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I was in a car accident. The insurance company has paid for…

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I was in a car...
I was in a car accident. The insurance company has paid for my medical and my car repair. They are offering me 705.00 for out of pocket expenses of 305.00 and 400.00 for pain and suffering. Is this reasonable and standard? Will I have to pay taxes on the 705.00?
Submitted: 3 months ago.Category: Personal Injury Law
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2/23/2018
Personal Injury Lawyer: Longhorn Lawyer, Attorney replied 3 months ago
Longhorn Lawyer
Longhorn Lawyer, Attorney
Category: Personal Injury Law
Satisfied Customers: 13,231
Experience: Knowledgeable and experienced in personal injury matters.
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Hello! My name is***** have over 12 years of legal experience. Please allow me some time to review your question.

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Personal Injury Lawyer: Longhorn Lawyer, Attorney replied 3 months ago

Is this your insurance company or the other person's insurance company?

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Customer reply replied 3 months ago
The other persons insurance company.
Personal Injury Lawyer: Longhorn Lawyer, Attorney replied 3 months ago

Thank you for your patience. Your answer is below. When you get your answers, you will be asked to give a rating - 4 or 5 stars are appreciated. This is important because this is how I credit for doing my job. Don't worry, you can still ask related follow-up questions even after you've given a rating. Thank you!

ANSWER: I cannot say whether that is "reasonable" or not. It depends on the type of injuries to you and your vehicle, and whether or not you feel like you have recovered fairly. Ultimately, that decision is up to you.

It is important to remember, however, that the insurance company has an interest in saving money rather than paying you. That is ultimately it's goal so it is likely to try to limit or pay as little as possible to get rid of a claim. If you feel it is not sufficient, then it is best to meet with a personal injury lawyer to discuss your injuries and the options based on the situation.

As fas as whether or not this compensation is taxable, that is case specific. But here is a great explanation for this: https://www.nolo.com/legal-encyclopedia/do-i-need-pay-tax-vehicle-accident-settlement-judgment.html

I hope that answers your questions.

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Personal Injury Lawyer: Longhorn Lawyer, Attorney replied 3 months ago

Hi, I’m just checking in to see how things are going. I see you have reviewed my answer but I have not received credit for it. Do you need more help?

Thank you!

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