If you sustained injuries in an accident because of another party's negligence, the law may entitle you to compensation to recover your injury-related costs. You secure this compensation through an accident injury claim. Most people wonder what their accident injury claim is worth after sustaining injuries in an unfortunate event.
Knowing the monetary value of your claim is crucial, as it allows you to pursue adequate compensation to cover your medical bills, lost income, and other damages. Below is an overview of how to calculate accident injury claims, what factors determine their value, and why you need an experienced Marion car accident lawyer to determine their worth.
Factors Determining the Worth of an Accident Injury Claim
The worth of an accident injury claim can vary significantly according to several factors, including a person's income and a geographic region's available medical care.
Medical Expenses
An accident injury claim includes the cost of the medical care you've received and will require in the future due to the accident. This includes hospital bills, medication, physical therapy, and long-term care.
Lost Income
If your injury causes you to take time off work, you may claim the loss of current and future income while you recover.
Some people never fully recover from their accident-related injuries and cannot return to work. When this happens, the accident injury claim accounts for that long-term loss of income.
Pain and Suffering
This subjective calculation considers the physical pain and emotional distress an individual suffered after the accident.
Property Damage
If you've experienced accident-related property damage (such as a damaged vehicle), the claim will also include these costs.
How To Calculate the Worth of an Accident Injury Claim
Begin calculating the worth of an injury claim by adding up all medical expenses, such as ambulance fees and the cost of prescription drugs. Determine how much you would have earned while you couldn’t work to calculate your lost income.
Insurance companies often attempt to devalue subjective losses, so hire a lawyer to quantify your pain and suffering.
Assess property damage costs by obtaining repair estimates or ascertaining the property's depreciated value.
To calculate your own accident injury claim, hire a skilled accident injury attorney to work on your behalf. Attorneys consult medical and occupation professionals to calculate their clients' losses.
The Role of Insurance Companies in Determining Claim Worth
Insurance companies play a key role in determining the worth of an injury claim. They evaluate the claim according to the available information, such as medical reports and proof of lost income, and propose a settlement amount.
Negotiating with insurance companies can be challenging, as they generally strive to minimize payouts. They may attempt to lowball your claim, arguing that your medical expenses are too high or that your pain and suffering are less severe than you state. Your attorney works to protect your best interests during the difficult negotiation process.
Common Mistakes in Calculating Accident Injury Claim Worth
Common mistakes people make when calculating the worth of their accident injury claim include:
- Undervaluing their pain and suffering.
- Failing to include all medical expenses.
- Overlooking future expenses related to the injury.
- Underestimating future loss of income.
These mistakes can significantly lower your claim's worth. Hiring an attorney is the best way to pursue an accident injury claim that accounts for all your losses.
The Importance of Legal Representation in Accident Injury Claims
Hiring an experienced and competent lawyer can increase the worth of your claim. They understand the intricacies of the law and present your case's maximum value. Your attorney will aggressively negotiate with insurance companies, avoiding common pitfalls that could otherwise devalue your claim.
Other Benefits of Hiring an Attorney to Handle Your Accident Injury Claim
Your attorney shares your goal of seeking the maximum compensation for your injuries. In addition to adequately calculating just compensation, an attorney to work on your behalf offers other benefits.
Knowledge of Legal Deadlines That Could Affect Your Claim
A statute of limitations is a law that sets the maximum time you have after an accident to initiate legal proceedings. If the statute of limitations expires before you file your claim, you may lose your right to sue and recover compensation.
The time frame varies according to the state and the type of accident. Attorneys understand the statute of limitations in their respective states and how these laws may pertain to your case.
Ability To Gather Evidence to Back Your Claim
An attorney has the resources to thoroughly investigate your case. They will obtain copies of medical records, police reports, and other documentation that proves the opposing party's negligence. They may also seek out witness statements, video footage, or expert opinions.
Evidence gathering is a complex process that is critical in demonstrating the extent of your injuries and losses. Without a legal professional, you may struggle to collect all the necessary information to support your claim.
The Cost To Hire an Accident Injury Attorney
Many law firms that take on accident injury claims work on a contingency fee basis. This means that they do not collect their fees until after they win a settlement on your behalf. You may be responsible for paying other expenses, such as court filing fees, regardless of your case's outcome.
You must understand an attorney's payment structure before hiring them.
Many accident injury law firms offer free consultations. It costs you nothing to learn what legal remedies are available and how an attorney works for you.
Don't Wait to Pursue an Accident Injury Claim
Understanding the worth of your accident injury claim is vital to your pursuit of fair compensation, and having skilled Marion personal injury attorney can maximize your claim's worth. Without an attorney, you risk accepting a settlement for less than what you deserve according to the law.
Adam B. Lawler
Attorney at Law / Partner
Adam Lawler is the founder of Lawler Brown. Adam is a 2004 graduate of Saint Louis University School of Law. Adam worked for a local firm until founding the Lawler Brown in 2009. Adam’s practice areas focus in Personal Injury, Business, Real Estate, Probate/Trust/Estate Administration and general litigation.
Author's Bio