How Do I Know What My Car Accident Case is Worth?
Putting a monetary figure on any car accident case is not an easy task. However, some factors regularly help in setting the value of the claim.
After a car accident when claiming for the damage to your vehicle, injuries sustained, and any other losses that you have incurred, it is quite a challenge to come up with the exact amount of money that you should be paid.
There is no definite formula for calculating claims. There are, however, few factors that lawyers and car insurance companies focus on to help them assess the value of the car accident case.
You can learn more about when you can expect a car accident settlement from us. Let us take a look at what goes into a usual valuation.
Insurance Coverage and Policy Limits
Two things play a huge role when it comes to the amount of compensation that you can expect to get in your car accident injury claim. One of them is whether the at-fault driver has car insurance coverage and the second is the policy limits that are associated with that particular coverage.
This is often true when it comes to the settlement that the at-fault driver’s car insurance company is offering you. The limits to the policy will act as a de facto cap on your settlement. The same is also a huge factor when the lawsuit goes to trial.
When you go to trial and the jury awards a compensation that supersedes the at-fault driver's policy limit, you can only hope to be paid that excess amount if the driver has enough money or assets that can pay up the rest.
For example, if your damages are $70,000 and the at-fault driver's insurance policy limit is $50,000. You can only be sure to be paid $50,000 from the insurance company, the difference has to be paid by the driver him or herself. This does not matter if you can prove that the damages are worth $70,000.
To recover the difference in such instances, you either have to sue the driver or make a claim with your insurance company under the under-insured motorist coverage. You can learn more about how insurance coverage affects a car accident case.
Damage to the Vehicle
Whether you are on the right or wrong side of the accident, the insurance company has to assess the vehicle and use the findings to determine the injury claim value. This is because, if the car is barely damaged, they will argue that you are not seriously hurt.
Hospital Bills and Other Medical Expenses
Every medical bill that is as a result of the injuries sustained in the car crash should be included in your damages. The total of these medical expenses will seriously contribute to how the damages are calculated especially when trying to factor in other damages that are rather hard to quantify.
Damages like pain and suffering, psychological and emotional distress are not easy to calculate and this is why the medical expenses are important. You can also learn more about how medical treatment affects settlement value.
Lost Wages and Earning Capacity
If you have lost any income as a result of the accident and probably your ability to resume your normal job. These two are recoverable as compensatory damages. They will also be factored in when determining the value of your compensation.
Pain and Suffering
This compensation includes discomfort and any physical pain that is caused by the car accident, the injuries, medical treatment, and psychological and mental effects like fear, anxiety, post-traumatic stress disorder, and loss of sleep.
It is not easy to account for the damages of pains and suffering yet they make up one of the biggest categories of damages in a car accident case. This is especially when the injuries are very serious and needed extensive medical care.
Even though no formula can be used to determine a car accident injury claim, insurance companies use the multiplier method to calculate the damages of pain and suffering. The multiplier uses a number 1.5 and 5 or 6, depending on the extent of the injury. This is then multiplied by the total medical bill incurred to know the value of the pain and suffering claim.
Loss of Consortium and Loss of Enjoyment
This is a term used when a spouse is injured and this results to their partner losing support and companionship. The extent of the damage in their relationship will hugely affect the amount of the claim. If this compensation is successful it is given to the spouse who is affected and not the injured plaintiff.
Should the accident affect the quality of life or affect your ability to enjoy the pleasures of life, or limit you from taking part in your interests and hobbies that you enjoyed before the accident then you are also entitled to a loss of enjoyment compensation.
How You Can Affect The Worthiness Of Your Case With Your Conduct
Your conduct also contributes largely to how much your case is worth. If in any case, you contributed to the accident then the insurance will with no doubt lower the settlement offer. Should you go to trial the jury can rule in favor of the defendant or lower the value of your claim given to the fact that you are also liable or the car accident. The law in such cases differ from state to state and are known as contributory negligence or comparative negligence.
If you want to make a car accident claim and you would like to have a detailed estimate of the value to expect of your case based on the damages that you have incurred, then it is best if you can get in touch with an experienced attorney.
You can schedule a free consultation with a car accident attorney so that know the correct value of your compensation.
We have worked with many car injury clients and have helped them get the compensation they deserve. This can be your case too. Find the right attorney with us today.
