How Do Car Accident Injury Settlements Work?
Posted August 29th, 2022 by Anthony Carbone.
Categories: Auto Accidents.
Serious car accidents happen every day. According to data from the New Jersey Department of Transportation, approximately 60,000 people are injured in motor vehicle collisions in the state each year. After a major crash, victims need compensation to pay for medical care, cover lost wages, and support their families. In most cases, compensation comes from a settlement. This raises an important question: How do car accident injury settlements work in New Jersey? Here, our Jersey City auto accident attorney explains the key things to know about car crash injury settlements.
Background: What is a Car Accident Injury Settlement
As a starting point, it is important to understand what a personal injury settlement actually is and how it works. Simply described, a car accident injury settlement is an agreement between the victim and the defendant—usually through their insurance company. In exchange for an agreed-upon amount of financial compensation, the injured victim will forgo their right to file a lawsuit.
Most Auto Accident Injury Claims are Resolved Through A Settlement
Car accident injury verdicts are relatively uncommon in New Jersey. Indeed, only a small share of personal injury claims (less than five percent) actually go to trial. Settlements are more common because they can save the parties time, and money, and reduce risk.
A Settlement is a Negotiation—Insurers Want to Pay Less
While insurers have some legal responsibilities to engage in fair and good faith settlement practices, the reality is that insurance companies are businesses. They are focused on their own bottom line. It is their goal to resolve car accident injury claims for the lowest settlement amount possible.
A car accident injury settlement comes through a negotiation. In order to maximize your financial settlement after a serious motor vehicle collision, it is imperative that you present a well-supported and comprehensive case. An experienced New Jersey car accident attorney can help.
Maximizing Your Car Accident Injury Settlement
You cannot effectively maximize the value of your car accident injury settlement unless you know how much your case is actually worth. A number of different factors will impact the value of your claim, including your ability to establish liability and your ability to prove the extent of your damages. In New Jersey, auto accident victims can pursue financial relief for economic and intangible losses. A car accident injury settlement may include compensation for:
- Property damage (vehicle repairs);
- Emergency medical treatment;
- Hospital bills;
- Other health care costs;
- Loss of current and future earnings;
- Pain and suffering;
- Disability; and
- Wrongful death of a family member.
Schedule a Free Consultation With an Auto Accident Lawyer in New Jersey
At The Law Offices of Anthony Carbone, our New Jersey car accident attorney fights aggressively to help injured victims maximize their financial recovery. If you have questions about car accident injury settlements, we can help. Contact us today for your free case evaluation. With a law office in Jersey City, we handle auto accident claims throughout the region, including in West New York, Newark, Union City, North Bergen, Bayonne, Hoboken, Weehawken, and Secaucus.