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How is the Value of a Car Accident Case Decided?

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How is the Value of a Car Accident Case Decided?

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After a collision, finances are an understandable concern with medical bills, rehabilitation costs, property damage, and pain and suffering damages to be accounted for. Understandably, it can be hard to estimate the value of a car accident case, and a variety of factors go into evaluating a collision victim’s potential compensation. The victim of a car accident might even wonder if filing a lawsuit is worth the hassle based on the compensation they might win. There are two types of damages that go into deciding the value of a case: economic and non-economic. Non-economic damages can be just as significant as economic damages, though potentially more difficult to convince an insurance company to officially recognize.

Multiple economic factors go into estimating the value of a car accident case including:

  • Medical bills
  • Nature and extent of the injury
  • Permanence of injury
  • Medical treatment required
  • Surgery required
  • Presence of scarring
  • Permanent disability as a result of the injury
  • Wage loss as a result of medical treatment
  • Impaired earning capacity as a result of the injury
  • Mileage you will travel to seek medical treatment

These are considered economic damages, which essentially means they have a finite monetary value that can be calculated with relative clarity to add to the worth of a case. However, these are not the only damages that go into deciding the worth of a car accident case. Non-economic damages, sometimes called quality-of-life damages can be just as far-reaching and damaging to the victim of a car accident, and deserve consideration when estimating the potential value of a case.

The following is a list of non-economic damages which could add to the value of a case:

  • Pain and suffering
  • Physical impairment
  • Physical disfigurement
  • Mental anguish
  • Worsening of prior injuries
  • Reputational damage
  • Humiliation
  • Loss of enjoyment of life
  • Loss of care and companionship

While non-economic damages are significant and should be considered when estimating the potential compensation a victim could receive in a successful claim, These damages are difficult to prove without the help of an experienced attorney, and it can be tricky for the victim themselves to make the insurance company or at-fault party acknowledge the validity of these damages. This is why it’s a good idea to involve an attorney after a collision, especially if there are significant non-economic damages to consider. Determining the value of a car accident is a complicated and often confusing process. The best way to estimate the potential compensation you might be eligible for is to sit down with a practiced legal representative and go over every detail of the case to identify damages you might not have recognized on your own. To learn more about what goes into the process of determining the value of a car accident case or to learn more about what compensation you might be eligible for after a collision, seek legal advice from an experienced car accident attorney.

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