We’re about to tell you everything you ever wanted to know and more if you were in a car accident in Vermont. You’ll learn what you need to do after your accident and what the average settlement is for a car accident Vermont.
How Long Do I Have To File A Lawsuit After My Car Accident?
After you’ve regained your composure after your car accident, you have time but will want to reach out to a lawyer earlier rather than later. In Vermont, statute of limitations determines that you have 3 years from the date of your car accident to file a lawsuit. This is the same whether you are seeking damages for personal injury or property damage. This is the date for getting the lawsuit filed, not the closing of any settlement.
The one exception to this is if your car accident involved any type of government vehicle in Vermont. In this case the laws are different but you will need to file quickly in this case, often within 90 days of your accident.
Vermont Car Accident Settlement Calculator:
Have you been involved in a motor vehicle accident or otherwise injured in Vermont? Find out how much financial compensation you may be legally entitled to in just minutes with our free online Injury Settlement Calculator.
Vermont Accident Settlement Taxes
Many people assume personal injury settlements are not taxable at the federal and Vermont state levels. While this is largely true, the matter is not that simple. The IRS code does state that damages that you receive from personal physical injuries or physical sickness are not taxable. This is the section of the IRS code that makes most people believe the entire settlement is not taxable. But there are some exceptions
For example, all punitive damages awards are taxable at the federal and state levels. Punitive damages are intended to punish the defendant and are not compensation for your actual injuries. As such, they are taxable as income.
Further, damages for emotional distress are not taxable as income if they stem from a physical injury or illness, as noted above. If you are compensated for emotional injuries only, then it is taxable as income in Vermont and at the federal level.
Reimbursement for your medical expenses is not taxable as income. But if you have taken a tax deduction for your medical expenses in a prior year, that amount is taxable as income in the current tax year.
However, compensation you receive for property damages, such as damage to your personal vehicle, is generally not taxable by the state or by the US government.
If you have any questions, however, it is important to consult a tax advisor.
How The Modified Comparative Fault Rule In Vermont Works:
If you’ve been hurt in an accident Vermont, the state operates by a rule called “comparative fault.” What this means is that each driver will be deemed a certain percentage at fault for an accident and paid out accordingly. Let’s look at an example.
Assume you are in an accident and between injury, lost wages and medical bills the total is $100,000. If the jury after looking at the evidence determines that the other drive is 80% at fault you would get $80,000 which is 80% of the total $100,000 number. If you are deemed to be more than 50% at fault you will automatically not be eligible for any settlement. In this case your damages or settlement will be $0.
If you have any questions that you are looking for further details, please visit Vermont’s Department of Transportation website here.
What’s The Average Settlement For A Car Accident In Vermont?
If you’d like to see how much your accident settlement may be worth, please fill out this form and a Vermont car accident attorney will reach out shortly.