The average settlement value of a New Mexico car accident case ranges anywhere from $6,700 for minor injuries, $49,500 for moderate injuries and up to $325,000 for severe injuries. Actual amounts vary widely from case to case, as there is no single average settlement value. The most accurate way to determine the potential value of your settlement is by contacting a car accident lawyer in Albuquerque today.
The Myth of the Average Settlement
Looking for an “average” New Mexico car accident claim settlement can lead to harmful misinformation, as online analyses are largely unreliable. This is because the settlements and judgment awards granted to car accident victims in New Mexico can vary drastically.
Some crash victims receive $10,000 or less, while other cases end in seven-figure jury verdicts for catastrophic and fatal injuries. Rather than looking for an average, assess your individual car accident case based on the unique factors involved.
What Factors Can Influence the Value of a Car Accident Settlement in New Mexico?
Car accident claim values are carefully calculated by insurance companies and courtrooms based on an analysis of the individual circumstances surrounding the case. While several factors can affect a claimant’s overall settlement value, some are more common than others.
Injury Severity
The severity or level of the plaintiff’s injuries is the number one determining factor when it comes to car accident settlement values. The seriousness of the injuries suffered by the victim will affect all of the basic categories of a settlement: medical expenses, lost wages, future costs, and pain and suffering.
In general, car accident cases with severe, catastrophic and life-changing injuries result in higher settlements than those with minor injuries. This is due to the higher amounts of losses, damages and degree of suffering endured by a victim with a severe injury.
Comparative Negligence
In New Mexico, the law of comparative negligence can diminish a car accident victim’s settlement by an amount equivalent to his or her degree of fault. If you are found to be 10 percent responsible for a car accident, for example, your $100,000 settlement would be reduced by 10 percent ($10,000) to $90,000.
Insurance Policy Limits
A car insurance settlement value can only be as high as the applicable policy limits allow. For example, the mandatory amount of bodily injury liability insurance in New Mexico is $50,000 per accident. Unless a driver chooses to purchase excess coverage, $50,000 will be the maximum available for all injured parties under that driver’s policy.
How Much Is Your New Mexico Car Accident Case Worth?
Gaining an accurate estimate of what your specific car accident case in New Mexico might be worth requires consulting with an attorney. A lawyer will review your circumstances and analyze your losses to give you a fair and honest settlement expectation.
If you wish to improve your settlement value and maximize your financial recovery as much as possible after a serious motor vehicle collision in New Mexico, you need to contact an experienced car accident attorney.
At the Fine Law Firm, a lawyer will know how to navigate the state’s car accident laws, negotiate with insurance companies and litigate your case in court, if necessary, to optimize your outcome. To find out how much your case might be worth, contact us today for a free consultation.