Everything you own has a value. Some items might go up in value, but for most things, they would be priced at a depreciated value. What about the value of your quality of life? Can you put a price on that? When determining what the average car accident settlement in Kentucky might be worth, everything tangible and intangible needs to be factored into the final number.
Calculating a settlement only applies to collisions caused by another driver’s negligence. In other words, you can’t sue yourself for wrecking your car in a parking lot. You are entitled to seek compensation for all your losses when there is an at-fault party. Aligning with an experienced attorney can help you prevail in these types of car accident claims.
What Makes Up a Fair Offer After a Car Crash?
To come up with a fair settlement amount, you need to start with your easily defined economic losses. These would be all the expenses you’ve paid out that are directly attributable to the accident. Typically, this would be money that went to medical bills and car repairs. You might also be entitled to lost wages. Being paid for these expenses is designed to make you whole. That applies to the value of your car and bank account at the time of the accident.
A fair car accident settlement should also include your noneconomic damages. You can’t attach a specific dollar value to these items because it is different for everyone. For example, non-economic damage might be an amount for your pain and suffering and how that has impacted your life, but that number will not be the same for someone who might have suffered the same kind of injuries.
There are a variety of factors that are part of the calculations, including the following:
- The severity of your injuries
- Your health at the time of the accident
- The prognosis for your recovery
- How long your recovery will keep you from working
- Prescribed rehabilitation therapy
- Overall diminished quality of life
Think of it this way: suppose you’re planning to attend your daughter’s wedding but are unable to travel or participate in the ceremony because of an accident. That is the type of thing you should be compensated for.
Insurance Policy Limitations
Kentucky law mandates that every driver must carry automobile insurance. The minimum coverage includes $25,000 for bodily injury per person per accident, $50,000 for bodily injury for all persons in each accident, and $10,000 for property damage liability. This is referred to as “25/50/10” and applies to at-fault drivers. In other words, your insurance only pays those amounts if you are responsible for the accident. When every driver carries the policy, it protects everyone on the road within limits.
An insurance company is under no obligation to pay a settlement that goes beyond what the policy provides. For example, if the at-fault driver’s policy is just for the minimums, the most you can get to replace your car would be $10,000 and $25,000 to cover all your medical expenses.
Many drivers opt for higher policy limitations. The reason for that has to do with personal liability. If your expenses and other damages exceed the policy limits, you would have to sue the at-fault driver directly in order to recoup your losses. If your insurance is higher, you won’t have to pay from your own savings.
Understanding Shared Liability
You might find yourself in a situation where you could be held partially responsible for the accident. Kentucky uses a pure comparative negligence standard for awarding damages in car accident cases. If you were responsible for 20% of the accident, you would only be able to receive 80% of the final designated amount.
There might be situations where the other driver is clearly at fault. For example, a driver who is cited or arrested at the scene for a DUI or reckless driving could be considered 100% responsible for the accident and your losses.
Additional Factors
Other factors will be considered for your settlement as it relates to lost wages and future earning potential. For instance, someone in their thirties and making $80,000 a year who is not able to return to work could expect a hire settlement versus someone who is close to retirement.
The skill of your attorney will also be an important factor in determining the final amount of your settlement. The Peterson Law Office has successfully achieved maximum benefits for its clients.
We know the type of evidence needed to prevail in car accident claims. We also know the best approach for negotiating with insurance carriers.
You should not accept anything less than what you’re due.
