Car accident claim compensation is not predetermined since it depends on the case’s circumstances. Factors like the extent of your injuries, the treatment costs, the number of parties involved, and available insurance coverage can affect the final amount of settlement. RSH Legal – Iowa Personal Injury Lawyers can walk you through the components of a claim and how your compensation will be calculated.
How Car Accident Claims Are Calculated
Car accident claims cover the losses you suffered due to the injuries that resulted from an accident caused by another party. Typical settlement amounts for car accident cases are based on the following:
- Medical bills. Usually, the settlement amount covers medical expenses you incurred because of an accident. It covers doctor visits. Hospital bills, rehabilitation, medication costs, and other necessary treatments.
- Lost wages. If you cannot work or experience income loss because of the accident, you may be compensated for lost wages. The calculation for this damage is based on your regular earnings and for how long you cannot work.
- Pain and suffering. This refers to the physical and emotional distress you experience. This subjective factor can be based on the seriousness of your injuries, how your injuries impact your everyday life, and the pain you experience during recovery.
- Emotional distress. This includes mental anguish and psychological trauma because of the accident. it may include emotional challenges like anxiety and depression.
- Insurance coverage. Your settlement will also depend on the available insurance coverage that the at-fault party carries.
- The number of affected parties. if many people sustain injuries in an accident and the responsible party doesn’t have enough insurance coverage to compensate these people, the available insurance coverage will be split by the insured parties.
Car Accident Claims are Usually Settled Outside of Court
Following a car accident, the at-fault party should cover your damages. This party’s insurance provider may propose a settlement to you. This includes a lump sum payment. When you accept this offer, you will not be able to seek additional compensation later. But if you think the settlement offer is not enough to cover your losses, you can decide to file a lawsuit and seek compensation in court. Your car accident attorney will collect more evidence to convince a judge or jury that you deserve a certain amount of compensation. Claim settlements are often preferred by both parties because of the insurer’s desire to avoid the costs of litigation and your wish to avoid the stress, time, and uncertainty of these legal proceedings.
