Unfortunately, the odds of being involved in a car accident is fairly high. At some point, everyone will be in at least one collision in their lifetime. While many will walk away completely unscathed, others are not so lucky. If you have been involved in a car accident and suffered an injury, you will no doubt want to start a personal injury claim to recover compensation for your damages. An experienced car accident attorney can provide valuable assistance in maximizing your claim.
Naturally, one of the first questions you might have for your car accident attorney is, “How much is my car accident worth?” This is a fair question, and in most cases, there is no clear-cut answer, at least early on. Generally speaking, a lawyer who gives you a round number shortly after your accident should not be trusted. This is because there are many aspects that come into play that determine a monetary value for the worth of the damages you are due after a car accident. There is no exact amount an attorney can tell you that defines the value of your claim, but he or she can explain how a settlement can be reached. Your lawyer can also inform you of a potential settlement value if your personal injury case is successful. Having an experienced attorney is valuable in explaining the range in which an accident like yours will most likely settle for.
The Settlement Formulas
Personal injury attorneys know that auto insurance companies often rely on a specific formulas for determining a settlement after a car accident. This is used to determine what your claim’s value is worth. It takes into account all potential damages pertinent in your personal injury case, including the following:
- Past medical bills
- Future medical bills
- Past lost wages
- Future lost wages
- Pain and suffering
Generally, in most car accident claims, physical pain is the biggest damage a plaintiff can claim. At the same time, it is difficult to determine a dollar amount for someone’s personal pain and suffering, and the same can be said for emotional damages. Insurance companies use a computer program to determine a settlement formula for injured parties in certain car accident cases. The settlement is essentially calculated after an insurance adjuster has factored in information about medical records.
When there is a situation of a severe injury, however, this means of calculating a settlement value is extremely inaccurate. The computer algorithms do not take into account serious, long term or potentially life-threatening injuries and may calculate a settlement amount that is far less than what the case is worth. An experienced car accident attorney will understand this and be able to fight for a higher claim amount due to your significant injuries from your car accident.
How Much Can You Ultimately Get in Your Settlement?
Another question you will probably have for your attorney is about an estimated value for your car accident case. In general, when you have a personal injury lawsuit, no matter what your damages, when you receive a settlement, there are certain costs for which you are responsible. This means that you will never receive 100 percent of what you ask for in your settlement. It’s important to discuss this with your personal injury attorney so that you can know what to expect and which fees are deducted from your total settlement amount. Costs that can be subtracted include the following:
- Attorneys’ fees
- Case costs
- Court and filing fees
- Medical costs to reimburse an insurance company
Prior to actually getting your settlement, you must satisfy whatever you owe to your health insurance company. Afterward, your car accident attorney deducts their own fees and others associated with the case. The rest is then awarded to you as your settlement.
If you have been injured in a car accident in Texas, call our law offices today at any of our convenient locations and get a free consultation.
Arlington (817) 522-4451
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Grapevine (817) 835-8677
Irving (972) 354-4610
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