The value of any given car accident settlement is dependent on the damages that the plaintiff claims or pursues. As a result, it is important to consider the individual factors that go into a claim or lawsuit in order to calculate the worth of a settlement accurately.
Most car accident settlements reflect a few kinds of damage. These typically include immediate and ongoing medical expenses, present and future lost wages and the costs associated with repairing damaged vehicles or property. By adding these different amounts, it is possible to come up with an approximation of the economic compensation an accident victim or motorist might be able to request, but economic compensation is not the only factor one should consider.
Other damages may not have a well-defined dollar value, but they still affect people. For instance, a driver may experience significant emotional or mental trauma following an accident that results in the loss of a loved one; some support groups even maintain that car accidents are a common cause of post-traumatic stress disorder. Such effects can make life far harder to enjoy, and their ramifications may negatively impact victims’ abilities to make healthy recoveries and could increase the cost of dealing with daily responsibilities.
Also, remember that insurers can use various formulas to calculate the value of a specific settlement. Though policy providers do not typically publicize which methods they employ, their calculations often account for factors like medical bills, pain and suffering and lost income. Furthermore, settlement calculations are dependent on the laws in the jurisdiction where the accident claim was made, the details of the insurance policy and the validity of the claimant’s liability case. For instance, a motorist who was partially at fault in an accident that caused them serious physical harm may not be eligible for as large an insurance settlement.
Accurate calculations of the worth of car accident settlements may play a role in negotiations with insurers and court proceedings. Contact a lawyer to learn more about what one should take into account.