When you’re involved in a car accident and considering filing a claim, it’s understandable that you’d have questions regarding how much your case could be worth. No reputable personal injury lawyer will ever make any promises without knowing the facts of your specific accident. They should never say you’ll be sure to obtain a specific amount of compensation. However, they can make an educated guess about your car accident claim’s worth.
We’ve never worked like that at Keller, Melchiorre & Walsh, and we never will. Our attorneys provide services to the highest ethical standards. But once we investigate the case and gather the necessary evidence, we’ll be able to give you an excellent idea of how much money you can expect to receive.
If you want to learn more or are interested in a free consultation, don’t hesitate to use our online contact form or call (561) 295-5825.
Factors that Determine a Car Accident Claim’s Worth
Several key factors influence the value of a car accident claim. Understanding these factors will give you a clearer picture of what your claim might be worth. Here are some important considerations:
The Severity of Your Injuries
The extent and severity of your injuries play a significant role in determining the value of your claim. Severe injuries that require extensive medical treatment and rehabilitation or result in long-term disabilities typically lead to higher compensation.
For example, someone who suffers a horrible spinal cord injury, or a debilitating traumatic brain injury, will likely obtain much more money than someone who “only” has a broken arm. Devastating injuries cost more to treat so victims will be entitled to more compensation.
Your Total Damages
The total damages incurred due to the accident contributed to the value of your claim. These include economic and non-economic damages. These are quantifiable financial losses like medical bills, property damage, and lost wages. Non-economic damages are intangible losses such as pain and suffering and emotional distress.
Available Insurance
The insurance coverage available, both yours and the other party’s, is a crucial factor in assessing the potential worth of your claim. If the at-fault driver has minimal insurance coverage or is uninsured, it may affect the amount you can recover.
How are Damages Calculated?
Calculating damages in a car accident claim involves assessing various elements. Before we address calculation, however, here’s a closer look at some common damages in cases like yours.
- Medical expenses: This includes all medical costs related to the accident, such as emergency care, hospital stays, surgeries, medications, rehabilitation, and ongoing treatment.
- Property damage: The cost to repair or replace your vehicle and any other damaged property is factored into the claim.
- Lost wages: If your injuries prevent you from working or result in a temporary or permanent loss of earning capacity, the compensation may include the income you earned during that time.
- Pain and suffering: Compensation for physical and emotional pain, suffering, and mental anguish caused by the accident.
- Other factors: Depending on the circumstances, additional damages like loss of consortium, scarring or disfigurement, and loss of enjoyment of life may also be considered.
There are lots of cases where calculating damages is easy. You simply take the victim’s medical bills, lost wages, and property damage and add them all together. But non-economic damages can make calculations a little more complicated. Pain and suffering, emotional distress, and other subjective damages usually require what’s known as the “multiplier method.” This is just one method of calculating damages, but it’s very common in Florida.
Insurers will typically multiply your damages by a number between 1.5 and 3. The more severe your injuries, the higher the multiplier. There have been many cases where a victim’s injuries were so bad the multiplier was 5 or even higher.
Suppose, for example, your medical bills are $10,000. Yours will probably be much higher, but let’s stick to this number for simplicity’s sake. You have a debilitating injury that’s incredibly painful. You’ve also experienced severe emotional trauma due to the accident. The insurer will likely multiply the original $10,000 by five. You’ll receive $50,000 instead of $10,000.
The $50,000 will be the starting point for negotiations between the insurance company and your attorney. Your lawyer will likely ask for much more.
How Much Will My Settlement Offer Be?
As noted earlier, your settlement offer will depend on various factors, including the strength of your case, the negotiation skills of your attorney, and the insurance company’s willingness to settle. Working with an experienced car accident attorney who can help evaluate your claim and negotiate on your behalf to maximize your potential settlement offer is crucial.
When to Accept a Settlement Offer
Deciding when to accept a settlement offer is a critical decision. You must speak with your attorney before accepting any settlement. They’ll assess the offer in relation to the value of your claim and advise you on whether it is fair and reasonable based on the circumstances.
Why do you need to talk to a lawyer first? The biggest reason is that if you accept a settlement that doesn’t cover all of your damages, you’ll be responsible for paying whatever expenses remain. This could result in years – or even decades – of financial problems.
An experienced car accident lawyer with Keller, Melchiorre & Walsh can provide you with the necessary guidance and representation to navigate the complexities of your claim. Our experts will help you understand the potential value of your claim and work toward obtaining a settlement offer that accurately reflects your damages.
Contact Keller, Melchiorre & Walsh to Speak to a Car Accident Lawyer Today
If you’ve suffered an injury in a car accident and want to understand the potential value of your claim, please turn to a car accident lawyer with extensive experience in similar cases. Keller, Melchiorre & Walsh attorneys have a deep understanding of car accident cases. Our knowledgeable attorneys can assess the specific details of your case, evaluate the factors that determine your claim’s worth, and provide personalized guidance to help you understand what your case is worth.
By reaching out to Keller, Melchiorre & Walsh, we’ll take care of everything for you. We’ll negotiate with insurance companies, calculate damages, and build the strongest possible case on your behalf. Our team will advocate for your rights, seek fair compensation, and work toward achieving the best possible outcome for your car accident claim. We’ll also be available to answer all your questions.
Don’t hesitate to call (561) 295-5825 or contact us online for a free evaluation of your case.