$25,000 is the average car accident settlement in Denver. This amount makes sense because most car insurance policies carry $25,000/$50,0000 in coverage. A 25/50 policy means that each injured person in an accident can recover up to $25,000 as long as there are two or less. If there are more than two injured people, then the insurance money must be split between everyone who is making a claim.
How Much Money Do You Get From a $25,000 Settlement?
If you settle your car accident case for $25,000, you will have to do some math to figure out how much you get. Keep in mind that if you don’t have health insurance or med pay, then any medical bills have to be paid out of the settlement. So, you want to keep those medical bills down. We try to keep the medical bills to under $10,000. You also will have to pay your car accident lawyer. We charge 33% like many other lawyers in Denver do. If you do the math, after the lawyer’s fee, that leaves $16,666 to pay off your bills and put money in your pocket.
A good rule of thumb in Denver is that 33% goes to your bills, 33% goes to your lawyer, and 33% goes to you. If you can do better, then great, but that is the formula that most cases aim to achieve. Of course, the formula changes depending on your injuries and the ultimate amount of insurance available.
How Will You Know if You Can Recover More Than $25,000?
There are two ways to find out how much insurance there is available. The first and easiest way is to look at your own policy. On your Declarations (Dec) page, all of the coverages that you have purchased will be there. You want to look for Uninsured/Underinsured Motorist coverage (UM) and Medical Payment (Med Pay). If you can’t find your coverage on your app or in your policy, just call your insurance company and ask. They will tell you what your coverage is very quickly.
The second and only way to find out how much insurance the other driver has is to make a written demand on the registered agent for his/her insurance company. It is a real hassle and a ridiculous hurdle to have to take, but that is Colorado law. I don’t know too many people who are able to get this information without the help of a lawyer. It takes up to 30 days from when they receive the letter for the insurance company to tell you how much the insurance limits are.
What Makes a Car Accident Case Worth More Than $25,000?
There are a couple of ways to get over $25,000 for your car accident case. It all comes down to what your injuries/bills are and how much insurance is available. Both must be in place for you to exceed the $25,000 limits. If they both are, then your claim will be higher.
But that is not always the case. For example, you could have a horrible accident with big injuries and massive medical bills, but if there is no insurance to go after, you are SOL. That is the reality of the car accident world. Until the legislature increases the limits, it is very risky. That’s why you need to protect yourself with Uninsured Motorist coverage to be safe.
How Much Insurance is Required in Denver for Injury?
Denver, like all Colorado, has minimum insurance limits of 25/50 for bodily injury. Bodily injury coverage pays for injuries that are caused due to the careless operation of a car. But, $25,000 doesn’t go very far if you are seriously injured. We recommend to all of our clients that they carry Uninsured Motorist coverage too. It is an extra layer of protection that we hope you never need.
In addition to the bodily injury requirements, each policy must also carry at least $15,000 in property damage. This money goes to fix the other car or property that was damaged in the car accident.
Contact a Car Accident Lawyer in Denver
At Denver Personal Injury Lawyers, we specialize in car accident claims. If you are in an accident, don’t wait around, just call us and we’ll give you advice on how to protect yourself.
The worst thing that you can do after an accident is to sit around and hope that you will feel better. The insurance company will use any delays or gaps in medical treatment against you every time. We advise that you get checked out, start some conservative treatment like physical therapy or chiropractic care and see how things go.
Our goal in every case is to make sure that your bills get paid, help you get whatever medical treatment that you need, and get you money in your pocket.
After the car accident, just give us a call and see if we can help you. It is free just to talk and have us answer some questions.