Nobody wants to get into a car accident. However, vehicle accidents are common in and around our area. The Texas Department of Transportation tells us that there were approximately 250,000 total injuries reported during the latest year of data available. 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 reported by the Rocky Mountain Insurance Information Association (RMIIA) was $15,440, this number can be misleading. It is important to understand that the circumstances of each crash can cause settlement amounts to vary widely.
What is important to focus on in these cases?
As opposed to analyzing what an average settlement may be, it is more helpful to look at the different types of compensation that may be 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 costly expense that a person will sustain in the aftermath of a car accident. A settlement should cover emergency medical care, hospitalization, follow-up doctor’s visits, physical therapy, and more. Other medical expenses can include the cost of prescription medications as well as devices needed to help recovery (walkers, hospital beds, wheelchairs, etc.).
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 will depend on various factors such as the severity of the injuries, how much property damage there is, and how much pain and suffering a victim experiences.
What are the Texas car insurance requirements?
Drivers must maintain the following minimum insurance coverage requirements in order 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 motorist is not mandatory in Texas, though it must be rejected by the policyholder at the time they sign up for coverage with an insurer.
Looking at these minimums, you can see just how quickly the insurance coverage can be exhausted. Many severe injuries will have medical costs that rise well above the $30,000 bodily injury liability limit.
It is important for car accident victims to understand that insurance carriers will do what they can 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 in order to obtain maximum compensation.
