If you have recently been the victim of an auto accident, you may be wondering what your auto accident claim is worth. Determining the value of your case is an important part of the claims process for both you and your attorney. It can affect major decisions, including whether to settle or take your case to trial.
Your attorney will look at several factors when evaluating the value of your auto accident claim.
One of the biggest factors in your case value is the extent of your damages. In most personal injury cases, damages fall into three main categories:
Economic damages are losses that can be proven with a specific dollar amount. These damages are often supported by bills, receipts, and other records. They may include medical expenses, medication costs, medical equipment, therapy items, and other out-of-pocket costs. They can also include lost wages, lost sick leave, lost vacation time, and travel expenses for medical appointments.
Non-economic damages are harder to measure because they do not come with a fixed price tag. These damages often include pain and suffering, emotional distress, anxiety, depression, loss of enjoyment of life, and permanent physical limitations.
There is no exact formula for calculating non-economic damages. In some cases, attorneys and insurance companies may use a multiplier method. In others, they may use the per diem method.
Punitive damages are awarded in some cases to punish the at-fault party for especially dangerous or reckless conduct, such as drunk driving. They are not available in every case, and they can be harder to recover than economic or non-economic damages.
Insurance coverage can have a major effect on the value of an auto accident claim. The types and amounts of coverage available may determine how much compensation can realistically be recovered after a crash.
Minimum insurance requirements vary by state. Some states require only liability coverage, while others also require protections like personal injury protection or uninsured motorist coverage. These differences can affect both the compensation available after an accident and the financial protection drivers have in place.
The number of uninsured drivers also varies from state to state. In areas with more uninsured motorists, accident victims may face greater financial risk unless they have strong coverage under their own policy.
Choosing the right insurance coverage can make a major difference in a personal injury claim. Policies with stronger liability limits, medical payments coverage, and uninsured or underinsured motorist protection may provide better support for medical bills, lost income, and other losses after a crash.
When you pursue a claim against another driver, it is usually that driver’s insurance company that pays compensation for your injuries and losses. Because of that, the at-fault driver’s policy can directly affect how much you may be able to recover.
If the at-fault driver has only minimal coverage and no meaningful assets or income, your claim may be limited to the available policy amount unless you have uninsured or underinsured motorist coverage through your own policy.
In some situations, your own insurance policy may also help cover losses related to your accident.
If the at-fault driver does not have insurance or does not have enough coverage, uninsured or underinsured motorist coverage may help protect you. This type of coverage can help pay for losses that the at-fault driver’s policy does not fully cover.
Personal Injury Protection, or PIP, is first-party insurance that can help pay for accident-related expenses regardless of who caused the crash. PIP may cover medical bills, lost wages, and other necessary expenses that qualify under your policy.
In some states, PIP is mandatory. In others, it is optional. In Texas, insurance companies must offer PIP coverage, and drivers who decline it usually need to sign a written rejection.
PIP can be valuable because it may help cover immediate expenses after an accident that would otherwise come out of your own pocket.
Every case is different, and many factors can affect its value. You should have an honest conversation with your attorney about what may increase or decrease the value of your claim before entering settlement negotiations or moving toward trial.
Important factors may include your age, your health before the accident, the cost of past and future medical treatment, property damage, witness statements, and the overall strength of the available evidence.
Putting a dollar value on each of these factors can be complicated, but an experienced injury attorney can review the evidence, reports, and testimony to help pursue the full compensation available in your case.
The location where your case may be filed can also affect its value. This includes the court and county where the lawsuit would be heard. In some cases, metropolitan counties may be seen as more favorable to injury claimants than rural counties. However, outcomes still depend heavily on the facts of the case, the available evidence, and how the case is presented.
The bottom line is that your car accident case may be worth more than you think. The best way to understand its value is to speak with an experienced car accident attorney as soon as possible.
If you or a loved one was injured in an accident caused by someone else’s negligence, you may want to speak with a personal injury attorney about your legal options.
Contact one of our experienced accident attorneys at Thompson Law. We offer free case evaluations and can help you pursue medical treatment and compensation for your injuries and losses.
Call Thompson Law 24/7 at (214) 444-4444 or toll-free at 1-800-LION-LAW.
Thompson Law charges NO FEE unless we obtain a settlement for your case. We’ve put over $1.9 billion in cash settlements in our clients’ pockets. Contact us today for a free, no-obligation consultation to discuss your accident, get your questions answered, and understand your legal options.
State law limits the time you have to file a claim after an injury accident, so call today.
