The overall impact of a car accident on your life can be overwhelming. Not only can the accident cause physical injury and damages, but also financial worry for those involved. Medical bills, repair costs, and transportation costs start to add up. In addition, many people cannot work after an accident and don’t have any money coming in.
Understandably, you probably have questions regarding how long it will take to get a settlement for your car accident case and how much compensation you can receive.
All car accident cases are unique, and the amount of time it takes to settle your case depends on many factors. Therefore, it is essential to have an experienced legal team who can answer your questions and help you get the best settlement as soon as possible. Our clients will tell you themselves.
“When I got in my car accident, I didn’t know what to do. I only thought of the worst outcomes, and my mom said call Richard Schwartz! I’m glad I did because my medical bills are paid, and I’m stress-free. It really took that one call. I love this company!” —Gina Jefferson
Average Settlement for Car Accidents
The average settlement for a car accident can vary significantly based on factors like the extent of injuries, property damage, and the impact on your daily life. Settlements often range from a few thousand dollars for minor injuries to substantial amounts for cases involving long-term care or severe injuries. In Mississippi, the specific settlement amount depends on factors like medical costs, lost wages, pain and suffering, and whether fault is clearly established.
Consulting with a skilled car accident attorney ensures that all aspects of your case are properly evaluated before accepting an insurance offer, helping you secure the compensation you deserve
Mississippi Liability Laws in Car Accident Settlements
Mississippi follows a "pure comparative negligence" rule in determining liability for car accident settlements. Under this law, if both parties share some fault in causing the accident, each party’s settlement amount is reduced according to their percentage of fault. For example, if you were found to be 30% at fault for an accident, your total settlement would be reduced by 30%, leaving you with 70% of the total calculated damages.
This law allows you to recover compensation even if you were primarily at fault, which can be advantageous in cases where liability is shared. However, insurance companies may attempt to assign higher fault percentages to reduce their payout. To protect your interests, it’s essential to work with a skilled attorney who can help accurately assess and argue fault in your favor.
Factors Affecting the Size of Car Accident Settlements
Several key factors influence the size of a car accident settlement:
- Severity of Injuries: More serious injuries typically lead to higher settlements due to increased medical costs and long-term care.
- Medical Expenses: The total cost of medical treatments, including hospital bills, therapy, and ongoing care, plays a major role in determining settlement amounts.
- Lost Wages: If the accident causes you to miss work, lost income is considered when calculating compensation.
- Pain and Suffering: Non-economic damages like pain, emotional distress, and loss of quality of life can significantly increase settlement amounts.
- Property Damage: The extent of vehicle damage and any repair or replacement costs can also impact your settlement.
- Degree of Fault: Mississippi’s comparative negligence law reduces settlement amounts based on your percentage of fault in the accident.
- Insurance Policy Limits: The at-fault party’s insurance coverage may limit the amount available for settlement, regardless of the damages you incur.
How Much Money Should I Expect For My Settlement?
Car accident settlements vary. A lot goes into determining how much you should ask for in a car accident settlement. An attorney might give you a settlement estimate based on the severity of the accident and injuries. However, don’t accept a settlement offer from an insurance company until you consult with your accident lawyer. Our injury lawyers frequently find expenses the insurance adjuster hasn’t factored into their settlement offer. The insurance company doesn’t want to tell you about extra costs that should be covered because they want to pay the least amount possible.A car accident lawyer from Richard Schwartz & Associates Injury Lawyers, P.A. will get you the most compensation possible for your car accident. We also understand the process and avoid mistakes that could increase how long it takes to receive your settlement payment.
How an Experienced Attorney Can Maximize Your Results
An experienced car accident attorney can make a significant difference in the outcome of your settlement. Attorneys know how to accurately assess and value all aspects of your case, including medical costs, lost wages, and pain and suffering. They can negotiate with insurance companies on your behalf to ensure that you’re offered a fair settlement and help protect you from being unfairly assigned fault under Mississippi’s comparative negligence laws. With their guidance, you can navigate the legal process more efficiently and ensure that you receive the full compensation you deserve.
Contact a Car Accident Settlement Attorney Today!
If you’ve been involved in a car accident and are seeking fair compensation for your injuries and damages, don’t navigate the process alone. Contact Richard Schwartz & Associates Injury Lawyers, P.A. today to discuss your case. Our experienced team is dedicated to helping you understand your rights and pursue the best possible settlement. We’ll work with you every step of the way to ensure you receive the compensation you deserve.
Frequently Asked Questions
What is the average settlement for a back injury in a car accident?
The average settlement for a back injury varies based on severity and treatment costs. Minor injuries may result in settlements between $10,000 and $50,000, while more serious injuries can exceed $100,000.
How do you calculate a car accident settlement?
A settlement is calculated by considering medical expenses, lost wages, property damage, and pain and suffering. An attorney can ensure all damages are accounted for before accepting an offer.
How long does it take to get settlement money from a car accident?
Settlement payments can take a few weeks to several months, depending on case complexity and negotiations. Working with an attorney can help speed up the process.
Do you have to pay taxes on a settlement from a car accident?
Typically, physical injury settlements are not taxable. However, portions for lost wages or punitive damages may be subject to taxes, so consulting a tax professional is advised.
