The average settlement for a hit-and-run car accident will range anywhere from $10,000 to $200,000. This number is just a ballpark average and can be affected by various things. Additionally, the level of injuries and losses will play a large role in the final settlement amount you are awarded.
Hit-and-run accidents are common in the United States. In fact, they account for over half of all traffic fatalities. If you or someone else has been injured in a hit-and-run accident, you may want to consider filing a claim against the at-fault party. This article will give you all the information you need when filing a car accident claim.
What Damages Can You Be Awarded for a Hit-and-Run Car Accident
In terms of the damages for a hit-and-run car accident that you are compensated for, are typical throughout all car accident cases. Generally, damage calls fall into two separate categories. Each of these categories must be calculated to figure out the total amount of damages you can be awarded.
These two categories of damages you should look at when calculating a hit-and-run car accident settlement. These categories include:
- Economic damages: Economic damages, commonly called compensatory damages, are all losses that have a set numerical value to them. Economic damages include loss of income, hospital visits, vehicle damage, surgery expenses, or property damage.
- Non-economic damages: On the other hand, these losses are all losses sustained that don’t have a set monetary value. Opposite to medical bills, non-economic damages encompass things like pain and suffering, loss of enjoyment of life, or emotional anguish.
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How Are Car Accident Settlements Typically Calculated?
In general, these settlements are calculated by totaling up all your losses and then put into a given formula. This formula is one that’s used by insurance companies to calculate the total amount owed.
For example, you will take all your damages sustained and multiply that by a multiplier that is determined by an insurance party that reflects your general damages, and then add in your lost earnings. This final number will be the settlement amount offered to you.
It’s important to note that insurance companies will always lowball you on their first settlement amount. They don’t understand the lasting impact a car accident can have on a person and don’t take anything else but numbers into consideration.
This is where our team at Zanes Law can come in. We fully understand how hard being involved in a hit-and-run accident can be on you and your family or friends. Because of this, we are experts at negotiating with insurance companies and can obtain the highest settlement amount for you.
The Factors that Could Affect Your Settlement Amount
However, calculating a settlement amount doesn’t fully determine what your settlement amount will be. There are various factors that could possibly affect the settlement amount you are awarded. Some of these factors include:
- Prior injuries that you have sustained before your hit-and-run car accident injuries
- Any negligence on your part
- Failure to seek immediate medical treatment if the injuries you sustained were serious
- Any personal factors that could arise when the case moves forward
Additionally, there are a few other factors that must be considered when determining a settlement amount. Looking at your own insurance and checking your policy will be a big factor in each case. This is why it’s imperative to speak with a skilled car accident lawyer in order to increase your settlement amount and to know your rights.
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How Long Do Car Accident Settlements Take?
This is a difficult question to answer because of the scope of each and every case. While some accidents are straightforward, others can be complicated. Because of this, there is no set amount of time that hit-and-run car accident settlements can take.
Generally, these settlements can take anywhere from a few weeks to a year or more. The time varies solely due to the injuries sustained. Sometimes it’s important to keep your case open so that you can fully see the scope of your injuries and monitor their progressions over time.
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Speak with Our Trusted Law Team About Your Hit-and-Run Settlement
If you, or a loved one, has been in a hit-and-run car accident, you might want to speak with our trusted law team at Zanes Law about your personal injury case. We can help you get compensation for medical bills, lost wages, pain, suffering, and other damages.
Our law firm has helped thousands of victims recover damages after being injured in hit-and-run accidents. Contact us today to speak with a lawyer about your case. We offer free case evaluations so we can be better prepared to support you and your claim.