Average Car Accident Settlements in New Mexico [2024 Updated]

Following a car accident that someone else caused, you may be wondering about average car accident settlements in New Mexico. Monetary compensation from the at-fault party can pay for your medical bills, damaged or totaled vehicle, and other costs that you incurred as a result of the accident. Many factors must be assessed when determining the potential value of any car accident claim.

Understanding Factors That Determine Car Accident Settlements

New Mexico is a fault state for car collisions. This means the driver who causes a car accident is financially responsible for any damages they cause. More than one party may share liability for causing an accident, and the defendant in a personal injury case does not need to be 100% at fault for causing the accident. Factors to consider when calculating car settlements can include:

• Pain and suffering compensation, addressing the physical pain and psychological distress caused by the accident.
• Lost wages if your injuries prevent you from working after the accident.
• Medical expenses cover the cost of ongoing rehabilitative care needed for severe injuries.
• Property losses, including the expenses for repairing or replacing your vehicle.

Around 31% of accidents in the state result in an injury. When bodily injury leads to disability, which can be temporary or long-term, projected lost income can be added to the settlement. If the at-fault driver engaged in misconduct or malicious behavior, they could be subject to punitive damages or restitution.

In addition to these damages, you may also have the right to seek compensation for projected future lost income if you are unable to work due to a serious injury. Additionally, if the at-fault driver broke the law in causing your accident, they could owe punitive damages and/or restitution. These are a few examples of the many factors that determine the potential value of a car accident claim.

How Do I Pursue Compensation Following a Car Accident?

Before you can pursue compensation and a possible settlement, you will need to find a car accident attorney to represent you through the car insurance claim process and possibly through a personal injury lawsuit. An experienced Santa fe personal injury attorney can save you considerable time by taking on most, if not all, of the claims process.

Your attorney can help determine who is at fault for the accident. This is an important first step that must be taken before you can pursue compensation for a car collision. Your attorney can review police reports, witness testimony, and other forms of evidence to see who caused the accident. The attorney can then use this evidence to pursue an auto insurance claim against the at-fault driver.

Having legal representation can greatly increase the chances that you are successful in pursuing compensation from at-fault party.

If a settlement cannot be reached without filing a lawsuit, your attorney can explore the possibility of taking further legal action by filing a lawsuit. A personal injury lawsuit may result in the awarding of damages that fully compensate you for your injuries and financial losses.

FAQs

Q: Can Either Party Be Partially at Fault?

A: Yes. It is possible for a party to a lawsuit to be partially at fault. If you are considering taking legal action, you can speak with an attorney who will look at the facts of your case to see who is likely at fault for the car accident and what percentage of individual parties may be at fault. This could help you better understand if you have a strong case that is worth pursuing.

Q: Do I Need an Attorney to File an Auto Accident Claim?

A: Hiring a lawyer to help with your auto accident claim greatly increases your chances for a successful outcome of your claim. If you have never worked with an auto insurance company before, it is important to remember that they are not always inclined to pay out a settlement.

They may even try to accuse you of causing the accident even if the collision was not your fault. An attorney can protect your rights while using evidence to compel the at-fault driver’s insurance company to pay for your injuries and car damage.

Q: What Is the Average Settlement for Pain and Suffering?

A: The average settlement for pain and suffering varies widely among plaintiffs. One of the largest factors that is considered when calculating pain and suffering is the physical harm caused by the car accident. Physical injuries often leave emotional scars. Car accidents are traumatic events that can leave victims experiencing PTSD and other symptoms of trauma.

Q: How Much Money Should I Ask for in a Settlement?

A: The amount of money you ask for in a settlement should be calculated in close consultation with your personal injury lawyer. You may undercut the value of a potential settlement if you do not seek professional legal advice. You may be entitled to compensation for lost time and work and future lost time at work. Your future medical expenses should also be included in those calculations.

Q: What Is the Usual Result of a Settlement?

A: When both sides agree to a settlement, the agreement closes out the insurance claim. The same is true for lawsuits. If the defendant in your personal injury lawsuit makes a fair settlement offer and you accept that offer, the civil case will be considered closed once the money exchanges hands and the requisite legal documents are signed by both parties.

Schedule Your Car Accident Settlement Consultation Today

Egolf + Ferlic + Martinez + Harwood, LLC, offers compassionate legal counsel for people who were involved in car accidents that someone else caused. We understand that you may be concerned about the average settlement. Each claim is unique. An experienced attorney is essential to maximize your recovery efforts. Contact our office today to schedule a free consultation. We look forward to learning about your case and will explain how we can help.