Although money won’t make everything better, it can help you get on your feet after being injured in a car crash. After all, you’ll undoubtedly have medical bills and missed time from work as you heal. If no fault of your own caused your accident and subsequent injuries, you should not carry this financial burden. You may be entitled to compensation to cover your various losses.
Calculating the precise value of what you deserve can be complicated. To learn more, contact David I. Fuchs, Injury & Accident Lawyer, P.A. at 954-568-3636, or use our contact form to reach out for a free consultation.
There’s no easy way to calculate the exact value of your case. There are just so many factors to consider. It typically depends on the facts and how much you’ve personally lost in economic damages, and how much you can prove your non-economic damages are worth.
Economic damages are those that are easily valued with a monetary amount. They directly correlate with bills, invoices, and other expenses you pay out of pocket or lose out on. Examples are your medical costs, lost wages, property damages, and loss of earning capacity.
You can also recover past and future economic damages. Future economic damages are estimated based on the opinions of medical professionals and experts who forecast how much you will need in the future to cover your upcoming economic damages. Examples are your anticipated medical needs, wages you will miss out on, and expected limits on your earning potential.
Non-economic damages are not as quickly valued. They do not directly relate to money that you lost. However, you can still put a value on them. Examples include your pain and suffering, mental anguish, emotional distress, loss of enjoyment of life, and loss of consortium.
Some insurance companies use a formula to put a value on non-economic damages. They may offer you twice as much in non-economic damages as the value of your economic damages. Thus, if you had $100,000 in economic damages, you could recover $200,000 in non-economic damages, and you’d get a total settlement offer of $300,000.
When calculating your total damages after a car accident, you will need to provide your lawyer with as much detailed information as possible about your injuries and expenses.
While the following is not a comprehensive list of your losses, it is a good place to start. Once your car accident lawyer gets all of the information they need to estimate your claim, they can send a demand letter to the insurance company to help you get a complete car accident settlement.
When determining how much you can get for property damage, you will have to consider the age and condition of your car at the time of the accident and how much damage it sustained. To estimate repairs, you must have information about the cost of specific parts and labor for a mechanic.
A certified auto mechanic can give you an estimate of how much money you will need to repair your vehicle.
You are eligible for compensation to cover 100% of your medical costs. That includes everything from your ambulance ride and emergency room treatment to physical therapy for as long as you need it due to your crash injuries. You should keep all medical bills that you receive and recommendations for future medical care.
You can also get money to repay you for lost wages, PTO time you were forced to use, vacation, and sick pay that you needed after the crash. Additionally, if you can no longer work in the same way you did before the wreck, you can also get money for loss of earning potential.
To prove these losses, you will need paycheck stubs, statements from your employer, W2s, tax documents, and estimates from vocational experts evaluating how much money you will lose due to disability.
When an insurance adjuster is assigned a car accident claim, fault or liability has likely already been determined. It’s likely that by the time an adjuster has been assigned, their insured is negligent. The insurance company may be willing to make a settlement offer, but the question is how much they are willing to pay.
The adjuster will ask about your economic damages, such as medical costs, lost wages, and other monetary losses. They will likely offer 100% of the value of these items in an attempt to get you to settle quickly. However, your attorney can help you get car accident compensation for non-economic damages as well.
Don’t ever take an initial settlement offer from the insurance company. It will likely be a lowball settlement offer that won’t cover all your past and future losses.
Some insurance companies use a formula to calculate non-economic damages and others apply a per diem rate to how long you were injured. If they use a damage formula, they may use the multiplier method and simply pay double what your economic damages were worth.
However, if they make a per diem offer, they may begin from the date that the accident occurred and determine that the accident negatively affected you for approximately 200 days. They may offer you $100 per day for those 200 days or $20,000 for your non-economic damages.
Per diem calculations and formulas are not always good for evaluating pain and suffering and other non-economic damages. Your attorney may want to use expert opinions to fully prove how the crash affected you and increase the settlement demand.
When trying to determine how much car accident injury compensation you can get in South Florida, you should work with a car accident lawyer familiar with the calculations used by insurance companies and how they come up with offers. This ensures you’ll recover everything you deserve and what you’ll need to properly return to the life you knew before the collision.
The insurance companies will attempt to pay you as little as possible. Working with an experienced lawyer makes you more likely to get a fair outcome.
With decades of experience and success in Florida car accident cases like yours, call David I. Fuchs, Injury & Accident Lawyer, P.A. today. Call 954-568-3636 or use our online contact form to schedule a free consultation of your case.