Key Factors That Affect Your Car Accident Injury Claim Value
Understanding the numerous factors that impact the value of your car accident injury claim can help you maximize your compensation. There are two main types of damages in a personal injury car accident settlement, economic and non-economic damages.
Economic Damages – Damages that are awarded to replace monetary loss which can include medical bills, lost earning capacity, and future medical treatment.
Non-economic Damages – Damages that include things like loss of consortium, disability, and pain and suffering to name a few.
Severity of Injuries
The severity of your injuries is one of the most significant factors that will affect the value of your claim. More severe injuries typically result in higher medical expenses, longer recovery times, and more profound impacts on your quality of life. These injuries can include anything from broken bones and traumatic brain injuries to spinal cord damage.
Insurance companies and courts will consider both the immediate and long-term effects of your injuries. For instance, if your injury leads to permanent disability or long-term rehabilitation, your compensation will likely be higher to cover ongoing medical costs and lost earning potential.
Medical Expenses Paid or Incurred
Medical expenses are a crucial component of your car accident injury claim. This includes costs for emergency room visits, surgeries, hospital stays, medications, physical therapy, and any other necessary medical treatments. Keeping detailed records of all medical expenses is essential to substantiate your claim.
Additionally, future medical costs should also be considered. If ongoing treatment or rehabilitation is required, these future expenses can significantly increase the value of your claim.
Impact on Daily Life and Work
The impact of your injuries on your daily life and work can also influence your claim’s value. If your injuries prevent you from performing your job or require you to take a significant amount of time off work, you may be entitled to compensation for lost wages nor lost earning capacity
Beyond financial losses, the emotional and psychological effects of your injuries, such as pain and suffering, loss of enjoyment of life, and mental anguish, can also be considered. These non-economic damages are often more challenging to quantify but are nonetheless important.
Determination of Fault – How Clear is Liability
The determination of fault plays a critical role in your car accident injury claim. If the other party is entirely at fault (found to be completely liable), their insurance company will be responsible for covering your damages. However, if you are found to be partially at fault, your compensation may be reduced according to your level of fault. Texas has a modified version of comparative negligence rather than a contributory negligence standard.
In some states, if you are more than 50% at fault, you may not be able to recover any compensation. In Texas if you are found to be more than 51% at fault for a wreck, you cannot receive compensation. Therefore, gathering evidence to prove the other party’s negligence is vital for maximizing your claim value. Cases with clear liability will oftentimes result in higher settlements.
Insurance Policy Limits
Insurance policy limits can significantly impact the amount of compensation you receive. Each insurance policy has a maximum limit that it will pay out for an accident. If your damages exceed the at-fault party’s policy limit, you may have to seek additional compensation through other means, such as your own underinsured motorist coverage or a personal injury lawsuit.
Understanding the limits of all applicable insurance policies and exploring all potential sources of compensation can help ensure you receive the full amount you are entitled to.
The Kishinevsky Law Firm PLLC has been helping car and truck accident victims get the justice and compensation they deserve since 2015. If you or a loved one has been injured in a car or truck accident, you can call us today at 832-529-1111.
Houston personal injury lawyer Rashmi Parthasarathi represents clients in personal injury claims and has spent several years representing clients in product liability cases who were injured by pharmaceutical and medical device companies who put profits before safety of their products. In January 2020, Rashmi Parthasarathi joined the Kishinevsky Law Firm where she continues working to help clients harmed by the wrongful acts of others to obtain justice, especially individuals being taken advantage of by insurance companies and other large corporations.