What Is the Average Settlement For a Texas Car Accident?
Nobody wants to be involved in a car accident. However, vehicle accidents are common in and around our area. The Texas Department of Transportation reports that approximately 250,000 total injuries were reported during the latest available year. Many of these injuries were minor, but several thousand serious car accident injuries are reported each year. In the aftermath of a car accident, many victims wonder how much compensation they can expect from an insurance settlement. While the average insurance settlement in Texas, as reported by the Rocky Mountain Insurance Information Association (RMIIA), was $15,440, this number can be misleading. It is essential to understand that the circumstances of each crash can cause settlement amounts to vary widely.
What is essential to focus on in these cases?
Rather than analyzing what an average settlement might be, it is more helpful to examine the various types of compensation available to victims in the aftermath of a car accident in Texas. This can include coverage for:
Medical bills. Medical bills are often the most significant expense that a person incurs in the aftermath of a car accident. A settlement should cover emergency medical care, hospitalization, follow-up doctor's visits, physical therapy, and other related expenses. Other medical expenses can include the cost of prescription medications, as well as devices needed to aid recovery (such as walkers, hospital beds, and wheelchairs).
Lost income. If a car accident victim is unable to work while they recover from their injuries, they will need compensation for any income and benefits they lose. This could include any loss of future earnings if their injuries prevent them from performing the same job they were able to before the accident.
Property damage. Car accident victims will need compensation to repair or replace a damaged vehicle. A vehicle represents a person's ability to make a living and to live their daily lives.
Pain and suffering. In many cases, car accident victims suffer from physical, emotional, and psychological pain and suffering due to their injuries. These damages are harder to calculate than other accident-related expenses, but they can be worth more than a person’s medical costs.
The amount of compensation a person receives in the aftermath of a car or motorcycle accident depends on various factors, including the severity of the injuries, the extent of property damage, and the level of pain and suffering experienced by the victim.
What are the Texas car insurance requirements?
Drivers must maintain the following minimum insurance coverage requirements to remain legal on the roadway in Texas:
Bodily Injury Liability: $30,000 per person and $60,000 per accident
Property Damage Liability: $25,000
Personal Injury Protection (PIP) and Uninsured/Underinsured Motorist coverage are not mandatory in the state of Texas. However, they must be rejected by the policyholder at the time of signing up for coverage with an insurer. Examining these minimums, you can see how quickly insurance coverage can be exhausted. Many severe injuries will have medical costs that rise well above the $30,000 bodily injury liability limit. Car accident victims need to understand that insurance carriers will do everything possible to limit the amount of money they pay in a settlement. A skilled Texas car accident attorney will assist an injured car accident victim throughout the entirety of their case to obtain maximum compensation.