How Car Accident Settlements Work

Posted by on Nov 29, 2016 in Insurance, Lawyers, Legal, Personal Injury | Comments Off on How Car Accident Settlements Work

If you are injured in a car accident, the amount of settlement you receive will revolve around many different factors.

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Attorney Fees
First, your attorney fees are deducted from the amount of settlement that you have approved. For car accident cases, the attorney’s fees are 33-1/3 percent. It is the traditional amount that personal injury attorneys charge.

Costs
The next consideration in your settlement amount are the costs. Costs are court reporter fees, court filing fees, photocopies, mileage and any other charge that has been paid for by your attorney.

Medical Liens
If your physicians and other medical providers worked on a lien basis, these would come out of your settlement amount. Doctors, pharmacies, and other providers perform services that are paid for at the end of a case.

auto-accident-lawsuit-processIn filing a lien against your case, your medical providers are always taking the chance that they will collect nothing if your case doesn’t settle, and your case loses at trial. The rest of the settlement is yours. Your attorney will consider their fees and costs, in addition to liens filed against your case, in any settlement figure that is negotiated. It always comes as a shock to see how much is deducted from a settlement amount before the plaintiff receives his settlement money.

Different issues in your personal injury case are assigned a money value. Your damages include future medical care. If you have any level of permanent disability, this means that you will probably incur medical bills related to your injuries in the future. Other factors that have a monetary value are a loss of earnings up to the date of the settlement and loss of future earnings. If you were a welder before the accident, and now are physically unable to pick up heavy iron beams, you should receive a substantial amount of money for loss of future earnings.

It should be a figure high enough to pay for re-educating you to work in another profession that is at the same income level as the job that you can no longer perform. Perhaps, because of your injuries, you had a loss of consortium when you were healing. Loss of consortium means that a husband and wife are unable to have marital relations.

A monetary value will be applied to this also. Pain and suffering have a monetary value, also, as it should. Permanent disability is assigned a dollar amount also. All of these factors will be included in your settlement. If you have any questions about the breakdown of your settlement amount, ask your attorney to provide you with a written accounting of the settlement.