What Is the Average Car Accident Settlement Amount in Colorado?

Rob Wilhite | March 26, 2024 | Car Accident

According to data from the Insurance Information Institute, the average car accident settlement is about $25,000. However, there are significant differences in the circumstances of each auto accident in Colorado, so these figures don’t help car accident victims who want to know what their claims are worth.

If you have suffered injuries in a car accident, the most effective way to understand your claim’s value is to consult a knowledgeable Denver car accident lawyer. They can give you an informed estimate of how much compensation you can reasonably expect to recover for your car accident injuries.

What Factors Are Used in Calculating Car Accident Settlement Amounts?

Several key factors determine the value of a car accident settlement amount in Colorado. These include:

The severity of your injuries and how they affect your life and ability to work
The length of your medical treatment and prognosis for recovery
Whether your injuries will require ongoing care or result in permanent disability
The amount of your past and future medical expenses
The amount of income you have lost and future earning capacity you may lose
The amount of pain, suffering, and loss of enjoyment of life caused by the accident
Whether punitive damages against the at-fault driver may be warranted

An experienced Colorado car accident attorney will thoroughly evaluate all these factors to arrive at a fair settlement value.

Will Some Car Accident Injuries Result in a Higher Settlement Amount?

The nature of your injuries is one of the most critical factors determining the value of your settlement amount. Awards can vary wildly depending on the injuries you have sustained. For example, if you suffered a broken ankle in an accident, your compensation package will be far less than if you lose a limb. Serious injuries tend to incur much higher medical expenses. They also have a more profound and longer-lasting impact on the rest of your life.

What Compensation Can I Recover in a Car Accident Settlement?

Due to the uniqueness of each car accident, the amount you recover will vary depending on the circumstances of the crash and your injuries. You may be owed compensation for the following losses:

Medical expenses, including ER visits, doctor’s appointments, surgeries, diagnostic scans, assistive devices, and medications
Lost income due to missed time at work
Reduced earning capacity if your injuries cause disabilities that force you to take a lower-paying job
Physical and emotional pain and suffering
Loss of enjoyment of life
Property damage, including repair and replacement costs for your vehicle

Speak to an experienced Colorado car accident lawyer who can help you understand the types and amounts of compensation you may be eligible to recover.

How Long Can It Take for a Colorado Car Accident Case to Settle?

It usually takes at least several weeks or months for a car accident claim to settle in Colorado. However, complex cases involving serious injuries, disputed liability, or stubborn insurance companies can drag on for a year or longer before reaching an acceptable settlement.

Having an assertive and strategic car accident lawyer can help speed up the claims process. However, it is essential not to rush into settling too early and risk accepting an inadequate amount.

What Is the Colorado Statute of Limitations for Filing a Car Accident Lawsuit?

Colorado’s car accident statute of limitations allows injured individuals to initiate legal action within three years of the accident date. If you do not file by this deadline, you may be permanently barred from recovering the compensation you deserve.

You should engage a Colorado car accident attorney as early as possible to avoid running out of time. Hiring an attorney soon after the crash will allow them to obtain evidence before it disappears and interview witnesses before their memories fade.

Should I Accept the First Settlement the Insurance Company Offers?

Soon after a car accident, the other driver’s insurance company might contact you to offer you an early settlement. This often happens when it is clear that the other driver is at fault. However, these early offers tend to be far lower than you need to cover your losses. As soon as you accept, you cannot seek further compensation down the line – possibly leaving you tens of thousands of dollars out of pocket for your expenses. Always speak to a knowledgeable car accident attorney before accepting any offer.

How Can I Maximize the Value of My Personal Injury Settlement?

The eventual amount of your personal injury settlement depends heavily on the steps you take now. Here are some tips to help maximize your car accident settlement value in Colorado:

Document all accident-related injuries, losses, and expenses thoroughly. Keep meticulous records to the best of your ability.
Follow all doctor’s orders and attend every therapy appointment to demonstrate your commitment to your recovery and good health.
Be reasonable in negotiations but stand firm if the insurer refuses to offer fair compensation.
Be prepared to take the case to trial instead of accepting a poor settlement if needed.
Hire an experienced Colorado car accident lawyer to handle the demands of your claim and force the insurance company to pay maximum damages.

Your Denver personal injury attorney can also help you reach a fair claim by retaining expert witnesses to validate your losses and needs. With the help of a skilled lawyer fighting for you, you can demand the maximum settlement value you deserve.

Contact a Colorado Car Accident Lawyer

If you have suffered injuries in a motor vehicle accident in Colorado, you need a skilled lawyer on your side to maximize your compensation. The compassionate auto accident attorneys at The Wilhite Law Firm have a proven track record helping injured Coloradans stand up for their rights, and we are ready to do the same for you.