The financial stress following an accident can be engulfing. Not knowing how or when you'll be able to pay your bills can put the focus of physical healing from your injuries on the back burner, and that's not how it should be. After an accident that is the fault of someone else, you deserve financial and physical recovery. After an injury, many people wonder how they can calculate their potential accident claim compensation. In this article, we'll discuss how to do just that.
Know that every case is different – compensation can wildly vary, depending on the facts of your case, so it's important to consult a knowledgeable accident lawyer to help you understand what your specific claim may be worth. To set up a free initial consultation with our attorneys at Impact Legal, call or text 602-345-1818 or fill out this convenient online form.
You may also be interested in using our online personal injury claim calculator. Once you input your details, one of our team members will reach out to you.
Types of Accident Claims
When a victim is hurt in an accident that occurs because of someone else's negligence or intentional action, he/she may be entitled to financial compensation via a personal injury settlement. Some types of accidents that fall into the personal injury category include:
- Car accidents
- Semi-truck accidents
- Construction accidents
- Slip and falls
- Dog bites
- Boat accidents
- Motorcycle accidents
- ATV accidents
How Is Your Compensation Determined After an Accident?
To determine your financial compensation following a personal injury accident, you will take a look at the losses you incurred due to the injury. Some of your losses will be monetary (these are called economic damages), and some of your losses may be non-monetary (these are called non-economic damages). Economic or monetary losses include items such as:
- Past and future medical bills
- Rehabilitation costs
- Past and future lost wages
- Home renovations needed as a result of your injury
- Prescription costs
- Property damage
Non-economic damages are not as easy to place in monetary terms and include items such as:
- Emotional distress
- Post-traumatic stress disorder (PTSD)
- Anxiety and depression
- Loss of enjoyment of life
- Loss of companionship
- Loss of consortium
- Wrongful death
- Pain and suffering
- Disability
- Disfigurement
Be sure to keep thorough and organized documentation detailing your expenses to ensure that you have evidentiary support for your losses.
Some Factors Impact the Amount of Compensation You Receive in an Injury Settlement
Several factors play a part in decreasing or increasing your overall accident settlement. Your accident lawyer will help you understand to what degree the following items could affect you:
- The percentage of fault you had in the accident - you may still be eligible for compensation if you had some liability in the accident – it's especially important to speak with a lawyer in these cases. Know that in Arizona and New Mexico, your settlement may be reduced by the percentage of fault you are proven to have played in an accident.
- How serious your injuries are - More severe injuries may increase the injury settlement.
- Your overall past and future medical expenses - To fully understand where you are in your recovery and how much medical care you may need going forward, you'll need to reach maximum medical improvement (MMI). This may protect you from unforeseen expenses arising in the future.
- The location of your lawsuit and precedence in similar cases - Some jurisdictions may place higher value on particular cases; case value can vary from county to county, city to city, etc.
- Insurance policy limits - Typically, an injured party is paid from the at-fault party's insurance policy, thus policy limits play a role in how much a claimant can be awarded. If a policy doesn't cover the extent of a victim's damages, further legal action may be needed.
- The amount of evidence that is recoverable - This is why keeping good documentation and preserving evidence is so important post accident. Evidence, or lack thereof, plays a vital role in a personal injury settlement.
Personal injury claims will vary from case to case, so it's essential that you communicate with a knowledgeable accident lawyer to understand your potential accident settlement and what types of things may decrease, increase, or even negate your settlement.
Have an Accident Lawyer on Your Side From the Beginning
Many things can make or break an accident case – not knowing how to preserve evidence, not knowing the importance of keeping various notes, getting your words twisted by the insurance company, not knowing that even at-fault parties may be eligible to receive some compensation for recovery – the list is extensive. Consulting an accident lawyer will increase your chances of not making a severe mistake when it comes to your physical and financial recovery after an accident.
We know money is likely a source of stress when you've suffered injuries in an accident, so we offer free, no-obligation initial consultations to our clients. We will review your case at no cost, and advise you on the right legal direction to go based on your specific circumstances. To schedule your free case review today, call or text 602-345-1818 or fill out our online form.
We hope our content provides you with general information, but know that it is not intended to be a substitute for actual legal advice. Every case is unique, and we highly recommend that you speak with an accident lawyer about the specifics of yours before making any legal decisions.