What-™s the Average Settlement Amount for a Motorcycle Accident?
In any type of accident, settlements are a possible form of compensation provided from the party deemed liable to the party who has suffered losses as a result of this incident.
Any motorcyclist involved in an accident caused by another party should take steps to seek out a settlement or other decision that compensates them for being victimized in that crash. Unfortunately, some motorcyclists will forego the opportunity to seek out a settlement or other compensation, in part because they assume—sometimes wrongly—that they are responsible for the accident and its related costs.
Due to the many different costs an individual can incur, the settlement for a motorcycle accident can be very high depending on the severity of the accident and/or the damage and losses it creates. While the range for these settlements can be very wide, it's possible to identify average settlement amounts based on larger trends shaping accident settlement cases across the country.
The costs created in a motorcycle accident can take many different forms, ranging from damage to the vehicle to physical injuries to riders and passengers. Other property value may be considered, and the mental health and suffering of involved parties may also be accounted for in a settlement, among other related costs.
Raw data covering motorcycle accidents across the United States shows that the direct costs of these accidents can total around $16 billion per year. This leads to an average per-accident cost of around $185,000, although the range for those costs can vary from a couple thousands dollars to millions of dollars per accident.
Bear in mind that those direct costs do not include indirect costs such as mental anguish and suffering, or loss of income as a result of injury.
In many cases, settlement numbers are difficult to pin down because many settlements are not publicly announced. But the numbers for direct accident costs can offer some guidance in what motorcyclists might expect from an accident settlement.
In cases where another party is determined to be liable for your accident, it is common practice to seek out a settlement amount that at least covers the out-of-pocket costs you suffer as a result of the accident. If your accident resulted in an average amount of costs, your lawyer might identify $185,000 as a starting amount when pursuing a settlement.
However, these direct costs are not the only expense your lawyer will want to consider. As mentioned above, your pain and suffering, loss of income, and other indirect costs of the accident also need to be accounted for. These costs can vary based on the situation, but your lawyer will work with you to quantify those costs and identify an appropriate amount of compensation to be sought in a settlement.
As the costs of a motorcycle accident start to pile up, you'll need to come up with a plan to cover those bills. The most important step in resolving these costs is to determine liability in the accident. Liability will go a long way toward determining which parties are responsible for covering which costs, and in what amounts.
This is where a (motorcycle accident lawyer) is indispensable. Until liability is determined, you may have little to no prospects of getting compensated for your losses. In fact, some motorcyclists will run the risk of assuming their own fault in an accident rather than consulting with a lawyer first—which can result in a de facto forfeiture of potential settlement funds.
Both legal actions and monetary settlements depend on liability when determining how to resolve the aftermath of an accident.
Even if you believe you're at fault in an accident, you should always contact an attorney as soon as possible to have a legal advocate working on your behalf throughout this process. Your attorney can offer invaluable legal counsel to protect you from liability and related legal issues, and to maximize the potential compensation you can receive from any parties at fault.
Other benefits of a motorcycle accident lawyer include the following:
-—� Guidance to avoid accidentally admitting fault. From on-the-record apologies or signing certain papers, motorcyclists could easily make a simple mistake that passes as a legal admission of fault—which could compromise your pursuit of a settlement.
-—� Assistance in gathering evidence to support your case. A lawyer can help gather witness accounts and other information to strengthen your case and increase the odds of a favorable settlement.
-—� Consultation on when to accept or reject settlement offers. With extensive experience negotiating settlements, your lawyer can help you know when to ask for more, and when to accept the offer on the table.
-—� Protection against intimidation from other parties. Without legal representation, other parties may make efforts to bully or intimidate you into dropping your pursuit of a settlement.
No matter how serious or costly your accident may be, a settlement can help you get the financial compensation you need to recover and rebuild after this event. If you've recently suffered an accident, contact a motorcycle accident attorney today.