What is the Average Car Accident Settlement Amount in Texas?

Jun 14, 2016

If you’ve been injured in a car accident in Texas and require compensatory damages, you may be wondering what the average settlement in such cases is. In reality, there isn’t one.

Because the circumstances of each Texas car accident are so different, there is no average settlement amount victims can refer to. While there’s also no exact formula to calculate a settlement, your attorney will estimate the economic and non-economic impact a collision has had on your life to determine an appropriate settlement amount. Victims can improve their chances of getting the settlement they deserve by seeking medical attention and hiring an experienced lawyer after an accident. Once you’ve been awarded a settlement in Texas, you can receive it through a lump sum or structured settlement.

Our attorneys are here to help injured car accident victims throughout Texas get the settlements they deserve after a damaging collision. For a free case evaluation with the Arlington car accident lawyers at The Queenan Law Firm, P.C., call today at (817) 476-1797.

What’s the Average Car Accident Settlement in Texas?

Every Texas car accident is different, meaning the settlements victims recover often vary. Generally, a Texas car accident settlement amount vary when victims file an insurance claim or sue a negligent driver. Victims who take their lawsuit to trial may recover more in damages than those that settle out of court.

There is no standard amount that car accident victims in Texas receive through a settlement. Generally, victims who file a claim against a negligent driver’s insurance will receive less than those who file a lawsuit, as insurance settlements don’t always account for pain and suffering.

That being said, the damages victims can recover when they take their Texas car accident lawsuits to trial can be greater than those who choose to settle out of court.

Instead of focusing on what other victims receive in their settlements, your Dallas car accident lawyer will focus on your case. Your attorney will assess the damages you’ve incurred to calculate a settlement amount that reflects your needs after a devastating car accident in Texas.

Is There a Formula for Calculating Car Accident Settlements in Texas?

There isn’t an exact formula for calculating a car accident settlement in Texas. That being said, your attorney will attempt to add up your economic and non-economic damages to estimate a settlement amount that adequately covers the cost of your injuries and then some.

To calculate economic damages, your Fort Worth car accident lawyer needs to gauge the financial impact a collision has had on your life. To do this, your lawyer will add up expenses related to your injuries, like medical bills. Costs from any physical therapy you’ve received, or specialists you’ve visited, will factor into the total economic damages you will seek in a settlement.

Lost wages also factor into economic damages in a Texas car accident settlement. Often, Texas car accident victims sustain serious injuries that prohibit them from doing their job, if even for a short time. Your lawyer will assess your lost wages to better estimate an appropriate amount of economic damages in a settlement.

What makes calculating a car accident settlement amount so difficult in Texas is accounting for pain and suffering. Non-economic damages are often challenging to quantify, as they refer to the emotional impact a collision has had on a victim’s life. That being said, your attorney will evaluate the stress and difficulties you’ve endured as a result of a negligent driver’s actions to better estimate an appropriate Texas car accident settlement.

How Can I Increase My Texas Car Accident Settlement Amount?

Rarely are the initial settlement amounts offered by insurance companies and negligent drivers adequate for injured Texas car accident victims. By taking the necessary steps, victims can increase their Texas car accident settlements to better reflect their needs.

To ensure that your settlement amount properly covers the cost of your injuries and any pain and suffering you’ve endured, you should take several steps. Most importantly, seek medical attention. It’s important that Texas car accident victims maintain regular appointments with medical professionals after a collision. It’s vital that you have detailed medical records outlining the severity of your injuries and their likely cause.

It’s also important to gather strong evidence that shows a negligent driver’s fault. This is where having an experienced Houston car accident lawyer can be invaluable to victims. Your lawyer can uncover compelling evidence that proves a Texas driver’s fault, allowing you to recover the damages you deserve.

Finally, because it can be so difficult to prove the need for non-economic damages, consider keeping a journal. Talk to your friends and family about the pain and suffering you’ve endured. Consider seeing a therapist to work through any trauma you’ve experienced from a Texas car accident. Taking such steps can help car accident victims in Texas increase their settlement amounts and begin to heal from a damaging collision.

How Will I Receive My Texas Car Accident Settlement?

Once a negligent driver’s insurance agrees to a settlement or a settlement is reached in a Texas car accident lawsuit, victims expect to receive the funds they’re due. It’s important to understand how and when you’ll recover compensation after reaching a car accident settlement in Texas.

Insurance Companies

If you’ve filed a claim against a negligent driver’s insurance, and their insurance has agreed to pay you a settlement, you can expect to receive the funds relatively quickly. According to Tex. Civ. Prac & Rem. Code § 542.057, insurance companies must pay settlements to injured victims within five business days of the date of notice. Generally, insurance companies in Texas offer lump sum settlements to victims. That being said, in certain cases, a Texas insurance company may pay a settlement to car accident victims over time.

Negligent Drivers

If you’ve filed a lawsuit against a negligent driver in Texas and reached a settlement agreement, it may be some time before you receive all the funds promised to you. Some Texas defendants are unable to pay an entire settlement at once. While lump sum settlements are often preferable to Texas car accident victims, structured settlements are not uncommon. Instead of paying the entire sum at once, defendants are allowed to pay a structured settlement in some cases. This means that a negligent driver can pay an injured victim their settlement amount according to a pre-determined schedule, decided by your attorney and theirs.

Call Our Texas Attorneys Today if You’ve Been Injured in a Car Accident

If you need compensation for injuries sustained in a Texas car accident, reach out to our attorneys for help. For a free case evaluation with the Irving car accident lawyers at The Queenan Law Firm, P.C., call today at (817) 476-1797.