After you have suffered serious injuries in an accident, you may turn to online car accident settlement calculators to determine how much your case could be worth. However, you may be surprised to find that these calculators do not accurately reflect the value of your claim.
If you are hoping to find out how much your damages are valued at, you may need the legal guidance in support of an Atlanta car accident lawyer at Bader Scott Injury Lawyers. Here’s more about how car accident settlements are calculated, why car accident settlement calculators don’t work, and how to determine the real value of your car accident claim.
How Car Accident Settlements Are Calculated
Car accident settlements are calculated by examining all the different ways your life has been affected by your injuries. You have the right to be made whole. A properly calculated settlement can go a long way to making that happen.
No amount of compensation is going to change what you have been through. However, by ensuring that every loss is taken into consideration when calculating the value of your claim, you can secure the restitution you will need to ease some of the financial burden caused by your collision.
With that in mind, to ensure your car accident settlement is calculated correctly, your attorney will need to separate your losses into two categories known as economic and non-economic damages.
Economic damages consist of every financial loss that relates to your car accident. This might include the cost of repairing or replacing your damaged vehicle. It might also include all of your medical expenses as they relate to your injuries. Some of the most important medical expenses you will want to consider in your car accident claim include:
- Prescription medications
- Transportation costs
- Diagnostic imaging fees
- Hospital bills
- Medical equipment such as prosthetics, hospital beds, and accommodations for your home
- Costs of physical or occupational therapy
- Costs of mental health counseling
You will also want to be sure to account for your lost wages, the impact your injuries are going to have on your ability to continue earning a living for the rest of your life, and all of the unexpected expenses related to your home such as childcare costs or the cost associated with maintaining your home.
Non-economic damages do not have a monetary value. They are more difficult to quantify because they do not have a fixed financial worth. However, non-economic damages consist of all of the ways your life has been affected by your injuries. This means your attorney will need to place a financial value on them to recover the compensation you deserve.
Some of the more common types of non-economic damages that could be recouped in your car accident settlement Include
- Loss of companionship and love
- Loss of guidance and society
- Loss of support and advice
- Physical pain and suffering
- Mental anguish
- Diminished quality of life
- Reputational damages
Many people wonder whether they could also be awarded punitive damages. Although you have the potential to be awarded punitive damages if the judge finds the actions of the defendant to be reprehensible, punitive damages are not something that should be taken into consideration when calculating the value of your claim.
Not only are punitive damages only awarded at the judge’s discretion, but they also have no impact on how your life has been affected by your injuries.
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How Car Accident Settlements Work
There are multiple ways car accident settlements can be paid out. The first is by filing a claim with the insurance company. If the liable party is protected by an auto insurance policy, you can file a claim with their auto insurer to recover certain types and amounts of damages. However, the insurance company will not cover your damages in full.
The insurance company is also likely to put up a fight when you file your claim, as paying out on your car accident settlement will cost them money. If you hope to recover all of your economic and non-economic damages, you need to be prepared to file a civil car accident lawsuit against the liable party.
In doing so, you can recover any damages the insurance company did not compensate you for. You can also hold the liable party accountable if they did not have auto insurance in place at the time of the accident.
Get Help From a Car Accident Lawyer in Atlanta Today
If you are interested in learning more about how much your car accident claim is worth, but you have questions, concerns, or are unsure where to start, reach out to our team of dedicated Atlanta car accident lawyers at Bader Scott Injury Lawyers.
Our firm proudly offers no-cost, risk-free consultations to car accident victims across Atlanta and nearby cities. Claim yours when you complete our quick contact form or contact our office by phone.