Putting a dollar value for all the injuries, car damages, and other painful losses you have suffered after a car accident is not easy to do. Rosengard Law Group noted that there is no precise mathematical formula to compute the monetary value of your loss, but there are several crucial factors that both your lawyer and car insurance companies will focus on to assess the value of the situation. The variables listed below are the typical considerations for setting valuation.
Car Insurance Coverage and Its Limits
The insurance coverage of the at-fault driver and the limits associated with the insurance coverage policy will play a huge role in amount of compensation you can expect from your car accident personal injury claim. Usually, the insurance policy limits will serve as the maximum amount of what you can expect the insurance to cover. If your case goes on trial and the court has deemed higher damages for your case, insurance will not cover the amount that is in excess of what the policy stipulates. You will just have bank on the driver's personal assets to satisfy the judgment and directives coming from the court. If insurance is insufficient, you may sue the errant party or make a claim under your own under-insured car coverage.
Damages to the Vehicle
The insurance companies will always asses the damages of your car post accident. They use these details to determine the value of your claim. If your car barely received any dents, expect the insurer to dispute that claims regarding the seriousness of your injuries
Medical Bills
Any medical treatment you receive after the car accident, including all the future rehabilitation costs you incur will be factored into the damages. Of course the extent of your physical injuries will also play a huge role in computing for punitive damages, which a Rosengard Law Group explained as pain, suffering, and mental trauma you went through because of the accident.
Loss of Income and Potential Income
Any income you lost because of the accident, including loss of potential income because you are now disabled, must be included in the computation of damages. If you stayed long in the hospital, it means you don't get any income. If you lose your limbs, this will affect your capacity to earn in the future.
Punitive Damages
Pain, suffering, and mental trauma stemming from the bad memories of the collision, the physical discomfort from your injuries, or you worries for your family. Your physical and mental states after the accident play a huge part because most car crash victims suffer post-traumatic stress disorder. They are worried, anxious, lose sleep, and don't function well instantly.
It must be noted that insurance companies deem you to have more punitive damages when your injuries are far more severe. They have also been notorious for using a multiplier to factor these in your settlement check. Minor injuries are multiplied with 1.5 while serious injuries get a 6.
Loss of Consortium
When a spouse that figures into a car crash losses his or her consortium, it refers to his or her ability to enjoy physical companionship and support. The impact of the accident on the relationship of a couple is a part of the damages your New Jersey car accident lawyer will claim. However, it is important to note that this particular damage will be awarded to the spouse who can no longer feel the physical comforts from his or her injured partner. Moreover, it will be awarded only if the main case is won.
Your Own Conduct
Your own behavior during the accident is a determinant, too. If you are partly to blame for the accident, the insurance company will lower the settlement offer. The court may also lower some charges in favor of the defendant, so you, too, will suffer some liability to teach you a lesson.
If you are a victim of a car accident and all these details are confusing, it will be best to seek the legal guidance of a car accident lawyer. You car injury lawyer will help you find and fight for just compensation for all the sufferings you have endured post car accident.