According to traffic accident data compiled by the Texas Department of Transportation (TxDOT), there were 4,283 motor vehicle fatalities in that state in the year 2023, with another 18,752 people seriously injured. Furthermore, the prominence and danger of accidents throughout Texas should not be underestimated. Following a car accident in Texas, people commonly seek legal assistance in order to recover compensation for the injuries sustained. In some cases, a settlement might be offered to the car accident victim in lieu of going to trial. In this article, we will explore what a car accident settlement is, the elements of it, the filing process, and how it is calculated.
What Is a Car Accident Settlement?
It is important for us to understand what a car accident settlement is before exploring the specifics regarding the typical settlement amount. The concept is simple – a car accident settlement is defined as an “agreement reached between the parties involved in a car accident to resolve their legal claims without going to trial.” The main objective of a settlement is for the defendant to seek compensation for their medical expenses, lost wages, physical and emotional suffering, and other related losses without having to go through the headache of extensive paperwork and days in court.
Factors Involving Car Accident Settlements
There are several factors involved in getting an accident settlement in Texas, including:
- Individuals are not eligible to claim settlement if they are found to be 51 percent or more for the crash under Texas’ comparative negligence law. The payout is dependent upon how much the party was at fault. Authorities will take the auto policy limits into account in settlement cases, with the minimum costs being $30,000 per person, with $60,000 for bodily injury and $25,000 for property damage.
- Insurance companies are bound to provide coverage to insured and uninsured vehicles. However, the policyholder can refuse the coverage.
- Texas allows punitive damages in case the defendant has committed fraud or engaged in malicious activities. The settlement is limited to twice the amount of economic damages awarded to the plaintiff, with an amount equal to the amount of non-economic damages of up to $750,000.
- A case can be filed against the suspected driver’s auto insurance company with average liability limits. The insurance limit will be higher in the event they are hit by a commercial vehicle such as a bus or tractor-trailer. There are million-dollar limits to it.
- The severity of the victim’s injuries is considered when calculating the settlement. It correlates with prices of the treatment cost, lost wages, and expenses paid out of pocket.
- The value of the settlement can be calculated by a San Antonio car accident lawyer who will consider the severity of the injury along with the estimated cost of future treatment, rehabilitation cost, capacity of learning, and emotional suffering loss caused by the accident.
What is the Average Settlement Amount?
Generally speaking, the average amount for a car accident settlement in Texas is roughly $22,000. However, this does not reflect the expansive range of settlement amounts in the state, as they can be anywhere from $1,000 to millions. Furthermore, the nature of the accident plays an important role in determining the settlement amount.
