlement award is not guaranteed to become personal compensation. You must cover all fees and costs associated with your claim before determining the value of your personal compensation.
Medical Bills
Car accidents may leave victims with injuries that require medical attention. If you are not at-fault in causing the accident, you should not bear any resulting medical costs. These costs may result from:
- Surgeries
- Emergency transportation
- Rehabilitation
- Medical examinations
- Prescribed medication
- Ongoing treatment
There are several types of injuries that are common with car accidents. For instance, Mayo Clinic states that whiplash is commonly caused by rear-end collisions – among other related causes.
According to the National Spinal Cord Injury Statistical Center (NSCISC), 38.6% of all spinal cord injuries were caused by motor vehicle crashes from 2015 2020. Victims of car accidents can also suffer traumatic brain injuries (TBIs). In 2014, the Centers for Disease Control and Prevention (CDC) reported that motor vehicle crashes were the second leading cause of TBI hospitalizations.
Property Damages
If you are involved in a car accident, you may experience property damage to your vehicle. Property damage costs may also include possessions that were inside your vehicle at the time of the crash, such as cell phones and other personal property. If your car requires collision repairs or has been completely totaled, you may include these costs in an insurance claim.
According to the Insurance Information Institute (III), over 4.8 million motor vehicle crashes in 2018 involved only property damages with no fatalities or injuries. In total, there were over 6.7 million motor vehicle crashes reported that same year, according to the III. This means over 70% of motor vehicle crashes in 2018 included property damages.
Attorney Fees and Costs
Should you hire a car accident attorney, you must also cover their fees. These fees would be subtracted from your total settlement fund, along with the costs for the remainder of your economic damages. You may also be responsible for the costs associated with hiring an attorney.
For instance, your attorney may cover the costs to file a personal injury lawsuit on your behalf during the case. If you win your case, your attorney would be repaid for these costs.
Fight for a Car Accident Settlement With George Sink, P.A. Injury Lawyers
If you are wondering how your car accident settlement will be divided, contact George Sink, P.A. Injury Lawyers. Our law firm can help you wade through the car accident claims process following a free case review. We can do the following until a settlement or judgement is reached:
- Help you pursue fair compensation
- Determine the value of your claim
- Obtain evidence
- Protect your legal rights
- Support your case
We have offices throughout both South Carolina and Georgia. To learn more about working with a car accident lawyer, call us or fill out our online form today.