How Much Is My Car Accident Case Worth in Colorado?
A car accident can take a major financial toll on victims, inflicting expensive injuries and property damage. If you get involved in a car accident, it is essential to understand how much your case is worth before accepting a fast settlement from a car insurance company. A car accident attorney in Fort Collins can evaluate your claim to help you seek a full financial recovery.
What Is the Average Car Accident Settlement in Colorado?
It is important to realize as a car accident victim that an “average settlement amount” does not exist. Car accident cases have widely varying values based on the specific details. While online sources state that the average car accident settlement in Colorado is around $25,000, this could be significantly different from the value of your individual case; for example, some car accident victims are able to obtain seven-figure damage awards.
Factors That Can Impact Car Accident Case Value
Rather than basing the value of your car accident case on an “average” that will not be accurate for your unique circumstances, consult with a car accident lawyer to determine value based on a comprehensive review of your case.
An attorney will analyze factors that can impact your case’s value, such as:
- The gravity of your injuries
- Your prognosis for recovery
- The price of your past and future medical bills
- Impact on daily life and ability to work
- The stress or psychological impact caused by the injury
- Insurance coverage available and policy limits
- Comparative negligence
In addition, considerations such as whether the case settles outside of court or goes to trial can affect the final value of the award. The best way to determine how much your car accident case is worth is by contacting a lawyer for a personalized evaluation.
Types of Damages Available
A car accident victim in Colorado may be eligible for a variety of economic and noneconomic damages from the person or party at fault for the collision.
Examples include:
- Health care expenses
- Lost wages
- Property damage
- Pain and suffering
- Loss of consortium
- Wrongful death damages
- Punitive damages
After an automobile accident takes place, keep copies of your medical bills and any documents related to the collision and your injuries. You or your attorney must prove the existence of any damages sought.
Car Insurance Minimums in Colorado
Under Colorado’s fault law, the driver or party at fault for causing a motor vehicle accident is responsible for paying for related damage. All drivers in the state must meet the mandatory automobile insurance minimums: $25,000 for bodily injury or death per person, $50,000 for bodily injury or death per accident, and $15,000 for property damage. Unless the other driver is uninsured or underinsured, you will be able to recover up to these policy limits as a crash victim.
When Should I Accept a Car Accident Settlement?
Do not accept a settlement from a car insurance provider in Colorado until you have discussed your case with an attorney and know what it is worth. Rushing into a fast settlement could lead to accepting less than you need and deserve, especially if you or a loved one suffered serious injuries.
An attorney can accurately evaluate your claim to determine its potential value. Then, the lawyer can aggressively negotiate with an insurance company on your behalf to secure maximum financial compensation. For more information about the value of a car accident case in Colorado, call Cannon Law at (970) 471-7170 for a free legal consultation.