It’s not simple to put a value on your claim stemming from an automobile accident. The value of your claim is influenced by a number of variables, and settlement discussions are typically centered on reaching an agreement on this value. The at-fault party will almost certainly undervalue your claim compared to you and your attorney.
In reality, the majority of car accidents claims are settled out of court. However, you may need to take your claim to trial if you cannot agree on the value of your claim. This is something you usually decide with your car accident attorney.
Your attorney may determine an estimated amount when you initially consult with them, but it doesn’t guarantee this is what you will receive. To assess what your claim is worth, attorneys utilize a variety of techniques, usually linked to your car accident injuries.
An easy amount to pre-determine is your financial losses like current medical bills and lost earnings. It gets difficult when trying to determine medical expenses in the future and an amount one places on pain and suffering. To determine the value of pain and suffering and what your medical bills will be in the future, you may need to speak with experts.
An expert car accident attorney will fight for the maximum value they can receive in your claim. However, no matter how meticulously they assess your claim to determine a value, getting this number in a settlement or from a jury may be difficult. There are many variables to consider.
Economic Losses
The total amount of money lost as a result of a car accident varies significantly from claim to claim. A serious injury can result in lost time at work and a mountain of medical expenses. If someone’s kid was injured in a car accident, the parents may have to leave work to care for them. A serious car accident can be extremely costly, with damages sometimes exceeding hundreds of thousands of dollars. With a few exceptions, accident claims that result in the greatest economic damage usually get greater compensation than those that result in the least economic loss.
Here’s a few examples of elements that make up the economic loss of a car accident claim:
Medical Costs
Immediately after a car accident, your medical bills can start to mount. If you’re seriously injured, an ambulance ride is very costly and could be just the beginning of how large your bills could balloon to.
In addition to the costs of an ambulance and an emergency room visit, there may be a number of other medical costs, such as lab testing, medication, how many days you may be admitted to the hospital, follow-up visits, nursing care costs, and continuous care and treatment.
Loss of Wages
When you’re in a serious car accident, you may miss days at work. Sometimes, the injuries are so great that they are unable to return to work. In your claim, your attorney will include these lost earnings that stem from the injuries sustained in the accident.
While you may be eligible for disability payments, it only covers a portion of what you usually make in your career. The longer you are out of work, the higher the amount of your claim. Future lost income will be included in your claim by your attorney, especially if you sustained severe injuries that prohibit you from returning to work or working elsewhere.
Rehab Expenses
Healing from an injury sustained in a serious car accident can be a lengthy process. Rehabilitation is important to a victim’s road to recovery, which could be weeks, months or even years. Some people can spend a lot of time in the hospital causing their muscles to deteriorate. This is when physical therapy may be needed. It will help a victim recover muscle and improve on their range of motion.
Sometimes an injury can lead to lifelong disabilities that make it difficult to perform everyday activities. This would necessitate occupational therapy to help them deal with their injuries and figure out how to perform activities in a new way. A rehab program may include speech therapy or even mental health treatments. The more extensive the treatment you are receiving, the more compensation you are entitled to in your accident claim.
Costs of Home Modification
Coming home after weeks or months in the hospital, due to an accident can be exciting. However, that doesn’t necessarily mean you are fully recovered. If your recovery continues after you are home, you may need modifications done to your home to make it more accessible. In some cases, you may need these mods done for you to get around long term.
Home mods should be added to your claim. Expenses like a wheelchair ramp or handrails installed in hallways or in the bathroom may be needed. These modifications may add hundreds of tens of thousands to the cost of your car accident claim, which you should expect to be covered.
