What You Need to Know About the Settlements in Colorado Automobile Accidents

It’s almost inevitable that at some point in one’s life, they will be involved in a car crash, and when they are, it’s almost always a traumatic experience. Even a simple fender-bender can cause a significant amount of disruption, as you will need to deal with insurance companies, receive an estimate of the damage, and take your vehicle in for repairs. However, a more serious accident that results in injuries can completely turn your life upside down.

If this describes your current circumstance, you’re probably wondering what choices are available to you at this point. Perhaps the insurance company for the other motorist has already made a settlement offer to you, but you are unsure whether or not it is a reasonable amount. In order to be of assistance, the following is some information concerning a settlement for a car accident in the state of Colorado that you might anticipate receiving.

The Typical Financial Compensation Received in a Motor Vehicle Accident

Please keep in mind that the purpose of this material is merely to provide you with a broad idea regarding settlement amounts. Because of the unique circumstances surrounding each case, it is impossible for any lawyer to promise a particular outcome.

When there are no injuries sustained in an accident, determining the value of the settlement is typically quite easy: the parties involved come to an agreement on the cost of repairing or replacing any damaged property, and then they move on. The circumstance, on the other hand, becomes more problematic when a victim sustains an injury. Not only is the worth of the economic damages (medical costs, missed pay, etc.) to be taken into consideration but there may also be the value of the pain and suffering to take into consideration.

The purpose of pain and suffering damages, sometimes known as “non-economic damages,” is to accept that the harm that was caused extends beyond the monetary cost of medical care. For instance, broken bones are excruciating injuries, and it would scarcely be equitable to cover the costs of medical treatment if that were all that was done. Nonetheless, it can be challenging to put a monetary value on human pain.

A person who is injured in an automobile accident might expect to receive a settlement that is around 150 percent of the amount of money lost due to the accident. For instance, if a person sustained economic damages totaling $20,000, the median settlement amount would be approximately $30,000 as a result of this. However, the exact number can vary quite a bit depending on the circumstances of each situation. Accident victims who retain legal representation often receive increased compensation, as the insurer for the negligent motorist is aware that there is a greater likelihood of the case going to court.

If you’re seeking a real monetary amount, a recent survey conducted across the country discovered that the average settlement for a victim injured in a car accident was approximately $29,700. This information can be used if you’re looking for a specific figure. On the other hand, you should keep in mind that a significant proportion of those cases were resolved for pennies on the dollar without the victim’s employing a lawyer. Although averages could give you some intriguing information, they are not a reliable indicator of how much your case is worth.

Limits on the Amounts of Settlements

In most types of lawsuits, the amount of money a plaintiff can receive under Colorado law is capped. Although there is no ceiling on the amount that can be awarded for economic damages, the following limits are placed on the amount that can be awarded for pain and suffering (adjusted for inflation, as of 2023):

  • In most circumstances, the maximum amount that can be awarded for pain and suffering damages is set at 642,180 dollars.
  • When “clear and convincing evidence” of non-economic loss is presented, a claim for the higher amount of $1,284,370 may be submitted.
  • No Cap: If the plaintiff has suffered disfigurement or permanent impairment, then there is no limit on the amount of money they can obtain. This is because these types of damages are recognized as a separate category and are not included in the calculation of non-economic damages.