Car Accident Settlements in Colorado

Being involved in a car accident can be a traumatic experience, and navigating the aftermath, including seeking compensation, can be a complex and overwhelming experience. In Colorado, as in other states, the average settlement amount for a car accident varies based on several factors. There are many elements that influence how much you can expect in a car accident settlement in Colorado, which are important to understand when you are pursuing compensation.

At the Law Offices of Rodemer | Kane we have the knowledge and experience with Colorado car accident settlements to get you the compensation you need. Contact our Colorado Springs law office online of call 719-437-7532 to book a free case consultation.

Factors That Affect Car Accident Settlement Amounts in Colorado

It is very difficult to determine an ‘average’ car accident settlement in Colorado because of how different the circumstances of each car accident can be. An experienced car accident lawyer will work with you, the insurance companies, and all parties involved in the accident to come up with an appropriate settlement amount. The following factors will also be taken into consideration when trying to determine a settlement figure.

1. Liability Determination

One of the most important factors influencing car accident settlements in Colorado is the determination of liability. Colorado uses a modified comparative negligence rule, this means that the amount of compensation a person can receive after being in a car accident will be reduced if they are found partially at fault for the accident. Even in accidents like rear-ended collisions where you get run into, or left turn car accidents that can easily occur at busy intersections, you could be found at least partly at fault. For example, if you are found to be 50% or more responsible for the crash, you will likely not be eligible for any compensation.

2. Medical Expenses and Damages

The severity of injuries sustained in a car accident will significantly impact the settlement amount a person can expect after being in a car crash. Medical expenses such as hospital bills, rehabilitation costs, physical therapy, and ongoing treatment expenses are all considered when determining a settlement amount for a car accident. For example, a herniated disc settlement will typically pay out more than a sprained back muscle settlement because of the added medical treatment costs. Colorado also allows for compensation for pain and suffering, emotional distress, and loss of enjoyment of life which may all be factored into the settlement equation. The more severe and long-lasting the injuries, the higher the potential settlement.

3. Lost Wages and Future Earnings

Very often a car accident will result in time away from work due to injuries, this translates to lost wages which become a significant consideration in the settlement process. If injuries are very serious and impact a person’s ability to work or to move forward in their career then future earning capacity may also be taken into account. Documenting and presenting evidence of current and potential future financial losses is crucial when trying to determine a fair settlement.

4. Insurance Policy Limits

Car accident settlements are often limited by the at-fault party’s insurance policy. In Colorado, the minimum liability coverage required is $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $15,000 for property damage. If the at-fault driver’s insurance limits are insufficient to cover your damages, you may need to explore other avenues for compensation, such as your own underinsured motorist coverage. It is also important to understand if you have limited vs full tort insurance coverage, as this can impact the maximum amount you can collect.

5. Legal Representation and Negotiation Skills

The car accident law firm you choose as your legal representation can also significantly impact the outcome of a car accident settlement. An experienced personal injury attorney near you will understand the nuances of Colorado’s legal system and can effectively negotiate on behalf of their clients.

Average Car Accident Injury Settlement in Colorado

A common question we are often asked is ‘what is the average car accident settlement amount in Colorado?’ It’s very difficult to determine a set average for car accident settlements because of how unique each case is. There are a number of factors that will affect the settlement figure such as the extent of the injuries a person sustains, the damage incurred during the accident, whether the accident is solely one person’s fault or if there is shared blame as well as many other things. Typically, a settlement will end up being around 150% of the total economic damages that the victim faces after an accident. For example if an individual’s expenses related to the accident total $40,000 then their settlement will probably end up being somewhere around $60,000. This is simply a rough estimate however, as each case can vary quite widely.

It is also important to note that Colorado has a cap for how much a person can receive for non-economic damages after they have been in an accident. The current amount is $642,180 for any injury to one person in a single incident as of March 2024. This means that the most a person may expect in a Colorado car accident settlement is $642,180, although once again there are exceptions to this ruling if the circumstances warrant it.

When Should You File a Car Accident Settlement?

The simple answer is as soon as possible after your accident. Colorado has a statute of limitations for personal injury claims, including car accidents, that you must file inside of if you want your case to move forward. In most cases, you have three years from the date of the accident to file a car accident injury lawsuit. If you fail to meet this deadline it can result in the forfeiture of your right to seek compensation. Although you do have three years to submit a claim, and in some circumstances it may make sense not to file a claim right away, such as injuries that don’t present themselves right away, typically you will want to file much sooner. There is the issue of evidence and being able to conduct a thorough investigation related to your accident. The longer you wait the harder it can be to collect valuable information about your accident that can be used to support your claim. Things like security camera footage often have a quick lifespan and will usually only be kept for about a month or two before a business will overwrite the data. The sooner your lawyer can begin their investigation and get their hands on all necessary information the stronger your case will end up being. If you were injured in a public transit accident, call our office to speak to a bus accident injury lawyer today.

Contact An Experienced Lawyer in Colorado About Your Car Accident Settlement

While it’s challenging to pinpoint an exact average car accident settlement in Colorado due to the multitude of variables involved, understanding the factors that will impact the amount you can expect can provide you with a more accurate perspective. It is always best to seek legal advice after you have been involved in a car accident as they can assist you in collecting comprehensive documentation, negotiating effectively, and pursuing a fair and just settlement after your accident. If you live in or near Colorado Springs, CO reach out to the team of car accident lawyers here at the Law Offices of Rodemer | Kane. We are here to help people who have suffered injuries in left turn car accidents. Contact us online or call us at 719-437-7532 to set up a free consultation.