Recently gone through a car accident? Well, we can understand the worries you must be going through after such a major incident!
Car accidents either cost you a minimal dent cost or a major hole in your pocket. Accidents vary a lot hence the compensation required to procure can be a tricky question.
In Georgia, there are appropriate provisions for car accident victims where they are provided a damage fund and some punitive damages too.
We will make an effort to reduce some sort of tension by answering the most skeptical question: What is the average settlement for a car accident in Georgia?
Let’s get right into it. Let’s learn what the average settlement is in such cases.
AVERAGE SETTLEMENTS IN CAR ACCIDENTS
In lieu of Georgia rules and laws, average settlement of car accidents in terms of personal medical injuries is decided as around $18,41 and in terms for property loss of cars is around $4,525.
However, the compensation varies a lot on the basis of the type of damage caused in the mishap.
In many cases, people have managed to claim even $100,000 also!
In your case, to determine an appropriate amount in Monticello, you need to go through some legal formalities and for which Monticello, GA car accident lawyer can be a great help.
With that, we suggest, appointing a lawyer at the earliest to implement all the claims of your losses more effectively.
Another factor that plays a role here is the negotiations between the victim parties or the other parties that were responsible.
For a better understanding, here are the types of damages caused in car accidents through which your attorney would determine the compensation.
TYPES OF DAMAGES CAUSED
Georgia car accidents are majorly categorised into three types: economic damages, non-economic damages and exemplary damages.
In simple terms, damages which require a calculable cost for their repair comes under the purview of economic damages.
For instance: recently, a Monticello teen faced a car accident following a collision with a northbound 2000 Chevy Impala. After this, the teen was taken to the hospital regarding some major injuries. Hence, these medical expenses constitute economic damage.
Hence, under Georgia rules, some economic damages available for the victim are:
- Medical expenses
- Loss of earning capacity
- Car damage costs
- Lost valuable income material
These damages have no value through which they can be recovered. Rather than relying on the costs, these losses are generally decided by legal jurisdiction. These damages cover the irreplaceable losses caused in the accident.
Some of the damages for victim under this category include:
- Extreme pain
- Loss of a significant person
- Emotional and psychological distress
- Vanished happiness in life
PUNITIVE/ EXEMPLARY DAMAGES
These damages focus not on the material damage but on the party who was really at fault. It aims to punish the major wrongdoer in the accident. Instead of compensating, they prevail punishment for who’s wrong.
These were all the damages that you need to know that are given consideration.
But sometimes, people are not satisfied enough with the amount of settlements they get as they find it pretty low in accordance with the loss caused. Let’s see how to get through this!
WHAT TO DO IN CASE OF LOW SETTLEMENTS BEING OFFERED?
Everyone tends to see their benefit first, that’s exactly what insurance companies do!
Insurance companies want to make profit in any way possible, so they will settle claims for you as minimally as possible.
They may try to persuade you in the most tempting ways as they would want to make use of the opportunity of you needing money for damages. You may come in influence but it would be a real mistake to consider this first settlement offer as you will be at great loss!
We advise you to never agree in such situations and always approach an attorney in these cases as it would help you a lot in handling all the negotiations and stuff!
Well, now you know everything regarding average settlements in car accidents!
To conclude, depending on whether the damage is economic, non-economic or punitive, the compensation is decided and the average settlement ranges from $18,000 to $19,000.
Hope this article helps fulfil your purpose.