What if missing some key information were to cost you thousands of dollars?
No, this isn’t just a nightmare “what if”. If you’ve been in a motorcycle accident and don’t understand how settlements work, it could cost you more than you could possibly imagine.
It’s important for you to understand what the average motorcycle accident settlement is. Before you can understand that however, you must learn more about the entire settlement process.
Liability and Damages
The two biggest factors at the beginning of your case are liability and damages. Respectively, this deals with who is at fault and how much money (if any) ends up getting paid out.
In order to get a bigger settlement, you must be able to prove the other person is liable for the accident. And unfortunately, the burden of proof is entirely on you to convince others of their liability.
Another liability factor is personal injury. Plenty of motorcycle accidents happen without significant damage or injury, meaning there is little a person could win in terms of damages.
Generally speaking, “damages” is a big umbrella covering many areas. It may refer to immediate property damage and medical bills, or it can cover the pain and suffering the other party caused you including the loss of any current or future earnings.
The next step is trying to determine the value of their case. And make no mistake, you’ll want to hire a good motorcycle accident injury lawyer to help you figure this out.
You’ll want to determine two numbers here. The first is a realistic estimate of what you think a jury would be willing to pay out (assuming you can convince them of the other party’s liability). The second is a lower number that you think the other party might be willing to settle for paying without going to trial.
How exactly can you determine damages? There are a few ways to calculate this, and you must keep in mind that you need to be able to convince a jury of the amount.
Some amounts are straightforward, such as the cost of repairing or replacing your motorcycle and the amount of your medical bills. Others are almost impossible to accurately calculate, such as the value of your pain and suffering.
The final calculation is the loss of potential earnings. This one is tricky, as it encompasses not only the loss of your monthly or annual income but also the loss of any potential employment benefits.
What Is the Average Motorcycle Accident Settlement?
So, what is the average amount? Research shows that between 1999 and 2006, the median value after a trial was $73,300.
Keep in mind this is a median value, and your own settlement (if any) may be higher or lower than this amount.
The Bottom Line
Now you know what the average motorcycle accident settlement is, but do you know what to do next?
Legal representation is critical to getting the best settlement, which is why you need Barnes Law Firm on your side. To see how we can help your case, reach out and contact us today!