What is the Real Payout in a Car Accident Settlement?

When you’re in a car accident, you may be entitled to compensation. But, the real payout in a car settlement probably is much lower than what you’d expect. So, when you get into an car crash and file a claim, there’s really no guarantee you’ll get what you want. To ensure you get a reasonable payout you should contact a car accident attorney in Miami.

Where the Money Comes From when You’re in a Car Accident

Car accident payout settlements come from a variety of insurances, including your own and the other driver’s. Depending on who is at fault, either your insurance will pay, theirs or both.

Five Types of Car Insurance and What they Pay

1. Liability Insurance. (Covers yours and the other driver’s damages) This type of insurance covers you in the event you’re in a car accident that is covered and the accident is deemed your fault. Liability insurance covers the cost to repair any damage of property by an accident and medical bills that are the result of injuries from the crash. Most states have a minimum requirement for this insurance, but it’s always best to have more than is required.
2. Collision Coverage. (Covers your damages) If your accident is covered, collision coverage will pay to repair your car. If the damages are more than the car is worth, your insurance company total your car, giving you the value of the car. This coverage is required if you have a lienholder.
3. Comprehensive Coverage. (Covers your damages) If the damage to your car is not due to a covered accident, comprehensive coverage will pay for it. Examples of this type of damage are weather, theft or if you hit a large animal such as a deer. This type of insurance is required if you have a lienholder.
4. Personal Injury Protection. (Covers your and your passengers’ injuries) Personal Injury Protection (PIP) is nice to have, if you can afford it. This insurance covers your medical bills and your passengers’ medical bills will be paid for in a covered crash. This type of coverage isn’t available in all states.
5. Uninsured /Underinsured Motorist Protection.(Covers yours and the other driver’s damages) Most states require car insurance in order to have and drive a car. But, some people don’t purchase insurance and drive their car anyways. And, because most states have a minimum requirement for liability insurance, which is the amount most people buy, uninsured/underinsured motorist protection will cover what liability insurance doesn’t. This type of insurance is relatively inexpensive and can help with costs that aren’t covered.

The Settlement You Should Expect for Your Car Accident

With a car accident, there are so many things you have to deal with in order to get the real payout in which you’re entitled. A car accident attorney in Miami can help. There are medical bills, insurance payments that probably increased due to the crash, your car repair and even emotional distress. You can receive reimbursement with a car accident settlement for lost wages, physical or psychological trauma and the cost of replacing your car.

The real payout with a car crash settlement depends on a number of factors. But, a good way to determine what you’ll receive is to multiply three times the amount of your medical bills. This can go either way, depending on various factors. The type of injury, treatment plan, length of therapy, loss of income and severity of the wreck will be factored in by a judge. Usually, a settlement is only given after all medical treatment is completed. You can receive more compensation for injuries that are permanent.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.