How to Calculate Compensation in a Car Accident Case

A car Accident can be life-changing; it can leave behind severe injuries and drain you emotionally and financially. During these challenging times, a person needs financial support the most to clear off the medical bills and overcome the losses. But sadly, getting well-deserved car accident compensation is never easy. Insurance companies never agree with the amount you wish to claim.

Since claiming car accident compensation is a complicated process, many people fear filing a lawsuit. Car accidents can also occur because of the negligence of other drivers, but proving it in court is never easy. You need evidence and witness statements. Moreover, you never know exactly how much compensation you must expect. Only an attorney can help you seek the compensation you deserve and make this complicated process easier.

Things that are Considered for Calculating Compensation After a Car Accident

After encountering a road accident that has left you and your loved ones injured and traumatized, you require financial support the most to get back to everyday life. Car accident compensation claims are designed to financially support an individual who has gone through personal and economic damage and help recover claims for future damages.

It is hard for someone without knowledge of compensation and law to calculate the total deserved amount. Calculating a car accident claim involves many factors, from present damages to future medical expenses, and everything must be counted. A person who is unaware of such factors is likely to receive a less-deserving amount from the insurance company, which is unacceptable. When calculating the claim, you must consider the following:

Type of Damages You Have Suffered

The first thing to mention while filing for a claim is the types of damages you have suffered. This includes medical expenses, economic damages, lost income, loss or damage of property, and any other expenses related to the accident.

The initial step is briefly mentioning the amount you are spending on the hospital bills and the more you have to spend in the upcoming days. You must also include the medical expenses of the family members involved in the car accident. Other things to be calculated include the damage caused to your car and the amount required to restore it. You must also mention the loss of income because of your health condition.

The Type of Economic Damages

Economic damages should be listed, including the amount you have spent so far on hospital bills for treatment, the property damage caused, and the income you have been losing for failing to go to work.

Property damage includes the type of damage caused to your car and any other valuables present during the accident. The sum of your monthly income should be calculated along with future lost revenue; that is, the more days you will be unable to work.

Non-Economic Damages

Many people are unaware that even non-economic damages are considered while calculating compensation claims. Non-economic is simply the losses you suffer physically and mentally from the accident. Non-economic damages usually include the type of pain and suffering, the time taken to recover, the kind of diagnosis, and the negligence of another driver, if any.

Estimated Lost Income and Future Medical Expenses

It is crucial to include an estimated future lost income and medical expenses before summing up the calculation. You might be compensated for the present circumstances, but what happens in the future? Who is going to pay these additional expenses throughout the recovery time? A car accident compensation claim must not exclude these two critical factors.

Summing Up

It might be complicated to file a lawsuit against the insurance company and agree upon a settlement. For a person with little or no knowledge of the law, and legal rights of an accident victim, it is hard to estimate the maximum compensation amount to expect. This is why people rely on experienced attorneys with exceptional negotiation skills who can help you obtain compensation worth thousands or millions of dollars, depending on the type of accident.