How Much Should I Ask For a Car Accident Settlement?

Whether you were caught in a collision during rush hour on I-76, slipped while shopping at the Walmart on Columbus Blvd, or suffered an injury while out in South Philly, an unexpected accident can turn your life upside down in an instant. Suddenly, you’re dealing with mounting medical bills, missed time at work, physical pain, and aggressive phone calls from insurance adjusters. Naturally, the biggest question on your mind is: How much should I ask for in a personal injury settlement?

The insurance company’s primary goal is to pay you as little as possible. But at Cousin Benny, our Philadelphia car accident lawyers have the opposite goal: helping you recover the maximum amount of compensation to which you are entitled. That amount may range from tens of thousands of dollars to millions.

If you’ve been involved in an accident in Philadelphia, contact us today for a free consultation.

Understand the Types of Damages in a Personal Injury Claim

To know how much you should ask for, you first need to understand what you are allowed to claim. In Pennsylvania, personal injury compensation is generally split into two categories:

Economic Damages (The Tangible Costs): These are your out-of-pocket expenses with exact dollar amounts. They include past and future medical bills, physical therapy, prescription medications, lost wages from missing work, and property damage.
Non-Economic Damages (The Intangible Costs): These compensate you for the physical and emotional toll of the accident. This includes pain and suffering, emotional distress, loss of enjoyment of life, and loss of consortium (how the injury affects your relationship with your spouse).

How to Estimate Your Injury Settlement Value

Insurance companies and personal injury lawyers often use formulas to get a baseline estimate for a settlement. While every case is unique, one of the most common ways to calculate your asking price is the Multiplier Method.

Here is how it works:

Add up all of your economic damages (e.g., $20,000 in medical bills and lost wages).
Multiply that number by a figure between 1.5 and 5, depending on the severity of your injuries. A minor whiplash injury might use a 1.5 multiplier, while a traumatic brain injury or permanent disability might use a 4 or 5.
If your multiplier is 3, your pain and suffering would be estimated at $60,000.
Add your economic damages ($20,000) and non-economic damages ($60,000) to get a baseline settlement demand of $80,000.

Steps to Maximize Your Settlement

1. Consult an experienced injury lawyer.

This is the most important step, and there is no downside for you. You pay nothing upfront and you get a consultation from an experienced and knowledgeable lawyer.

Not only will most injury lawyers not charge you for a consultation, most work on a contingency basis, meaning they don’t get paid unless and until you receive a judgment or settlement. If you do receive a settlement or judgment, the lawyer will be paid a percentage of that amount.

Remember that in a injury claim, you won’t be dealing directly with the defendant. You’ll be dealing with an insurance company, more specifically, the experienced lawyers of the insurance company, who negotiate settlements all day every day. To have a fighting chance of getting a fair settlement, you need to even the playing field. You need someone on your side who understands all the ins and outs of injury cases and will fight for you to maximize your settlement.

2. Consider these factors.

Each injury matter is different, each has unique elements. To determine the amount of your settlement, a number of factors may be taken into consideration, including:

What are your injuries? How severe are they? What is the prognosis?
What type of medical care have you received? What kind of care will you need in the future?
What type and amount of insurance coverage is available?
Have you missed work because of your injuries? Will you be able to return to the same type of work in the future?
Who was responsible for the injuries? Do you share any of the responsibility?
Have you suffered emotional distress? How have your injuries affected your daily life and your relationships?

These are some of the elements that will be considered when calculating a settlement amount. An experienced injury lawyer knows what questions to ask to make sure your settlement will fairly compensate you for your losses.

3. Never Accept the First Offer.

Insurance adjusters negotiate settlements all day, every day. Their goal is to protect the insurance company’s profit margins by getting you to settle for as little as possible, as fast as possible. The first offer is almost always a lowball offer. Never accept it without speaking to an attorney.

4. Gather evidence.

For the best chance at receiving a fair settlement, you will need evidence. Examples of evidence include:

Photos of the scene of the accident, damaged vehicles, and anything that may have caused or contributed to the accident;
Records of all medical visits, treatments, tests, therapies, and medication;
Police report and/or incident report from the business where the injury occurred;
Documentation of any lost wages; and
Witness statements.

Don’t Negotiate Alone – Hire the Philadelphia Car Accident Lawyers at Cousin Benny

Hiring a injury attorney is a win-win for you: you pay nothing upfront and you get an advocate to fight for you against the insurance company. You deserve professional assistance. You deserve Cousin Benny.

If you suffered an injury in an accident, contact the skilled legal team at Cousin Benny. Our injury lawyers have experience dealing with all types of accidents in Philadelphia. We know how to take on insurance companies and get you the compensation you deserve. Regardless of whether you’re from South Philadelphia or Northeast Philadelphia, we can help.

Schedule a free consultation today.

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