The average compensation payment for moderate injuries was $151,771. The average compensation payment for serious injuries was $352,396. The average compensation payment for severe injuries was $747,188. The average compensation payment for extreme injuries was $1,952,602.

How do insurance companies calculate car accident settlements?

The basic formula insurance companies use to calculate auto accident settlements is: special damages x (multiple reflecting general damages) + lost wages = settlement amount.

What is the average car accident settlement amount?

The Rocky Mountain Insurance Information Association (RMIIA) reports that the average auto liability claim for property damage is $3,231. Additionally, the average claim for bodily injury is $15,443. Yet many settlements are higher while many are lower than the averages cited.

How much money do you lose in a car accident?

Multiply that sum by three. For example, let’s say that you injured your back in a car accident and paid $5,000 in doctor’s bills. You were out of work for a week, which made you lose $2,000 in income. Your average car accident settlement might be approximately $21,000.

Where does the money come from after a car accident?

A car accident settlement can reimburse you for the money that you’ve paid out. It can also make up for lost wages, physical or psychological trauma and the cost of replacing your car. Where does the average auto accident settlement come from?

How much does a car accident cost in Texas?

Under Texas law, drivers must have minimum amounts of insurance to cover property damage and bodily injury claims. The Texas Department of Insurance cites the following as minimums: $30,000 for each injured person, with up to $60,000 per accident regardless of the number of people; and $25,000 for property damage per accident.