The twins, who are now 11 years old, received the award after jurors found the driver and his parents liable for the crash on Wednesday.
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Fatal crash in Redwood City leaves 2 kids without parents
According to the verdict, the parents had ignored warnings about their 17-year-old son's driving history.
The verdict concludes a civil case stemming from the deadly 2022 crash, which killed Grace and Greg Ammen.
Their twin daughters were 7-year-old at the time.
The 17-year-old driver of the speeding car and two passengers were taken to the hospital with non-life-threatening injuries.
Surveillance video from by a business shows the moments just after the speeding car hit the Ammen's vehicle as they were making a turn, the impact forcing them to hit at least two poles and almost a building. A witness said he saw two cars racing and driving very fast before the impact.
In a statement, the attorney representing the victims said the verdict should serve as a warning to other families.
"We are hopeful today's verdict serves as a wake-up call to Bay Area parents. You cannot ignore warning signs with your teenage children," the attorney said.