Car Accident victims are usually happy to hear this term!💵

Traditionally in a car accident case, “Settlement” is the amount of money agreed upon by the claimant and insurance company to fully resolve the claim. However, sometimes this can also mean the amount of money a company or individual agrees to pay the claimant when there is no insurance involved.

Typically, there are two different types of settlements when in a car accident case.

🚘Property Damage Settlement – If liability is fully accepted, and your car is repairable, the insurance company will process a check to repair your vehicle like it was before the accident. If your car is totaled, the insurance company will process a check for the value of your vehicle before the accident. That said, if you still owe money on your vehicle, your lien holder will be paid first and if there is any money left over, you will receive that. Moreover, if there is no money left over or the loan is higher than the settlement, if you have gap insurance through your lien holder, that will pick up the rest.

🤕Injury Settlement – If liability is fully accepted, the insurance company will send you or your law firm a check for the amount of money agreed upon to settle your case. Also, if there is a Hospital Lien involved, they will pay them before they pay you but you can always tell them to give you time to talk to the hospital about reducing your bill before they do so. The settlement covers for all damages related to the injury claim which traditionally are medical bills, lost wages, legal fees, expenses and of course, your own personal injury settlement from having to go through all of this in the first place.

Sometimes car accident claims are a little more complex so if you have a specific question, feel free to reach out to me directly by answering 5 questions on our home page! Once I receive your questionnaire, I will call or text you with a free consultation and answer any questions you have.

Also, if you would like to watch a helpful video that talks about the value of your case see here:

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