After a car accident, you may face hospital bills, insurance costs, and mental turmoil, all of which can be challenging to take care of without help. Automobile accident compensation might help you recoup the money you’ve spent, though. You may qualify to recover past and expected medical costs, lost wages, pain and suffering, and the expense of replacing or repairing your vehicle.
The amount you can get from a car accident settlement depends on the facts of your case. We cannot say how much you should settle for without reviewing your case.
Determining the Amount You Should Settle for After a Car Accident
However, the financial compensation for a victim is generally determined by negotiations between the injured party’s lawyer, the insurance provider, or any at-fault parties in the claim.
Your lawyer will collect all the evidence and record your expenses and any relevant losses to calculate an acceptable settlement in your case. For a rapid assessment of your situation, consider consulting our firm.
What Affects the Settlement Amount?
The most common factors that can influence your settlement amount include:
- Insurance policies of everyone involved in the collision
- Your share of responsibility for the accident
- The extent of injuries you sustained
- The cost of car repair and replacement
- The severity of the crash
- Damage to property
- Bills paid out-of-pocket
- The state where you live
What Calculations Determine Personal Injury Compensation?
These are the three sorts of damages possible in Georgia and South Carolina, like in other jurisdictions:
- Special (economic) damages
- General (non-economic) damages
- Punitive (exemplary) damages
Economic Damages You Could Claim in a Car Accident Case
Economic damages are easy to quantify because they’re valued in monetary terms, and they can include:
- Past and upcoming medical expenses
- Missed earnings
- Property damage
Keep official receipts in a secure location so that your lawyers may use them afterward. Remember, medical bills may continue to accumulate as you pursue your claim. Your attorney can assist you in determining how much you should claim from the other party or insurance provider for future medical bills.
If your capacity to work has been partially or permanently limited, recalculate your lost pay. Your lawyer can consult an economist or actuary to determine the amount of money you would have made if you had continued working.
Non-Economic Damages Could Also Be Recoverable
Calculating compensation for non-economic damages is more complex. It involves putting a monetary value on something as subjective as pain and suffering, mental anguish, loss of enjoyment of life, or loss of companionship or consortium.
As such, juries may reach different conclusions in comparable cases because everyone has their own opinion of what compensation is fair enough to justify.
You May Qualify for Punitive Damages Depending on the Severity of the Crash
Punitive or exemplary damages intend to penalize offenders who’ve engaged in outrageous or irresponsible behavior.
How Non-Economic Damages Are Calculated
The most common method lawyers and insurance companies use to calculate non-economic damages is adding the figures together using either the multiplier or the per diem method.
The Multiplier Method
Insurance companies will multiply specific damages by a figure between 1.5 and 5 to determine the severity of your injuries. The multiplier method is dependent on factors such as:
- The impact of your injuries on your day-to-day existence
- How medical practitioners document such injuries
- The extent to which the other parties are to blame
- The occurrence of future problems
- The severity of your injuries
- The duration of your recovery
- The prognosis
Note that Georgia and South Carolina operate under comparative negligence rules (O.C.G.A. § 51-12-33 and S.C. Code § 15-38-15), meaning you can’t claim damages if you’re more than 50% to blame for your losses.
Per Diem or Daily Rate
This approach asks for monetary compensation for each day you cannot work because of your injury. When determining this sort of award, courts and lawyers use their judgment, thus using a claimant’s daily wage as a reference point is often standard.
Contact George Sink, P.A. Injury Lawyers for a Free Consultation Today
After an automobile accident, you’re likely to have many financial repercussions and questions about seeking compensation from the at-fault parties. At our firm, we’re ready to assist you with the entire legal process and help you determine how much you should settle for after a car accident.
Contact George Sink, P.A. Injury Lawyers to start your free consultation. Connect with us today.