How Much to Expect from a Car Accident Settlement in Oklahoma

July 2, 2024

Colbert Cooper Hill Attorneys

Young African American woman talks with insurance on her cell phone after a car accident

A car accident can leave you with mounting medical expenses, car damage, lost wages, pain, and stress—all while wondering what to do next. If you were injured in an Oklahoma car accident that was caused by someone else, you’re entitled to compensation for your injuries and expenses.

You may also wonder what the average car accident settlement is, and how it can help you recover from your accident.

You can seek compensation for your medical bills, car repairs, lost wages, and other related expenses. That means there isn’t really an “average car accident settlement amount,” because each accident is so different. The injuries and expenses can vary widely from one case to the next. Cases with minor injuries may settle for $10,000-20,000, while accidents with severe injuries can easily run into 6 figures.

In this article we’ll talk about what factors affect a typical car accident settlement amount.

Who Pays the Car Accident Settlement?

If someone else’s carelessness caused the auto accident, their insurance company is primarily responsible for compensating you for your medical expenses, car damage, lost wages, and more. In order to close the case quickly and inexpensively, their insurance company may offer you a lower settlement than you deserve. A car accident attorney can help you negotiate with the insurance adjuster to ensure you demand a fair settlement amount.

Sometimes, the at-fault driver’s auto insurance policy doesn’t contain enough liability coverage to provide full, fair compensation. In Oklahoma, drivers are only required to carry $25,000 in injury coverage per person, $50,000 in injury coverage per accident (if two or more people are hurt), and $25,000 in property damage coverage. If your damages exceed these limits, you’ll need to turn to other sources of coverage to pay for your car accident claim, such as uninsured and underinsured motorist (UI/UIM) in your own auto insurance policy.

A skilled personal injury lawyer will help you identify any additional sources of insurance coverage that could apply in your circumstances.

Man sitting with his laptop clutches his side in pain

What Factors are Considered in Settlement Offers?

While there may not be an average settlement amount, the insurance company (and your attorney) will look at several factors to calculate the amount of your car accident settlement. These include:

The severity of the auto accident and the circumstances
Your medical treatment
The type of injuries sustained
The length of your therapy
The impact on your work, or your ability to continue doing your job
The impact to your quality of life
Whether your injuries are permanent
Whether it’s clear that their insurance driver is at fault, or if there is some “gray area” about what really happened
What the insurance company thinks you might get from a jury if your personal injury claim goes to trial

If you are expecting to undergo future treatment when you file your claim, be sure to let the insurance company know. Whenever possible, you should wait until you reach maximum medical improvement (MMI) before you accept any settlement offer. This means your doctors believe further medical improvement is unlikely and can provide more confident estimates about your long-term care needs.

Sometimes, minor injuries turn into more significant injuries in the days, weeks, and months following an accident, and you can be left with less money than you need to cover your expenses if you settle without knowing all the facts.

Man with clipboard examines vehicle damage

How Are Car Accident Settlements Calculated?

Your car accident settlement will be based on two different categories of damages. Economic damages are typically the easier of the two to calculate, and they include things like:

Medical bills, including the cost of future medical treatment
Lost income
Loss of earning capacity
Property damage repair or replacement

Then there are damages that don’t come with a specific, defined dollar value. These are called non-economic damages, and they include:

Pain and suffering
Disfigurement, such as loss of a limb or permanent scarring
Loss of enjoyment of life
Loss of consortium or companionship

Insurance companies often calculate car accident settlements by adding up the economic damages, then using that figure to calculate the non-economic damages. Common methods include the multiplier method (usually multiplying economic damages by a number from 1.5 – 5), or the per diem method (paying a flat rate for each day the passes before you fully recover) to calculate the non-economic damages. An experienced personal injury attorney can help you understand a good calculation for fair compensation.

One important thing to know is that regardless of the value of your case as an accident victim, you’re still limited to the at-fault driver’s policy maximum. If your expenses are greater than their policy maximum, you may need to sue them for the additional expenses or seek compensation from your own policy’s under-insured motorist coverage.

Maximize your chances of a fair settlement with these tips

If you were the victim of a motor vehicle accident, and you’d like to make sure you receive the highest personal injury settlement agreement you deserve, follow these tips:

See a doctor right away following the accident, which will create medical records of your injuries and recovery
Follow the doctor’s treatment plan as closely as possible
File a report with local law enforcement and get a copy of it. Police reports are often viewed as impartial, objective accounts of the accident.
Find a local law firm with experience with personal injury claims. Your lawyer will fight for you to recover compensation, up to and including filing a car accident lawsuit.

It can be difficult to wait for a lawyer to negotiate a car accident settlement when you have outstanding medical bills and financial difficulties. But if you settle your car accident case for less than you deserve, it will put you in an even worse financial position down the road. Talk to your lawyer about the legal process so you understand what to expect from your personal injury case.

Couple shakes hands with an attorney in a law office

Hurt in an Accident? Contact The Wolf Pack™

Most car accident settlements vary according to the circumstances of the accident, but the best advantage you can have is an experienced lawyer on your side. The Wolf Pack™ at Colbert Cooper Hill Attorneys will fight for your rights and seek the compensation you deserve for your injuries. We know insurance claims can be stressful and difficult, especially at a time when you should be focusing on recovery.

Don’t try to take on your insurance claim alone. Call us or fill out the online form to get your free case review, and learn more about a typical settlement for car accident cases like yours!