No two vehicle accidents occur under identical circumstances or have identical outcomes. That means no two settlements are identical, either. Even within the same state, settlement amounts can vary hugely. Only by consulting with a car accident lawyer can you get a specific idea of the compensation you may be entitled to. However, this article will explain some factors determining the value of your car accident claim.
What Factors Impact the Value of Your Personal Injury Settlement?
First, let’s go over what a settlement is.
When you’re injured in an auto accident in Oklahoma, the person who caused the crash may be liable for compensating you. While personal injury lawsuits can arise, it’s more common for injury victims to make a third-party claim with the at-fault driver’s insurance company. Negotiating with the insurance company, which occurs outside of court, often results in a settlement. If the insurer is unwilling to make a reasonable offer that adequately compensates the victim’s losses and expenses, it may become necessary to file a lawsuit and go to trial.
Numerous factors impact the amount of a car accident settlement, which is one of the reasons an experienced personal injury lawyer must represent you during settlement negotiations. Remember, insurance companies are profit-oriented and will look for any excuse to deny liability or make a low offer, no matter how friendly or helpful the claims adjuster seems. Determining factors include:
- The extent to which you were at fault. You can be compensated for a car accident even if you were partially at fault, a topic we covered in our article on getting compensated for a partial fault car accident. However, being at partial fault for an accident will cause your compensation to be reduced accordingly.
Your medical expenses. Car accident victims can be compensated for various medical expenses, including surgery, ambulance rides, prescription drugs, physical therapy, hospitalization, and medical equipment like crutches or wheelchairs.- The severity and permanence of your injury. You can receive more if you suffer a long-term or permanently disabling injury and cannot earn income. Settlements for minor injuries, such as sprains (torn ligaments) and strains (muscle tears), are lower because the victim’s resulting medical costs are lower—settlements factor in the costs you have already incurred and your future anticipated costs and losses.
- The type of treatment you received. Insurance companies will only reimburse medical expenses deemed reasonable and necessary. It’s a common tactic for insurers to say that certain treatments fall outside of this description, particularly alternative therapies that aren’t considered part of Western medicine.
- The duration of your treatment. Insurers consider factors like how many doctor appointments you make, how many weeks or months of prescribed medication you take, and how long you need medical care.
Understanding the types of damages in car accident cases can help you better assess the potential value of your claim
Maximizing Your Settlement
Achieving a reasonable settlement involves several key steps:
- Evidence Collection: Compiling thorough documentation of your injuries, medical expenses, and property damage is crucial. This documentation will serve as evidence to support your claim and demonstrate the extent of your losses. The importance of medical documentation cannot be overstated in these cases.
- Seek Legal Advice: Consulting with an attorney can provide you with a clear understanding of your legal rights and the potential value of your claim. An attorney can also help you navigate the legal process and protect your interests.
- Understand the Process: Being well-informed about the legal process and your options, including the possibility of going to trial, is essential. Understanding the process will empower you to make informed decisions about your case.
- Trial and Case Costs Can Add up: The initial costs to get the lawsuit filed are relatively low, but expert witness fees can take a large chunk out of the settlement.
- Negotiation Skills: Negotiating with insurance companies is a crucial part of the settlement process. Having strong negotiation skills or working with an experienced attorney can significantly impact the final settlement amount.
Oklahoma-Specific Considerations
Oklahoma has unique laws and regulations that govern car accident settlements. Understanding these specific considerations is vital for anyone involved in a car accident in the state. For instance, Oklahoma’s fault-based system and comparative fault rules can significantly impact your settlement amount. Additionally, the state’s minimum insurance coverage requirements may affect your compensation options if the at-fault driver’s policy limits are insufficient to cover your damages.
Frequently Asked Questions
What is the average settlement amount for a car accident in Oklahoma?
The average settlement amount for a car accident in Oklahoma varies depending on the case’s specific circumstances but typically ranges from $15,000 to $50,000.
What factors affect the settlement amount?
The settlement amount is influenced by factors such as the severity of injuries, fault, insurance policy limits, and legal representation.
How can I maximize my settlement?
You should gather evidence, seek legal advice, and understand the legal process to maximize your settlement.
What are the unique laws and regulations that apply to car accident settlements in Oklahoma?
Oklahoma has specific laws and regulations that govern car accident settlements, such as the fault-based system and the minimum insurance coverage requirements.
How do Oklahoma’s comparative fault rules specifically impact car accident settlements?
In Oklahoma, the comparative fault rule can significantly impact car accident settlements by adjusting the compensation amount based on the degree of fault assigned to each party involved. If you are found to be partially responsible for the accident, your settlement amount can be reduced in proportion to your percentage of fault. For instance, if you are awarded a $100,000 settlement but are found to be 20% at fault for the accident, your compensation would be reduced by 20%, resulting in an $80,000 settlement. It’s essential to understand that if you are found to be 50% or more at fault, you are not eligible to receive any compensation under Oklahoma’s modified comparative fault rules.