How Much Will My Settlement Be for a Car Accident?

Recent Posts

Immediately after a car accident, money is probably the last thing on your mind. You’re probably more interested in making sure you, your passengers, and the passengers of any other vehicles aren’t hurt.

However, once the dust settles, the cops have left the scene, and you’ve been given the all-clear from the hospital, you start thinking about the financial implications. If someone else was at fault in your accident, you may even begin to wonder if, after hiring a car accident attorney in Texas, you can receive financial compensation.


The Costs Associated with a Car Accident

Many people think that the only costs associated with a car accident are those related to getting that car back on the road. New parts, panels, and paint can all cost a pretty penny. Though, there is more to the financial picture than a new set of wheels.

If you were injured in the accident, no matter how minor those injuries were, you might have a hefty medical bill coming your way. Even if your insurance covers some of it, it can still be a weighty burden to carry.

Property damage may also form part of the picture. If a car hit you, then you hit someone’s home or belongings, you may have to figure out how to come up with the funds to cover those costs, as well.

Then there’s lost income from days you had to take off work to tend to your injuries, future days off work, and future medical expenses. Factor in the pain and suffering that may also follow and that car accident suddenly became a huge financial burden.


Contacting a Car Accident Lawyer

When the weight of the incident hits you like a ton of bricks, it may be a good idea to hire the services of a quality car accident attorney. They have a genuine understanding of the costs associated with car accidents.

As a result, they can work with you to put together a case that may fall in your favor. At least 70% of personal injury claimants in a survey were able to receive a payout, so there’s no harm in finding out if that’s going to be the situation for you.


Determining the Dollar Figure

No lawyer can say with any certainty that you’ll get X amount of dollars for the car accident you recently experienced. However, many things dictate how high or low that amount might be.

The costs associated with your accident, as mentioned above, can play a part in the payout you may receive – either through a trial or settlement. A survey also found that half of the readers received payouts of between $3,000 and $25,000, and 26% received over $25,000. Therefore, the overall average was $52,900.

However, it’s important to note that in that survey, at least half of the claimants received less than $10,000. As you can see, there simply is no ballpark figure. The accident costs, insurance companies, and strength of the case often dictate how much your settlement can be in a car accident.


How Much of My Settlement Will I Get?

If your chosen auto accident lawyer helped you win your case and receive a payout, it’s essential to know that you likely won’t receive the full amount. However, you will still get far more than the sum of ‘zero’ had you not gone down the legal route with your car accident.

Personal injury lawyers tend to offer contingency fees. This means lawyers only get paid when or if you win your case. Typically, lawyers earn 33% to 40% of your settlement amount. Some lawyers also operate on a sliding scale, which means if your case was fast and easy to resolve, you might only pay a percentage on the lower end of the scale.

Hiring a lawyer on a contingency fee basis means you can experience the peace of mind of not having to find funds to use their service. Instead, you simply have to wait until you receive the desired result.

It’s also worth noting that an additional percentage may be required to cover case costs like printing, sending emails and letters, and hiring case experts. Some money may also go to covering your medical expenses. Many people find that they receive around half of their settlement amount once the case has been finalized.


Let J. Alexander Law Firm Get The Settlement You Deserve!

Have you been involved in a car accident? Don’t carry the financial and emotional burden on your own. Contact us today and we can walk you through the entire process. At J. Alexander Law Firm, we’re here for you!