List of Benefits One Can Expect from a Car Accident Settlement
A car accident settlement can initially feel confusing to someone outside the legal or insurance industry. The injured party is clearly entitled to certain benefits, but between the jargon and protocol of the official proceedings, it’s not always easy to see what the rewards are and how they’ll be doled out over time. If you’re interested in learning more about how car accident settlement payouts work, we can help you sort out the facts from the fiction.
Settle my claim or file a personal injury lawsuit?
Whether to settle your claim or file a personal injury lawsuit lies in the details of your case. With a claim, the at-fault party will be represented by their insurance company only. With a lawsuit, you’ll be getting more parties involved, including the legal officials who will determine the outcome of the dispute. Talking to a car accident attorney can give you a better idea of the next steps to take.
Damages Included in the settlement
A car accident settlement amounts average can be substantial. This is because the benefits of a personal injury settlement in Canada can include more than just medical expenses. You can sue for the wages you would have made had you not been injured as well as the emotional stress that you’ve suffered after the accident. A lawyer can help you understand how to classify and calculate the emotional damages you’ve suffered. For example, you can sue for a loss of support if the anguish of the accident has negatively impacted your marriage.
Non-earner Benefits
Non-earner benefits refer to payments made to people who were injured in the car accident but who were not earning wages at the time it occurred. There are a variety of stipulations the person must meet to receive these benefits, and a qualified lawyer can determine your eligibility based on the facts of your case.
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Income Replacement Benefits
Income replacement benefits are payments given to those who were forced to quit their job due to the injuries sustained during the accident. Typically, these benefits are a percentage of the injured party’s original wages.
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Caregiver Benefits
It only takes one serious accident to develop into a long-term affliction. If you have a disability or injury that requires the assistance of a caregiver, a car accident settlement can provide the resources to pay for this service.
Understand Attendant Care Benefits
Attendant care benefits are typically more limited than caregiver benefits. With attendant care, you’ll receive general assistance with daily activities (e.g., hygiene, cooking, etc.). A car accident settlement can pay for either type of care, depending on what you need.
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An experienced lawyer can help you to decide the best steps to move forward in case of a car accident injury.
FAQs –
Are car accident settlements taxable in Canada?
The Canadian Revenue Authority (CRA) does not typically tax the compensation made from a car accident settlement. However, the income made from lost wages could be taxed, depending on the exact terms of the settlement.
Do you need a lawyer after a car accident?
Not necessarily. For some people, it makes sense to go through the insurance company only. If you have severe personal injuries from a car accident though, it’s beneficial to at least consult with a lawyer. The insurance company will do everything in their power to protect their bottom line, meaning you may need some outside help to get the advice and settlement you deserve.