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How Much Should I Settle For After a Car Accident?

— February 7, 2022

It’s important to remember that insurance companies want to avoid going to court at all costs.

If you’re approaching a car accident injury claim in Louisiana, you may be wondering how much you should settle for. This can be a tricky question to answer, as each case is different. However, one thing’s for sure: insurance companies will do everything in their power to pay you as little as possible. This means that you need to be wary about settlement offers and avoid accepting them too quickly. The fact that you’re researching this subject is a very good sign. 

With help from a qualified, experienced car accident attorney, you can make sure you’re receiving a fair, adequate settlement. Without an attorney by your side, you may have no idea what constitutes a fair settlement. Thanks to the experience and qualifications of these legal professionals, you’ll be immediately informed when a settlement offer is too low. Your attorney can even negotiate on your behalf, helping you receive a much larger settlement.

Your Settlement Offer Should Reflect Your Damages

Your settlement offer should reflect the total cost of your damages. For example, if you have incurred hundreds of thousands of dollars in medical expenses, your settlement offer should cover these expenses. In addition, your settlement should cover things like missed wages and other out-of-pocket expenses caused by your injury. 

But your economic damages are only the tip of the iceberg. You also need to consider your non-economic damages, which are losses of an emotional or mental nature. These damages include PTSD, anxiety, depression, disfigurement, anxiety, loss of enjoyment of life, emotional distress, and so on. The extent of your non-economic damages will literally multiply the total of your economic damages, resulting in a settlement that can be quite considerable. 

Average Settlement Amounts

With all that said, the average settlement amount for car accidents in the United States is about $20,000. Keep in mind that this is largely a reflection of minor injuries, such as whiplash. Those who suffer more serious injuries, like fractured spines or paralysis, can expect settlements well into the six figures.

Doctor performing surgery; image by Jafar Ahmed, via
Doctor performing surgery; image by Jafar Ahmed, via

Why Do Insurance Companies Offer Such Low Settlements?

At the end of the day, any insurance company is trying to rake in as much profit as possible. Like any business, its goal is to make money. As a result, their employees are specially trained to reduce potential settlements as much as possible. However, it’s important to remember that insurance companies want to avoid going to court at all costs. This means that they will hand over considerable sums if it means sidestepping the time-consuming, expensive trial process. 

Enlist the Help of a Qualified Attorney Today

If you’ve been searching for a qualified, experienced car accident attorney in LaPlace, look no further than Faucheux Law Firm. Over the years, we have guided many injured victims to fair, adequate settlements – and we can do the same for you. Book your consultation today, and we can assess the unique circumstances of your car accident. We can then establish a target settlement amount and work towards that goal in an efficient, confident manner. Book your consultation today to learn more.

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