Car accident attorneys all work on contingency fees. A contingency fee means that if the attorney recovers money for you, then you will owe him a percentage of the settlement money. If the attorney does not recover any money for you, or loses your case, then normally you owe the attorney nothing.
It costs nothing to hire a car accident attorney or personal injury attorney. We all work on contingency and do not charge anything for meetings, phone calls or anything else. Once your case is settled with the at-fault driver’s insurance company, then your attorney takes his or her percentage out of the gross proceeds of settlement.
WHAT PERCENTAGE OF THE CAR ACCIDENT SETTLEMENT DO ATTORNEYS GET?
In Colorado, attorneys charge anywhere from 25% to 45% of the gross settlement as their fee. Bigger law firms who have a lot of employees and overhead normally charge a higher percentage than a sole practitioner. It doesn’t mean the bigger firms are better, but they do charge more to cover their overhead. For example, I only charge 33.33% or 1/3 of the gross settlement as my fee. Whereas bigger firms may charge 38%, 40% or higher.
I do a better job and get higher settlements than the big firms and I charge less as I have much less overhead. As a former insurance defense attorney, I know how insurance companies think as I used to represent them, companies like State Farm and GEICO. So going to a big firm means you normally do not even talk to the attorney. You end up dealing solely with secretaries and paralegals or legal assistants. With me, you get me. I handle all my car accident cases personally and I personally answer my cell phone when you call and give much better service than the large firms. In the large firms, you are just a number, will not get to talk to an attorney and normally the large firms settle car accident cases for less money as they are more of a “factory”, getting cases in and out and settling for less money in order to move on to their next car accident case.
Solo attorneys like myself are able to spend much more time on each case, talking to the insurance companies, treating physicians and gathering medical records and bills. Building all the evidence that is needed to get the highest settlement humanly possible.
IS IT WORTH HIRING A CAR ACCIDENT LAWYER IF YOU ARE INJURED IN A CAR ACCIDENT?
The answer to this question is a resounding yes. Attorneys who specialize in car accidents, motorcycle accidents, trucking accidents, pedestrian accidents and bicycle accidents will get more money in a settlement than a normal injured victim who has no legal training. However, it is very important to choose a car accident attorney that specializes in these personal injury type cases. Many attorneys say they can handle your accident case, but really handle criminal law or other types of legal cases. It is important to get a specialist in personal injury law or car accidents. I have specialized in car accidents, motorcycle accidents, truck accidents for more than 32 years so there are no many lawyers around that have that kind of experience.
Statistically, a good personal injury lawyer can get anywhere from 3-10 times the amount of money in settlement than can an injured car accident victim trying to do it themselves. Most insurance companies make low ball offers of settlement to car accident victims who have no attorney. That is just common sense. The insurance companies know that attorneys can file a lawsuit against them if their settlement offer is unreasonable. A layperson cannot file a lawsuit against a large insurance company. Insurance companies have their own lawyers that will fight you tooth and nail.
HOW LONG WILL IT TAKE TO SETTLE MY CAR ACCIDENT CASE?
Clients want to know how long will it take to settle their car wreck case. This really depends on the car accident victim’s injuries. If an injured car accident victim has minor injuries like a soft-tissue whiplash, then those type of cases usually settle faster as the injuries are minor and the insurance companies just want to pay and get rid of those types of cases. They will not pay a whole lot for minor whiplash cases so one has to have realistic expectations
On the other hand, if there are broken bones involved due to the car wreck, then those cases are more serious and worth more money come settlement time. Those types of serious cases can take longer as usually the victim needs time to heal from surgeries or needs more ongoing medical treatment. It is best not to settle your case to quickly until one knows the full extent of your injuries. Some insurance companies have a strategy of making lower settlement offers right at the beginning to entice desperate clients to take the money. I do not recommend accepting a settlement until all injuries are known and have completed all medical treatment. Once a client reaches MMI (maximum medical improvement), then the car accident case can be negotiated or settled with the at-fault driver’s insurance company.
HOW MUCH DO CAR ACCIDENT ATTORNEYS GET IN SETTLEMENT?
The amount of money a car accident lawyer can get from the insurance company is dependent on 2 things: severity of your injuries and the amount of insurance carried by the at-fault driver. The state minimum insurance for bodily injury in Colorado is $25,000. Many people carry only the state minimum to save on premiums. That is unfortunate because if a victim has very serious injuries and the attorney is only able to collect $25,000, then everyone leaves the table unhappy. Let’s say someone is paralyzed in a car crash and the other driver only has $25,000. Well, that is all that can be recovered from his insurance company even though the medical bills may well be way over $100,000.
This is why I recommend that everyone check their insurance policies to make sure they carry Uninsured Motorist and Underinsured motorist coverage. With this coverage, it can save your life. Let’s say you are injured in a car crash and you have $50,000 in medical bills. The at-fault driver has the state minimum limits of $25,000. You were smart and purchase UIM coverage in the amount of $100,000 from your own car insurance company. Then, I can go after $125,000 in insurance coverage which will pay off your medical bills and leave something over to put in your pocket. It is very, very important to add UM and UIM coverage to your motor vehicle policies so that one does not face financial devastation due to a car wreck.
Ready to speak with the Best Car Accident Attorney in Fort Collins?
Contact Allen Accident Law today—no case is too small, and everyone deserves compensation for their injuries. With our No Recovery, No Fee policy, you pay nothing unless we win. If you or someone you know has been in a car accident in Larimer County or Northern Colorado, call (970) 232-0774 for a free consultation.