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Factors That Affect a Car Accident Settlement

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By Earnest Art
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What factors affect a car accident settlement

A car accident can have a devastating impact on a person’s life. It can change their ability to work and earn money, lead to ongoing medical expenses, and cause property damage.

A person can receive compensation for these damages, including pain and suffering. However, it’s important to understand that the amount of a settlement will vary from case to case.

Liability

When you’re in a car accident, you may wonder how much your injuries are worth. The amount you receive for your settlement depends on many factors, including the severity of your injuries and how much money you lost.

Liability refers to any financial obligation owed to a third party. It can include current short-term obligations such as accounts payable and bonds, or non-current long-term obligations like a mortgage.

A liability can also be a contingent obligation, which means it isn’t expected to be repaid until an event occurs in the future. Examples of contingent liabilities include product recalls, warranties, and unused gift cards or credit notes.

Severity of Injuries

When it comes to injuries, severity can have a major impact on the amount you’re able to recover. For example, if you’re injured in a crash that requires a long recovery period, the insurance company may value your claim at a lower rate than if you’ve sustained an injury that will heal within a shorter time frame.

The severity of a victim’s injuries can impact the size of their settlement, particularly when it comes to the “pain and suffering” component of their compensation. For this reason, it’s important to speak with a car accident lawyer before agreeing to a settlement offer.

Medical Expenses

Medical bills can be one of the most expensive parts of a car accident settlement. This is especially true if you have suffered an injury that requires ongoing treatment or a long recovery time.

When deciding on a compensation amount, medical expenses are considered along with lost wages and pain and suffering. These factors can help you get a better deal for your claim.

Depending on the type of insurance coverage you have, the insurance company may cover these expenses as they accumulate. They may also reimburse you for these expenses after a verdict or settlement.

Lost Wages

When a serious accident causes an injury that makes it impossible for you to return to work, you can file a claim for lost wages. This compensation is designed to help cover your expenses while you are recovering from injuries.

The amount you can recover depends on your age, previous earning history, and skill level. In addition, it may include the future earnings you would have earned had you not been injured.

You can prove the amount of lost wages by submitting past pay stubs or other wage documents, as well as tax returns. To make it easier, you can also request a Wage Verification Form from your employer.

Pain and Suffering

When evaluating a car accident settlement, lawyers often consider a person’s pain and suffering. This can take the form of physical injuries like broken bones or a punctured lung, as well as emotional trauma from anxiety and stress.

Unlike physical injury damages, which can be easily documented by photos, evidence of mental and emotional distress is more difficult to prove. Instead, it’s important to provide medical bills, formal diagnosis records, and other documentation that demonstrates how an accident has affected you.

Lawyers usually use one of two methods to calculate a plaintiff’s estimated pain and suffering costs: the multiplier method or the per diem method. The multiplier method is more common and involves multiplying the total amount of economic losses by a number that best reflects the severity of the injuries.

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