How to Calculate a Car Accident Settlement
As if being in a traumatic car accident weren’t bad enough, now you’ve got to deal with everything that comes after. You likely have vehicle damage, you may have missed time from work, and you may even need rehabilitation services. You could also be suffering from post-traumatic stress disorder (PTSD) following a frightening incident.
How are you going to recover from this event financially? You will need to file an injury claim, possibly with both your own insurance provider and the at-fault party’s. But how will you know what a fair payout is for the damages you’ve faced? How will you learn how to calculate a car accident settlement?
Understanding Financial and Nonfinancial Losses
Depending on the seriousness of your auto wreck, you could be dealing with heavy financial losses. The following are common monetary losses caused by auto crashes:
- Medical care
- Property damage
- Missed wages from work
- Physical rehab and mental health treatment
- Transportation costs
In addition to monetary losses, your accident has likely also caused you to suffer emotional and mental trauma as a result. Even a minor accident can make a person fear getting into a vehicle ever again. Fortunately, you can be compensated for nonfinancial effects of your accident like these as well.
The following are common nonfinancial losses caused by vehicle collisions:
- Pain and suffering
- Mental anguish
- Loss of life enjoyment
- Embarrassment
Calculating Your Claim
To calculate a car accident settlement means adding up all your losses. The monetary losses can be calculated by adding up your bills and the wages you’ve missed. You can also come up with a figure that should compensate you for any future monetary losses.
The nonfinancial losses are a little more difficult to calculate, as no amount of money can take away the trauma you’ve experienced during your wreck. However, a lawyer can help you to come up with a figure that you feel would adequately compensate you for the mental anguish you’ve endured.
Calculating an Auto Wreck Settlement May Require Legal Assistance
Now you have more information on how to calculate a car accident settlement, but it may still help to have a lawyer on your team. Your lawyer has handled countless auto accident claims and knows what a fair settlement looks like.
When you work with a car accident lawyer, you will be able to focus on recovery while your attorney does the rest. Discuss your case with a personal injury lawyer today and get a free initial case assessment. Partner with Mahoney & Mahoney, LLC by sending in the form at the bottom of this webpage or by calling our firm directly at 815-656-4600.
