How Much Money Can I Get For My Car Accident?

The amount of money you get from a car accident settlement is primarily dependent on two things. 1) What the insurance policy of the person that hit you is.. and 2) Does the person who hit you have any additional funds?

If someone is at fault for your accident the first thing lawyers look for is insurance. If the person had an insurance policy then they’d likely settle the accident for whatever the policy is worth. For example, most people have $20k policies in Springfield, so many cases settle for $20k. After attorney fees you’ll make about $14k

People who have more assets to lose typically have higher insurance policies, sometimes upwards of $100k.

The sad truth is… if you god forbid get seriously injured in a car accident and the person who hit you only has a $20k policy and no other assets at all… you may only get $20k… Even if your medical bills were worth $500k

Why is that?

Well, think about it… Money doesn’t just appear out of thin air.

You can sue the person and even win a million dollar judgment against them… But if they don’t have that money and if their insurance doesn’t cover them up to that amount then… You’re only going to get $20k.

Now, if a tech CEO in a Benz with a $100,000 policy, a nice house in martha’s vineyard and three rental properties in Costa Rica hits you… that’s a different story. There’s an insurance policy and personal assets that can cover your damages.

But if you get hit by Jake The Lawyer, who has two cats and a $25k policy, you’ll probably only be getting $25k… Unless you want the cats too?

The bottom line is… be safe and cautious because the drivers today are nuts.

If you’ve been injured in a car accident, or if you need a will, call me at 207 550 5604 or email me at [email protected]