Losing a loved one due to the wrongful conduct or negligence of others is a painful experience. In such heartbreaking situations, the family of the decedent can file a wrongful death claim to recover financial compensation for all the losses.
The settlement they receive will depend on several factors. It could be challenging to find the right settlement without a thorough assessment of your car accident case. In this blog post, we are going to discuss the main factors that influence the settlement value for car accident deaths.
What Factors Can Influence The Value For Car Accident Death Settlement?
Age Of The Deceased
The age of the deceased plays a main role in determining the settlement value of a car accident case. Younger individuals, with their potentially longer life expectancies, tend to get higher settlements. This is because the loss of future earnings and contributions to the family can be substantial when a younger person loses their life in a car crash.
When an older individual is involved, the loss of future income may be less, leading to a potentially lower settlement amount.
Profession Of The Deceased
The profession of the deceased is also an important factor in determining the value of a wrongful death settlement. A person with a high-paying job or promising career may have higher earning potential, which, if interrupted by the accident, may result in a larger settlement. Additional factors such as education, training, and the individual’s position within the field are also considered.
This is why it is important to get help from a legal professional to file a wrongful death case. They will take all the previously mentioned factors into consideration and prepare a fair estimate.
The Number Of Surviving Family Members Of The Deceased
The size of the decedent’s surviving family can have a major impact on the settlement value. When a car accident victim leaves behind a large family, the emotional and financial burden on the surviving members is substantial.
When determining the value of a settlement, the courts will consider this factor. The death of a parent or spouse can result in the need for financial support, counseling, and other services to help family members cope with their grief.
The Percentage Of Fault Attributed To The Deceased
In car accidents, the fault is not always one-sided. It is important to determine the percentage of fault attributed to both the deceased and the other party. If the deceased is found to have a significant percentage of fault, it can affect the settlement value.
In some jurisdictions, comparative or contributory negligence laws may decrease the settlement depending on the deceased’s level of fault. So it is necessary to establish a clear understanding of fault and liability in a car accident death case.
The Total Economic Damages Incurred
The total economic damages sustained as a result of the car accident also highly impact the settlement value. The following are included in the economic losses of the deceased:
- Medical expenses
- Funeral costs
- Property damage
- Lost income
If the deceased incurred substantial economic losses, it can contribute to a higher settlement value. These economic losses are typically calculated based on concrete financial evidence and documentation.
The Coverage Limits Of The Insurance Policy
The insurance policy of the at-fault party plays a vital role in determining the settlement value. There are situations where the at-fault driver has insufficient insurance to cover all the damages and losses resulting from the accident. In such situations, it is important to check other potential sources of compensation, such as underinsured or uninsured motorist coverage, or file a claim against additional liable parties, if possible.
Final Thoughts
While pursuing a car accident death case, you should consider all the above factors as they impact the settlement value.
Every car accident death case is different. That’s why it is necessary to get legal assistance from an experienced attorney. They can help you get the compensation you deserve.
