Insurance settlement?

Question

I was recently rear ended by another driver on a slippery road.
The person who hit me reported the accident to State Farm and I did the same.
I spoke to them and they were very helpful and suggested that if I wanted to settle sooner as opposed to later I could.
They arranged for my car to be repaired and a rental car and offered to cover all medical bills and associated items.

In the accident my neck and left arm were injured and my 3 year old was brusied up and very scared as well.

My car received minor damage considering the nature of the impact.

My question is this how much would be considered a fair settlement amount?

I have received medical attention as I did hurt my neck and left arm.
My child was checked out and was bruised a little.
The offending parties insurance company has been very accomodating in getting my car fixed and getting a rental car.
They also offered to pay for lost wages and dr. bills. Luckily my dr. doesn not feel that I will be crippled because of the accident.
They also said that I could settle sooner as opposed to later.

I'm sure they don't want a lawyer involved nor do I that is why I asked the question.

So with this additional information what would be a fair settlement?

Answer 1

There is alot of things to consider here.It depends on how long they will consider paying your medical bills for the injuries you and your 3 yr old encountered.On top of which you need to make sure your neck and arm injury will not give you a on going problem.And if so, will they cover that.And if the injuries and car repair go beyond the policy limits (total pay out) then you will be dealing with the person whom hit you for the rest of the bills.A settlement means that AFTER you SETTLE, there's no more going to be paid to you.I would not rush to settle.If what your asking here is what should you ask for AFTER medical bills and car repair,then consider a amount that you lost or will lose all together if you have to be off work.I honestly would need more details as in, what state you live in and such to be able to give you a fair answer other then the above.

Answer 2

First off do you have a lawyer? Second it is not relevent whether her current carer of choice will be affected, because if she so decides to change later she may be limited to what she can do. Third she has lost an ability to something she was born with. Fourth there needs to be a settlement amount for any future medical bill or treatment that may come forth. On top of all that, all her medical should be payed in full and yes there should be compensation for pain and suffering. Her time she has spent in and out of Dr.'s etc. could have be spent otherwise, but do to an accident she was not able to spend her time doing as she would have chosen. Don't be afraid to let them know that she is a valuable human that has been affected by a mistake she did not make. Good luck to you two.

Answer 3

You didn't tell us what medical treatment you had. If the answer is none, then your claim is worth about $0. You'd be lucky to get $250. Also, if your child did not have medical care, same thing. Don't think that the 3 year old being scared is gonig to make any difference. Kids are resilient and they bounce back. They often fare better than adults in accidents and don't really have the capacity for anxiety over driving and being on the road like adults can. Also, it's hard to tell the difference between being scared and crying because you're three, and because of an accident.

So--- don't expect much, unless there's something you've left out of your question.

Answer 4

Fair value of the repair, medical bills, and rental that you received.

Are you permanently injured? Or was it aches and pains? Do you need physical therapy? Was you son traumatised?

Don't be greedy as excessive settlements drive up insurance costs for everyone. See what the are offering and make a fair and concious decision on if it's fair or not. $500,000 is an example of being excessive and greedy for what you described above.

Answer 5

Don't get extreme about the amount of money. I would say fair would be enough to buy a new car / get care fixed,pay for gas for one year, pay for insurance for one year, cover all medical expanse's. You may want to see an attorney before settling because if you settle and then you are sued then...etc. P.S. An attorney will always try to get you to settle for more and more and more but just do what you think is best. I am glad that you and your baby are o.k. now.

Answer 6

medical bills, loss of work and cost of repairing scars etc. prob less than 5 grand, depending on the car repair. for your child being scared, you get zip. the idea is to make you whole again, not a windfall. ps. realize that if you settle sooner and something happens later, you are on your own. once the check is cashed, it's over.

Answer 7

If you went through a sleazy lawyer, it would be worth about three times the money spent. That's why they wanted to settle early, to avoid a lawsuit.

I'm not a fan of suing just because you can. You could ask for a little extra for pain and suffering.

Answer 8

$500,000