The Factors That Will Affect Your Car Accident Settlement Amount
If you've been involved in a car accident, the amount of money you will receive in the settlement from the insurance company is always top of mind. It can be difficult to understand what factors will affect this number and how the insurance company calculates it. Understanding these elements can help you figure out what fair compensation should look like for your circumstances so that you stay within your settlement amount. One of the important factors that affect the outcome of your case is the quality of your lawyer. Only an experienced attorney can get you the maximum compensation you deserve. Below are some more important factors you need to consider when determining a car accident settlement.
1. The Severity of the Accident
One of the essential factors affecting your car accident payment amount is the accident's severity. If you were involved in a minor fender bender, you would receive a much smaller settlement than if you were involved in a serious multi-car collision. The severity of the wounds will also play a role in determining your settlement amount.
2. The Cost of Your Medical Bills
Another factor affecting your car accident payment is the cost of your medical bills. If you have incurred significant medical expenses due to the accident, you will receive a larger settlement than if you have only incurred minor injuries. Your medical bills can include both past and future expenses, so be sure to keep track of all of your receipts and records.
3. Lost Wages
One factor to consider when seeking maximum compensation from a car accident settlement is calculating lost wages. It's important to document your income before the accident and assess how much you lost due to the accident's impact on your ability to work. If you have been unable to go to work, or if you are earning less than normal, then this decrease in income should be accounted for in the total amount of compensation to which you are entitled.
4. Pain and Suffering
Pain and suffering are integral factors to consider when calculating your settlement amount after a car accident. The impact of mental anguish, distress, and emotional pain is considered for you to get maximum compensation for the damages incurred. Pain and suffering could increase or decrease the settlement amount to reflect the impact that the incident may have had on your physical and mental well-being. Experienced attorneys understand how to evaluate this factor to ensure a justifiable settlement amount correctly.
5. The Liable Driver's Insurance Coverage
Another factor affecting your car accident settlement amount is the liable driver's insurance coverage. If the liable driver has limited coverage, you may be unable to recuperate the full damages through their insurance company. It is important to know what type and how much coverage the at-fault driver has before negotiating a settlement.
6. Pre-Existing Injuries
Presence of pre-existing injuries, recovering damages for pain and suffering in your car accident payment may be more difficult. This is because it can be more difficult to prove that the accident exacerbated your pre-existing condition or caused new injuries. Discuss your pre-existing injuries with your attorney before negotiating a settlement with the liable driver's insurance company.
Conclusion
Many factors go into calculating how much your car accident settlement will be. If you've been in an accident, it's important to understand the different types of damages that can be compensated, how fault is determined and what role insurance plays. A skilled personal injury attorney can help you navigate the process and get the best possible outcome for your case