When determining the amount of a car accident settlement, it’s important to consider all the unique circumstances of the crash. No two accidents are exactly alike, so the settlement offer will vary depending on the damage caused by the collision.
For instance, a minor fender bender likely won’t result in a large settlement, while a more serious accident that causes extensive property damage and/or injury may involve significantly larger sums.
Even if the car accident was not your fault, recovering the money you need to cover your losses can be a challenge. You may find it beneficial to work with an Indiana car accident lawyer. Lawyers are very familiar with insurance claims and will work to get you the maximum compensation possible.
How Are Damages Calculated in a Car Accident Claim?
Damage estimation is often a complex and time-consuming procedure. However, if you have a basic understanding of how damages are determined, you’ll be better able to assess your own case and anticipate the amount of any settlement you might obtain.
Some attorneys use the multiplier method to calculate damages. The personal injury lawyers at our firm perform a comprehensive evaluation of your losses to ensure you seek the maximum amount of damages possible.
Damages in a car accident claim are calculated based on several factors:
Medical Expenses
This includes ambulance fees, hospital stays, doctor visits, physical therapy, medication, and any other medical costs resulting from the accident. These are calculated based on the actual bills and receipts.
Lost Wages
Lost wages can be claimed if the victim misses work due to the accident injuries. This is calculated based on the victim’s salary or pay stubs and the time missed from work. If you can’t return to work or cannot work in your previous field because of your injuries, we also take into account the loss of future income.
Pain and Suffering
That encompasses psychological distress as well as bodily pain and suffering. It’s more arbitrary and computed based on the seriousness and length of the injuries, how painful the treatment is, and how long it might take to fully recover.
Property Damage
The costs to repair or replace the victim’s vehicle and any other damaged personal property are included. Estimates from auto repair shops and receipts for replacement items are used to calculate the amount.
Loss of Enjoyment
In some cases, compensation can be claimed if the injuries prevent the victim from participating in hobbies, sports, social activities, etc. This is also subjective but must be supported by medical evidence. If you’re hurt in a crash that was not your fault, the loss of the ability to enjoy the things you previously loved is a recoverable damage.
Loss of Consortium
The spouse of an accident victim may claim damages for loss of marital benefits like affection, comfort, companionship, and sex. This is a subjective claim that is calculated based on the severity and duration of the injuries. The total damages are calculated by adding all the above expenses and costs.
The victim must be able to prove each element with evidence like medical bills, pay stubs, repair estimates, photographs, etc. The amount of subjective damages is up to the judge or jury to determine based on the facts presented. Settlement negotiations may lead to an agreed amount that is acceptable to all parties.
In the end, the amount of money you can collect in a car accident that wasn’t your fault depends on the unique circumstances of your case. But they are primarily based on the losses and expenses resulting from the crash. A car accident lawyer can make a more accurate estimate possible.
The Drawbacks of the Multiplier Method
The multiplier method is a technique used to calculate pain and suffering damages in personal injury claims by multiplying the victim’s total out-of-pocket medical expenses and lost income by a selected multiplier. However, this method oversimplifies complex issues, leading to potentially unfair results.
It should only serve as a starting point, with adjustments made based on the unique facts and merits of each case. Ultimately, the calculation of appropriate damages requires a case-by-case analysis and cannot be determined with much accuracy unless you perform a thorough and precise evaluation.
Our firm may work with economists, healthcare planners, and medical professionals to project the expenses involved in long-term care for a severe injury. This can help to ensure that you have the documentation needed to have a greater chance of collecting the compensation you need for the future.
How Long Will It Take to Collect Compensation?
You should be aware of the statute of limitations in your jurisdiction and any deadlines established by insurance carriers before pursuing a settlement for an automobile accident. In addition, victims should be aware that negotiations with insurance adjusters or attorneys for the other party involved can take time.
Claimants can sometimes speed up the compensation procedure and improve their chances of a favorable conclusion regarding damages by keeping receipts, following doctor’s orders, and working with an experienced car accident lawyer.
Contact Us to Learn About Collecting Compensation After An Accident That Was Someone Else’s Fault
Having an experienced Indiana car accident lawyer with Vaughan & Vaughan on your side can make a big difference when you’re dealing with an insurance company. Not only can we help you fight for the biggest payout possible to cover your medical costs, lost wages, and other damages, but we also understand what tactics work and which don’t.
We know how to put together a strong case for you that maximizes your potential recovery. There is no out-of-pocket cost to learn more, and our attorneys work on a contingency fee basis, so there is no upfront cost. Contact us today to find out more in a free consultation.
