At THE702FIRM Injury Attorneys, we know that a car accident can be a major pain. Even a fender bender can leave you with uncomfortable injuries and other financial losses. The good news is that you could receive compensation through a car accident settlement with the at-fault driver’s insurance company.
But how will you know what a fair deal looks like? Knowing how to calculate a car accident settlement can help you identify whether the insurance company makes a valid offer. Call or contact us today for a free consultation with an experienced car accident lawyer to learn more.
Car Accident Settlements in Nevada
A typical car accident settlement is an agreement where an at-fault party or the negligent driver’s insurance company pays an injured person an amount of money in exchange for releasing future claims. When a negligent driver causes a crash, that person’s insurance coverage may be used to compensate the injured party. In many personal injury cases, both drivers and insurers seek a settlement instead of taking the matter to trial.
Nevada car accident laws come from the Nevada Revised Statutes and court decisions. Because each case is unique, there is no single formula that applies to all accidents. Settlement amounts can vary based on the severity of injuries sustained, the extent of property damage, and the insurance policies involved. Some car accident cases may also involve an auto accident with more than one negligent driver, which affects compensation under Nevada’s modified comparative negligence rule.
Types of Damages in Personal Injury Cases
Car accident cases often include three main types of damages: economic, noneconomic, and punitive.
1. Economic Damages
These are quantifiable financial losses, such as medical expenses, lost income, property damage, and any future earning capacity losses. They are usually the easiest to calculate because they come with receipts or billing statements.
2. Non-Economic Damages
These relate to the intangible harm an injured person suffers, such as pain and suffering, emotional distress, and loss of life enjoyment. Calculating noneconomic damages involves looking at the severity of injuries, length of recovery, mental anguish, and other factors. Some personal injury attorneys estimate this portion using a personal injury settlement calculator or multiplier formula.
3. Punitive Damages
Nevada law allows punitive damages in certain cases when the at-fault party acted in a malicious or reckless way. Punitive damages are not available in most personal injury cases. Instead, they usually apply if the driver acted in a way that shows extreme disregard for other people’s safety, such as driving under the influence at very high speeds.
What to Know When Calculating Your Car Accident Settlement
As you calculate how much your Las Vegas car accident settlement could be worth, keep the following considerations in mind:
- Your medical expenses will likely make up the largest chunk of your compensation, and complications can arise on the road to recovery. You may need to wait for your injuries to heal before you can calculate a reasonable settlement.
- Settlement agreements are final. You can’t go back and ask for more money later, so getting it right the first time is essential. Initial settlement offers are typically significantly lower than the actual value of your case. An attorney can help you negotiate aggressively for fair compensation.
- Tax obligations are important in settlement agreements and can impact how much money ends up in your pocket. A lawyer can help you structure your settlement to reduce your overall tax burden.
Average Car Accident Settlements in Nevada
There’s no fixed number for the average car accident settlement in Nevada. Every case is different. That said, some general trends exist:
- Minor accidents: $3,000 to $15,000
- Moderate injuries: $15,000 to $75,000
- Severe injuries: $100,000 and up
- Catastrophic injuries: Can exceed $1 million depending on the impact
Note: These are rough estimates. Only a detailed review of your medical records, income loss, and pain level can provide a more accurate assessment.
How to Estimate the Value of Your Car Accident Settlement
Any money you receive in a car accident settlement should compensate you for personal and financial losses related to the collision. In a car accident with injuries, you can estimate the potential value of your case by adding up the following crash-related losses:
- The costs of reasonable and necessary medical care for your injuries
- Any out-of-pocket costs you incurred, such as costs of transportation to and from medical appointments
- Repair or replacement costs for any vehicle damage
- The value of lost income, if you missed work as you healed
An experienced Las Vegas car accident lawyer can also help you calculate the value of less tangible losses, such as pain and suffering, from the crash.
The Modified Comparative Negligence Rule in Nevada
Nevada uses a modified comparative negligence rule. This means an injured party can still recover damages from the negligent driver, as long as the injured party is not 50% or more at fault. If a person is found to be 20% at fault, that person’s settlement is reduced by 20%. If a jury or insurance adjuster finds that the injured party is 50% or more responsible, that party may not recover damages at all.
For instance, if a car accident settlement would total $100,000 but the injured person is deemed 30% at fault, the injured person’s total settlement would drop to $70,000. This rule often influences settlement discussions, because each side may try to argue about fault percentages. Understanding this concept is important when seeking fair compensation.
How to Pursue a Fair Settlement
Accident victims in Las Vegas or other parts of Nevada can boost their chances of receiving fair compensation with these steps:
- Keep All Evidence: Gather medical records, receipts, photos of the crash scene, and information about all injuries sustained.
- Stay Consistent with Medical Care: Follow doctor recommendations to document the ongoing impact of physical injuries.
- Communicate Cautiously: Insurance companies may record phone calls. Stay consistent and avoid guesswork about injuries or fault.
- Consider an Experienced Attorney: An attorney can negotiate with the negligent driver’s insurance company, prepare a personal injury lawsuit if needed, and assess future earning capacity or future medical costs.
- Track All Losses: Include mental health treatment, lost wages, property damage, and other expenses in the claim.
Types of Injuries to Include in Your Settlement Calculations
As you calculate your potential car accident settlement, you should include the personal and financial costs associated with the following types of injuries:
- Head injuries and traumatic brain injuries (TBIs)
- Neck and back injuries
- Arm, leg, hand, and foot injuries
- Facial and dental injuries
- Soft tissue strains, sprains, and tears
- Seat belt injuries
- Road rash and burn injuries
- Abdominal injuries and internal bleeding
- Dislocated or broken bones
- Cuts and bruises
- Post-traumatic stress and other emotional injuries
The Value of Having Experienced Legal Representation
An experienced personal injury attorney can help accident victims seek compensation for physical injuries, emotional distress, and other damages. Insurance companies want to settle claims for as little as possible, so having experienced legal representation can make a big difference. An experienced attorney knows Nevada personal injury settlement rules and strategies that help in negotiating a fair settlement amount.
Personal injury attorneys also guide clients through the legal process. They gather proof of injuries sustained, interview witnesses, and handle discussions with the negligent driver’s insurance company. In medical malpractice cases, they may consult doctors to verify the extent of bodily injury. In all cases, the goal is to build a strong personal injury claim.
Consult a Las Vegas Personal Injury Attorney to Handle Your Car Accident Settlement
No personal injury settlement calculator can predict exact figures in a car accident case. Each situation depends on the severity of the injuries, the insurance policies involved, and the facts of the crash. People with severe or catastrophic injuries often seek larger amounts to cover future medical expenses and lost income. Those with minor injuries might settle sooner and receive smaller sums.
In many cases, personal injury attorneys like THE702FIRM Injury Attorneys help accident victims recover damages and reduce the stress of dealing directly with insurance companies. With the right approach, accident victims may secure fair compensation that covers both economic damages and non-economic damages. This approach ensures injured people have enough resources to move forward after a life-changing event.
In the aftermath of a car accident in Las Vegas, THE702FIRM Injury Attorneys are here to help. Contact us today to learn your legal options in a free initial consultation.
