Determining the Value of Your Case: The Auto Accident Settlement Formula
Car accidents are always scary and life-altering experiences, especially if the resulting accident causes you injuries. Of course, there is the immediate need to have your medical needs tended to.
But in addition to this, there is your job to worry about and the subsequent lost wages that may come from it. You have to worry about your children or significant others and all the stress that goes into it all.
While it may be far from your mind at the moment, all of this is compensable, and you deserve to obtain damages for your injuries caused in an auto accident. The first and most prudent thing you can do is get yourself a seasoned personal injury attorney.
But how much is your auto accident worth? Is there an exact auto accident settlement formula?
Here, learn all about the process involved in calculating your auto accident settlement, and what factors go into it.
Auto Accident Settlement Formula
One thing important to dispense with at the outset: there is no exact formula for a settlement. There is no guaranteed number that anyone can give you for your settlement figure, and if they do, they’re lying to you.
Though it is not an exact science, there are factors involved that are absolutely pertinent when discussing your potential settlement.
Ultimately, it is all the various circumstances surrounding your auto accident that will determine the settlement amount. This is precisely why even though two accidents may seem the same on the surface, they actually will end up yielding very different settlement amounts.
Factors Affecting Settlement Amounts
When it comes to getting compensation for your injuries, who you are claiming against can often have the largest effect on your ultimate compensation amount. Compensation comes from a few different avenues.
For example, claiming against someone without insurance or assets will likely get you little to no compensation, no matter how deserving you are.
In addition, even if the driver you hit does have insurance, the policy limit they have may be insufficient to even pay for your medical costs, much less any other claims.
Ideally, your best chance at adequate compensation is to be up against someone who has full coverage insurance with policy limits that are high enough to compensate however large a claim you may make.
Is The Case Going To Trial?
Did you know that over 97 percent of cases are settled prior to trial? It’s true.
One of the reasons this is important is that there are much greater risks and costs that go into taking a case all the way to trial.
What Are Your Injuries?
This is naturally one of the most important parts of your settlement prospects.
How much you were injured in the auto accident, and how severe those injuries are, matter a great deal. First, there is the obvious cost of your medical bills, which can be claimed for.
Next, there is pain and suffering damages, which are damages you may claim for the stress and troubles endured.
There are also damages that can be claimed for emotional distress, as well as any lost wages you may accumulate from the accident.
Get The Best Representation For Your Injury
While there is no exact auto accident settlement formula, you can get an idea of how much damages you can claim based on these factors, among others.
What you should do for certain is get yourself an attorney who knows how to litigate accident injury cases. Contact us today to get your case evaluated for free.
I represent individuals in Missouri and Illinois in all types of personal injury cases. In my short time here I have obtained a judgment for $2.5 million and settled a large class action lawsuit for a confidential amount.
I love the city of St. Louis and support it and give back whenever I can. Recently I was appointed by Mayor Francis Slay to serve on the Advisory Board for the Gateway Mall.
I am married to my lovely wife Lauren and we have two beautiful daughters, Mia and Bridget.