An auto accident can lead to various physical, emotional and financial repercussions for those involved. Understanding the worth of an auto accident claim is crucial when seeking compensation for damages incurred. However, it’s not always easy to determine the value of a claim, as many different factors are involved.
Let’s delve into the essential elements to consider when assessing the value of your auto accident claim and if it’s worth pursuing with experienced car accident attorneys.
Extent of Damages
First, assess the cost of repairing or replacing your vehicle. You can do this by obtaining several repair estimates from local body shops and documenting any vehicle damage thoroughly. Keep in mind that even small repairs can be expensive. As with everything when it comes to inflation, car repairs have increased in price as well. Plus, newer cars can be more complicated to fix.
Also calculate all medical costs that you know of, such as hospital bills, doctor visits, medication, therapy and any other ongoing treatments related to the accident. Always seek prompt medical attention so that the proper care can be given right away, potentially avoiding long-term complications and creating a paper trail.
Lost Income and Future Earnings
Consider any lost wages that you incurred because of the accident, including time taken off work for recovery or doctor appointments. For severe injuries with long-term complications, estimate your potential lost income. Some injuries cause long-lasting disability, making it difficult to work, earn an income and take on other career opportunities.
Pain and Suffering
Non-economic damages, such as pain, emotional distress and diminished quality of life, are harder to quantify. But this doesn’t mean they don’t matter. Factors like the severity of your injuries and their impact on daily life contribute to your claim. Sadly, some people who are involved in serious accidents develop depression, anxiety or PTSD from their injuries and the trauma of the accident.
Liability and Negligence
Determine who was at fault in the accident. States follow either comparative or contributory negligence laws, impacting compensation based on each party’s degree of fault.
Florida is a comparative negligence state, which means that if a person is partially at fault for an accident in which they suffered harm, their damages will be reduced. Recently, Florida went from a “pure comparative negligence” to a “modified comparative negligence” system. Individuals 50 percent or less responsible for causing their own injuries may recover losses for their injuries, but they may not recover complete compensation.
Insurance Coverage
Assess the insurance coverage available, both yours and the other party’s. Understand policy limits, coverages and how they might affect the compensation you’re entitled to. While car insurance may provide some coverage, expect your rates to increase significantly. A single accident can raise insurance rates by $2,212 per year, even if the accident wasn’t your fault.
Duration and Severity of Injuries
Consider the severity and permanence of injuries sustained. Document medical records, treatments and the expected duration of recovery, as this influences compensation. For example, your claim will be bigger if you need to take an extended leave of absence from work to treat your injuries.
Legal Representation
Consulting with an experienced personal injury attorney can significantly impact the value of your claim. Legal experts assess all aspects, negotiate with insurance companies and guide you through the legal process. They also conduct their own investigation, which includes assessing the location of the accident, gathering witness statements and police reports and getting expert testimonies.
Schedule a Case Review with Our Car Accident Attorneys
Determining the worth of an auto accident claim involves a comprehensive evaluation of various factors, including damages, injuries, liability, insurance coverage and legal considerations. The value of each claim is unique and depends on the specific circumstances surrounding the accident.
The Law Offices of Ron Sholes offers FREE case evaluations. Schedule yours today by filling out this form or calling 855-WE-FIGHT. Our lawyers strongly believe in getting our clients the maximum compensation, so let us fight for YOU!