How to Calculate a Car Accident Settlement
When you’ve been seriously hurt in an auto collision, one of the first questions you may have after you leave the hospital will be about how to calculate a car accident settlement. Auto wrecks will likely leave you with property damage, medical expenses, missed work wages, and much more. Your settlement should account for all of that.
Depending on the severity of your car crash, you could even be owed compensation for non-economic losses, such as the pain of your vehicle wreck injuries and the mental trauma you’ve suffered as a result of your experience.
When someone else caused the crash that injured you, you shouldn’t be responsible for paying for any of it. But you will need to be able to add up your damages so you can request payment from the insurance companies.
Adding Up Your Losses
The first thing you will need to do in order to figure out how much of a settlement you’re owed is add up the financial value of all your losses. The following damages are the most common ones that people have after a wreck:
- Medical Expenses – Gather all of your medical documentation and bills. This will include hospital visits, medications, doctor visits, and even physical therapy. You can request compensation for all of these expenses in your car crash claim.
- Lost Wages – Any time you missed at work is money lost. You can request payment for all of your lost wages. If you’re temporarily or permanently disabled, you can even request compensation for the wages you’ll miss in the future.
- All Other Monetary Losses – Any expense that you’ve been forced to pay because of your car crash can be paid back to you in a settlement. This might include caregiving costs, mental health treatment, transportation costs, and help around the house.
- Non-Economic Losses – The pain, suffering, and mental trauma of your accident can also be accounted for in your settlement. Calculating this figure is difficult, but a good rule of thumb is to multiply your monetary losses by a number between one and five, depending on the seriousness of your injuries. Ask your attorney for help with this part of the process.
Speak with an Orange County Car Accident Lawyer
Calculating a settlement takes experience and legal knowledge, and the attorneys at Dickson Kohan & Bablove LLP have a lot of that. We will work hard to help you obtain the fair compensation you deserve for your injuries.
Now you know how to calculate a car accident settlement. Give us a call at 1-844-404-2400 to schedule a free claim review. You can also complete the form below to reach us.