How Does a Car Accident Settlement Work in Oklahoma City?

The car accident settlement process can be complex. There are several steps to take before finally receiving a settlement or award. In addition, it is common for obstacles to arise at any time, making it difficult to know what to do next. To navigate the settlement process successfully and ensure that you get the amount you are owed under the law, it is important to hire an Oklahoma City lawyer as soon as possible.

The process of a car accident settlement in Oklahoma City

Most of the time, the settlement process is handled by insurance companies. , The at-fault driver’s insurance company will likely offer the car accident victim  a settlement at some point. There is a good chance the initial settlement offer is lower than you deserve, because the insurance company assumes that you may need the money to cover your bills and will take the lower offer.

However, a car accident attorney can quickly review the offer and determine whether it is fair. If they believe that you can and should get more, they will likely counteroffer. Remember that your lawyer will always have your best interest in mind and will likely continue to negotiate until they believe you have received a reasonable settlement offer.

When you and the other party agree on a settlement, you both will need to sign the agreement, making it legally binding. This document will explain all the details of the settlement. You can expect your settlement to potentially include compensation for medical bills, lost income, pain and suffering, and potentially the property damage caused by the accident. Once you agree and sign the settlement, the case is considered over, and you likely cannot pursue further compensation for the same case.

What is the average settlement for a car accident in Oklahoma?

The average settlement for a car accident in Oklahoma depends on the type of injuries sustained, whether there were any deaths, and the extent of the property damage. In cases with severe injuries or death, settlements can be very high.

How is a car accident settlement calculated?

Both the insurance company and your lawyer will negotiate a car accident settlement. There is a strong possibility they will have two very different amounts they believe you are owed for your losses. Insurance companies tend to downplay injuries and losses, while your attorney has your best interests in mind. While the insurance company is trying to find ways to offer you the bare minimum, your attorney can look at every angle of your accident, including your injuries, medical expenses, vehicle damage, auto mechanic fees, and more.

There is no specific formula used to calculate a car accident settlement; everyone’s accident is unique. Instead, certain factors may play a major role in the calculation of your settlement, including:

• How severe your injuries are
• How much your medical bills are
• How long you are expected to receive medical treatment
• How long your full recovery may take
• Whether you are temporarily or permanently disabled
• How long you may be out of work

If your settlement includes pain and suffering, this can be calculated by using the per diem method or the multiplier method. The per diem method uses a specific value for each day that you experience pain and suffering after the car accident. The multiplier method adds your medical bills, lost income, property damage, and any other economic losses together. Then, that total will be multiplied by a number between 1.5 and 5, which is determined based on how severe your injuries are. If you suffer a severe or life-changing injury, you may use 4 or 5; a minor or moderate injury may use 2 or 3 as the multiplier.

The Oklahoma City car accident lawyers at Cunningham & Mears have been assisting clients injured in car accidents for three decades. If you have questions or concerns regarding your car accident settlement, our team can look over the details of your accident, inform you of your rights, and help you take the appropriate legal action to get the compensation you need to rebuild your life. Please call our office or submit our contact form to schedule a free and confidential case review today.