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How Much Is My Car Accident Claim Worth?

How Much Is My Car Accident Claim Worth?

How Much Is My Car Accident Claim Worth?

Many factors influence the value of a car accident claim from case to case. Throughout the settlement process, the parties involved and their insurers will try to reach an agreement about the car accident claim’s value.

Oftentimes, the other party tries to get the claimant to agree to the lowest possible settlement.

If you’re wondering how to determine the value of your car accident claim, consider the myriad factors that could affect its worth.

Speak with an experienced Brownsville car accident attorney today at Kenny Perez Law to assist with your claim.

What Goes Into a Car Accident Compensation Estimate?

Normally, the total amount of compensation that car accident victims receive depends on the cost of their injuries and vehicle repairs.

Vehicle Damage

Some of the details that impact the value of the vehicle damage include the vehicle’s initial value, its mileage, the condition it was in at the time of the collision, and the depreciated value resulting from the accident. The cost of replacement parts also directly impacts the total cost of repairs in these cases.

Injuries

It’s more difficult to gauge the cost of injuries because several economic and non-economic factors can influence their value in a car accident claim. The extent of injuries also varies greatly between people. For example, a younger professional who relies on their physical well-being to complete manual labor every day may sustain more damages from a debilitating injury than an older victim that is currently retired.

Attorneys can help determine the overall value of a case using certain calculation formulas. However, it’s important for those involved in an accident to understand the various economic and non-economic damages that factor into car accident claims.

What Are the Economic Damages in a Car Accident Claim?

The amount of economic loss sustained in car accidents is never the same from case to case. Some of the specific factors affecting economic damages include:

Medical Expenses

Following an accident, medical bills begin to develop shortly after seeking treatment for injuries. Severe accidents may involve emergency services and require involved parties to visit a hospital for treatment.

Medical bills can start with costly ambulance rides and consist of many other expenses later on, including:

  • Doctor’s visits and aftercare
  • Testing procedures such as diagnostic imaging
  • Hospitalization
  • Surgical procedures
  • Ongoing care at home or in a facility

Lost Wages

In many car accident cases, victims miss work for a while, which can result in lost wages. If they sustain permanently debilitating injuries, they may never be able to return to work. All lost wages can appear in a claim, and some individuals may qualify for disability benefits if they are unable to work permanently or for an extended period.

Recovery and Rehabilitation Costs

Serious injuries often require periods of rehabilitation to make a full recovery. After spending a long time in hospital beds, victims may become weak, warranting physical therapy to restore function to injured areas and the rest of their bodies.

Some victims may also need occupational therapy to perform daily tasks similar to the way they could before the accident. Other rehabilitative services could include mental health treatment and language therapy.

Costs of Hiring Assistance

Victims of car accidents may also be unable to maintain their homes and perform daily tasks, requiring professional help. Some service professionals that victims may hire include cleaning services, grocery delivery services, lawn care services, nannies, or personal assistants. The costs for these services could quickly add up and contribute a significant amount to a claim.

Home Modification Expenses

Certain injuries could make it difficult or impossible for injury victims to navigate their homes without measures in place to improve accessibility. Wheelchair ramps, grab bars, handrails, and other installations may further add value to a claim in these cases.

What Are the Non-Economic Damages in Car Accident Claims?

In addition to economic damages relating to injuries, vehicle damage, and property damage, certain non-economic damages may apply to injuries. Victims often experience a certain level of physical and psychological pain and discomfort. A lawyer can help determine how non-economic damages could impact the value of a claim.

Some specific non-economic damages include:

Pain and Suffering

This refers to the physical and emotional distress that a victim could endure following an accident. Certain injuries could cause more pain than others depending on the seriousness and location of the injury, and psychological trauma could result. Victims can monitor and document their pain and suffering in a pain journal, which could serve as additional evidence to support an injury claim.

The Nature and Severity of the Injury

The nature of the injury will largely determine how much pain a victim experiences both physically and psychologically. Injuries that lead to a lifetime of physical pain could result in negative emotional reactions such as anxiety, depression, humiliation, and anger. Disfiguring injuries such as scars and amputations can also serve as constant reminders of a victim’s experience.

The severity of the injury also factors into a car accident claim. Minor injuries can take a short amount of time to heal on their own and cause less distress, while more severe injuries such as traumatic brain injuries and spinal cord injuries can lead to lifelong trauma and disability.

The Likelihood of a Full Recovery

If a victim is likely to make a full recovery from injuries sustained in an accident, the value of the claim will be lower. On the other hand, if a victim’s chance of making a full recovery is low, the value of the claim will increase. The ability for the victim to recover fully will depend largely on the severity and nature of the injuries sustained.

Determining the Value of a Car Accident Claim with an Attorney

With the help of a car accident lawyer, injury victims can determine the true value of their claims. Even if an insurance adjuster offers a settlement that seems fair, victims may be entitled to more compensation than these initial settlements.

An attorney can assess the case and the victim’s injuries, along with how those injuries impacted the victim’s expenses, wages, and overall quality of life. If you or a loved one suffered injuries in an accident, you may have the right to receive significant financial compensation from the at-fault party or parties. Contact Kenny Perez Law today.

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