I was involved in a car accident 3 months ago and was injured and my car was totalled, how do I know that correct amount to settle for?

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I was involved in a car accident 3 months ago and was injured and my car was totalled, how do I know that correct amount to settle for?

I was T-boned and the other driver was sited. Since that time I have had 3 message therapy sessions and 10 chiropractor visits. I want to settle but I am having a hard time coming up with an amount to settle for. What is a good amount to start with? I know the amount I want to ask for but I’m afraid they will laugh in my face. This accident has disrupted my daily living and not only that, my car was fairly new with only 20,000 miles. Now if I want to trade it I won’t get near the trade-in value due to the accident.

Asked on March 31, 2015 under Personal Injury, Ohio

Answers:

Billie Ruth Edwards / Edwards & Johnson, Attorneys, LLC

Answered 6 years ago | Contributor

When you look at an amount to settle for, you need to consider what your insurance company will want in repayment for payments made to or on your behalf because of the collision. To that you need to add the sum you want for your pain, suffering, life disruption, etc. 

When looking at a fair settlement figure, consider what a jury might award you if you sued the at fault driver. Juries in Wyoming seem to be trending towards awarding plaintiffs about 1.5 x what was paid for their medical treatment and lost wages IF your injuries and life disruption were actually caused by the at fault driver and not by prior life incidents or natural causes.

That being said, you should first of all consult with your insurance company to find out how much they want to recover. Your policy probably states they have that right.

So, if you settle, make sure it is for an amount which will reimburse your insurance company first.


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