General Motors is anxious to settle the ignition switch recall fiasco as soon as possible. It desperately wants to get back to business as usual. However, it'll first have to compensate the families of the victims who died or were seriously injured due to an ignition switch failure. GM has just announced that it will pay at least $1 million to these families as long as they can prove the defective component was the cause of the deadly accidents.

From August 31st until December 31st, those injured or victims' families can file a claim seeking compensation. At the moment, GM has admitted that 13 deaths and 54 injuries occurred as a direct result of ignition switch failure. Those numbers are expected to grow. GM's lawyer, who's handling the Ignition Compensation Fund, has announced that the fund isn't capped and that settlements will be calculated via actuarial tables and average medical cost data. For example, the family of a deceased 25-year-old driver who was married, had three children, and earned $46k per year would be entitled to about $4 million.

Another example is a 10-year-old passenger who became a paraplegic as a result of an accident would receive roughly $7.8 million. Those injured in an accident who required outpatient care within 48 hours of the crash would only be entitled to a maximum of $20,000. So, is this a fair compensation plan? Should these victims accept the payout or file separate lawsuits against GM seeking more compensation?