What Is the Average Settlement for a Las Vegas Car Accident?
Nevada, like many American states, witnesses multiple car accidents. These vehicle collisions often result in catastrophic injuries. Furthermore, it’s also not unusual for car crash victims to die immediately or while receiving treatment. In all these scenarios, the victims often incur significant financial losses.
These would include medical bills and the cost of replacing lost property. Fortunately, you can recover your losses from the negligent driver. All you have to do is file a personal injury claim. However, you need not go to court. Instead, you can accept a car accident settlement from the fault party. It would thus be best to hire an excellent accident lawyer to get the maximum compensation.
What Is a Car Accident Settlement?
A car accident settlement is an agreement to resolve an accident dispute outside the court. Accepting a car accident settlement often means that you cannot later file an accident lawsuit. In addition, settlements usually don’t include punitive damages. So, suppose you want to claim punitive damages. Then, you’ll have to file a personal injury lawsuit.
Notably, a car accident would include the usual compensatory damages. Such compensation would include:
- Medical bills
- Cost of lost and damaged property
- Cost of alternative transportation
- Lost wages
- Cost of vehicle repair
Furthermore, a settlement can provide some non-economic damages. These would include:
- Reduced quality of life
- Loss of enjoyment
- Pain and suffering
Notably, though, you can sign an agreement on some parts of the accident claim. Then, you can file a lawsuit for the remaining contentious issues. Many car accident claims around the U.S. are also settled out of court. Finally, choosing to accept a settlement doesn’t mean that you don’t need a lawyer. Instead, an experienced car accident attorney will guarantee that you get fair compensation.
What Is the Average Settlement for a Las Vegas Car Accident?
Indeed, it’d be great if we could place a definite figure on car accident settlements in Las Vegas. Unfortunately, however, this isn’t the case. The reality is that numerous factors affect the average settlement for an accident claim.
We explain some of these common factors below.
The Severity of Your Injuries
Severe injuries often lead to high medical costs. However, a minor bodily injury wouldn’t entitle the accident victim to many damages. The medical record of your physical injuries would thus help prove the injury severity. Furthermore, the future costs of medical care would also determine a fair settlement.
The Extent of Property Damages
Financial losses from property damage also affect settlement amounts. For example, suppose you lose a $10,000 wristwatch in a Las Vegas crash. In this case, your average car accident settlement would include this amount.
Finally, the policy limits of the fault driver would affect your financial recovery. This is because the insurance company would only pay to the limits of the insurance coverage.
What Is the Average Settlement for Pain and Suffering?
Las Vegas, Nevada also allows victims of auto accidents to recover non-economic damages. One such type of non-economic damages is a claim for pain and suffering. Pain here refers to the physical pain you suffer after a motor vehicle accident. Conversely, suffering refers to the emotional and mental suffering from the collision.
There’s also no definite portion of an average car accident settlement earmarked for pain and suffering. This is because it’s very difficult to assign a dollar value to non-economic damages. So, courts and insurance companies employ some calculation methods. Some of them include:
The Multiplier Method
With this method, the victim’s financial losses are first calculated. Then, the total sum is then multiplied by a number. This “multiplier” ranges from 1 to 5. Furthermore, the severity of the injury often determines the multiplier.
The Per Diem Method
The per diem method requires the court to assign a dollar amount for the victim’s pain. This amount applies to each day that the plaintiff suffers the pain and suffering. Then, the insurance adjuster calculates this dollar amount until the victim reaches maximum recovery.
How Much Will My Personal Injury Attorney Take From My Settlement?
Knowing how much your accident lawyer takes from your settlement is crucial. This is because your attorney’s fees affect your car accident compensation amount. Notably, there’s also no generally acceptable figure that Las Vegas accident attorneys charge. So instead, many lawyers calculate their fees in percentages.
Many attorneys also get their fees on a contingency fee basis. This means that you won’t pay the attorney except they win your accident compensation claim. Winning, in this case, would include a settlement agreement or a judgment. Furthermore, working on a contingency basis means you’ll pay your attorney anywhere between 30-40 percent of your financial compensation.
The amount your lawyer takes also depends on when the case is resolved. For example, an early resolution would mean lower fees since the lawyer spent less time working on your case. Conversely, a prolonged case equals larger attorney fees. An excellent accident lawyer would consider their fees during settlement negotiations. This way, they can ensure that you have enough money left after they take their share.
Is There a Statute of Limitations for Las Vegas Car Accident Claims?
Yes, you don’t have all the time in the world to file an accident lawsuit. Instead, you must institute legal action within a specific period. The Nevada statute of Limitations prescribes this legal time limit. So, in Las Vegas, you only have two years to file a car accident lawsuit. This law also applies to wrongful death from car crashes.
Notably, you can lose your right to compensation for filing a lawsuit after two years. After that, the fault party merely has to notify the court of your lateness. That’s why it’s best to hire an excellent accident lawyer. Such an attorney would ensure that you file a timely action. The lawyer would also ensure that all settlement negotiations end before this time limit. This way, you can file a lawsuit if you don’t like the settlement offers.
Suffered a Car Accident? Then, You Need a Las Vegas Accident Lawyer
Have you survived a car crash in Las Vegas? Then, you may be eligible for compensation. First, however, you need the best Las Vegas car accident, attorneys. This is because filing a legal action alone would be challenging. Furthermore, the fault party will most likely hire a lawyer to escape or reduce their liability.
Fortunately, you can find an experienced lawyer at McDonald Worley. Our accident attorneys have years of experience handling various accident claims. In addition, we’ve won several large settlements for our clients. This is the skill and experience you’ll get if you hire us. So, call us today for a FREE initial consultation.