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How Much Is An Average Car Accident Settlement In Kentucky?

April 22, 2024

Sustaining injuries or property damage in a vehicle collision caused by the actions of another driver can lead to significant setbacks. Not only does this include physical setbacks, but also financial setbacks.

If another party caused your crash, you may be able to secure compensation through an insurance settlement or possibly through a personal injury jury verdict. However, understanding the average car accident settlement in Kentucky is challenging and not something that can be answered without understanding the specifics of your particular case.

Kentucky car accident settlements

Calculating the Settlement

There is no set dollar amount paid to car accident victims in Kentucky if their claim against the other party is successful. There are a myriad of factors that can affect total compensation payouts. Some of these factors include:

  • The initial severity of the injury or injuries
  • How long it takes the victim to recover
  • Whether or not the injury affects a person’s ability to work
  • The level of physical and emotional pain and suffering the victim endures
  • Any out-of-pocket expenses are rising due to the incident
  • Any shared fault between the parties involved

When you begin working with a car accident lawyer, you will have a solid advocate who can use trusted medical and economic experts to help adequately calculate your total losses. Ultimately, the goal is to recover economic and noneconomic damages for an injury claim. This includes calculable losses that can be totaled by using receipts and bills, as well as more immeasurable types of losses such as physical and emotional pain and suffering.

Insurance Carrier Offers

It is not uncommon for insurance carriers to offer a very low settlement soon after the claim gets filed. Insurance carriers do not like paying out any compensation, but they know they have to do so in many circumstances. One tactic the insurance carriers may use to limit how much compensation they pay is to offer a meager settlement initially in the hopes that the injury victim will take the quick money and close the claim out. 

Unfortunately, accepting a low settlement offer typically means that the injury victim is unable to go back and recover more compensation if they discover that their losses are more severe than they initially thought.

Recovering fair compensation after a car accident often means negotiation back and forth between the injury victim and the insurance carrier. We strongly encourage car accident victims to work with an attorney who can handle these negotiations on their behalf.

But I Need to Know How Much I Will Get

We understand how frustrating it can be to not have a clear answer of how much compensation you will receive should your claim be successful. An experienced attorney may be able to give you a ballpark estimate about what to expect, but even that dollar figure should be taken with a grain of salt. There is no predicting the course of an injury claim. There are several factors that can alter the overall outcome.

In order to have the best chance of recovering full compensation for your losses, we encourage you to speak to a car accident attorney in Lexington quickly so you can get the claim filed on time before any insurance carrier or personal injury deadlines lapse.