Settling a car accident case can be ideal for many victims. Settlements provide victims with much-needed funds to take care of their damages and they can also make everything happen a lot quicker than a trial. You may naturally wonder how much money you could be paid. While the unique circumstances of your case will affect how much you are paid, read below for an idea of the factors that go into a settlement calculation.
What Are Your Damages?
The terms "damages" or "losses" are used to describe the ways you have been harmed by an auto accident. If the other driver is found to be at fault, they must pay you. Damages carry an economic value. For instance, one common form of damage is lost wages. That is the amount of income you would have earned if you had been able to work at your job. The economic value of your lost wages depends on your salary and how long you were out of work. Besides lost wages, other forms of car accident damages include:
Medical expenses for the treatment of accident-related needs and any future medical needs that occur after the settlement is signed.
Vehicles may be either repaired or replaced. If your vehicle can be repaired in a timely manner, an estimate of the damages should be submitted to your personal injury lawyer. However, many accidents result in a total loss situation. Vehicle repairs can be more costly than the value of the vehicle. In some cases, vehicle damage and losses are handled separately from other accident damages. Speak with your personal injury lawyer to find out more.
Pain and Suffering
Pain and suffering is the way an auto accident can affect your mental health status. Being injured can produce a lot of discomfort along with the annoyance of a hospital stay. In addition, many victims suffer from anxiety, depression, nightmares, and other psychological effects of an accident.
Other Settlement Factors
In addition to the above damage categories, other factors can affect the amount you are offered after an accident that was not your fault:
- The severity of your injuries, if they are found to be permanent
- The effect of your injuries on your career opportunities
- Your age and income level
- The number of accident settlements commonly paid in your geographical area
- The amount of evidence available, if the case goes to trial
- The total dollar amount of your medical expenses
Finally, the insurance limits and the financial status of the at-fault driver could also come into play. To find out more about what to expect with your accident settlement, speak to your auto accident lawyer.