What’s a fair amount to agree to?
Soon, I have to talk about money for a car accident where the other driver hit me and ran away. It’s the first time I’ve been in a crash, and it’s confusing. I’ll try to explain everything here, but I might need some help. Sorry if some of it sounds weird.
Here’s what happened:
- A car hit mine from the side while merging into my lane. Luckily, I caught it on my dash cam.
- I think the guy did it on purpose. He was tailgating me late at night, then he swerved into my lane even though there was space.
- He drove a 2003 Toyota Forerunner, and I have a 2016 Acura ILX.
- He didn’t stop even though I honked and tried to get him to pull over. I had to wait for the police for two hours in the middle of the night.
- It was a bad start to my holiday weekend and made it stressful.
- I spent a lot of time researching body shops and getting estimates.
- It’s been hard to sell my car now, and I have to wait longer to get it fixed.
- I value my time at $55 per hour, including the time I spend dealing with this.
- I’ve also had some physical pain since the accident and need to see a doctor.
- I’m anxious about driving now because of what happened.
- The guy only got a ticket for not staying in his lane, even though he hit me and ran.
- The repair costs about $7000.
I might have missed some things, but this is what I have for now. How do I know what’s a fair amount to settle for? Thank you for any advice!
This is how you will know what’s a fair amount to settle for by using the formula below.
Fair Settlement=(Medical Bills+Lost Wages+Car Repair Cost+Research Time Cost)×Multiplier for Pain and Suffering
Where:
- Medical Bills: Total of all your medical expenses related to the accident.
- Lost Wages: Income you lost due to missed work days.
- Car Repair Cost: The cost to repair your car ($7,000 in your case).
- Research Time Cost: The value of the time you spent researching body shops and getting estimates, calculated as (Hours Spent × Your Hourly Rate of $55).
- Multiplier for Pain and Suffering: A conservative estimate of 1.5 times the sum of the above costs, to account for your physical pain and emotional distress.
This formula gives you a starting point for negotiations but remember, the actual settlement may vary.
Consulting with an attorney can provide a more precise figure and help ensure you’re fairly compensated.
Hit-and-run accident settlements range from $10K to $200K, influenced by injury severity and loss.
A pedestrian is involved in a hit-and-run accident if he survives he will be compensated $200K.
For all fair settlements’ about $20K-$24K on average.
Legal advice is needed to death at the scene of the accident.
Determining the average settlement for hit-and-run car accidents is complex and varies case by case.
Settlement amounts depend on factors such as:
- medical expenses
- property damage
- lost wages
- pain and suffering
You should seek legal representation and follow proper procedures to help you maximize your settlement amount.