The aftermath of a traffic incident often involves navigating through insurance claims and legal procedures. If you’ve been involved in a car accident in Las Vegas, you might be wondering about the average car accident settlement you can expect. Here’s a detailed guide to help you understand the process.
Average Settlement Amounts
In the United States, the typical settlement amount for a car accident claim has seen a significant increase, rising from $15,000 in 2013 to an average of $20,000 currently. These statistics primarily pertain to cases involving bodily harm. For incidents resulting solely in property damage, the settlement sums are considerably less.
It’s crucial to understand that these figures are merely estimates, derived from a wide range of potential injuries. While they may appear low, they do not represent the final settlement in every situation. In cases of severe bodily harm, the compensation can far exceed these average amounts.
Factors Influencing the Settlement Amount
The final settlement amount is influenced by several factors, including:
- Value of Economic Damages: This includes actual financial losses such as lost wages, medical bills, and any property damage costs involved.
- Extent of Non-economic Damages: These include the economic value of emotional distress, pain, and suffering or diminished life quality.
- Fault of Each Party: Nevada is a comparative fault state, which means that your settlement can be reduced in proportion to your degree of fault.
Calculating the Car Accident Settlement
The final settlement amount is determined using a specific formula, with your physical injury serving as the initial factor. Immediate medical treatment is crucial, as these costs form the basis of your eventual settlement.
The subsequent step involves calculating any lost earnings. Any wages lost due to the accident can be included in your compensation. This calculation can be done simply by multiplying your daily wage rate by the number of workdays missed.
After tallying all the financial losses, it’s time to consider the non-economic losses, which are harder to quantify. These include intangible factors like emotional distress and pain.
Laws and Statutes in Las Vegas
In Las Vegas, certain laws and regulations are in place regarding car accidents. If your vehicle is registered in Nevada, you are required to have liability insurance that provides at least $25,000 coverage for bodily injury or death of a single person; $50,000 for bodily injury or death of two or more individuals, and $20,000 for property damage.
Nevada law imposes five legal duties on you if you are involved in a motor vehicle collision within the state:
- You must stop and exchange contact and insurance details.
- You should move your vehicle out of traffic, if possible.
- You are required to assist anyone who needs medical attention.
- If injuries have occurred, you must inform the police.
- In the case of serious accidents, you need to report the incident to the DMV unless the police have already done so.
Fleeing the scene of a crash in Nevada is a crime, hit and run (NRS 484E.010).
While these figures provide a general idea, it’s crucial to remember that every car accident case is unique, and the settlement can vary greatly depending on the specifics of the case. Therefore, it’s always recommended to consult with a professional and competent lawyer who can guide you throughout the process.
Remember, the sooner you reach out to a legal professional, the better it is for determining the ultimate fate of your case. Contact our Las Vegas Injury Lawyers today at 702 789 6668.