What are the elements influencing the worth of my car accident claim?

Car accidents can disrupt the lives of injured victims and their families. These incidents can lead to physical injuries, emotional trauma, and financial strain. If you have suffered losses after a collision, you can file a car accident claim to recoup these losses. Assessing the value of a car accident claim can be a complex task. Various factors influence the amount of money you may receive after a collision.

At Judd Shaw Injury Law, we have experience in navigating these factors and want to help you understand the results available to you. In one case, for example, we proudly secured compensation of over $600,000 for one car accident victim. Although no result is guaranteed, we will also fight tirelessly for the settlement you deserve

In this comprehensive guide, we will explore the key factors that can affect the value of your car accident claim. Knowing these will help you avoid mistakes that could diminish your settlement amount. To discuss the details of your case, contact us at 866-909-6894 or complete our online form to schedule a free case review. We are available to help you 24 hours a day, 7 days a week. 

1.The Injuries You Sustained in the Car Accident

Every car accident is unique, and so are the injuries sustained. Car accident injuries can range from minor cuts and bruises to organ injuries and broken bones. When valuing a car accident claim, insurance companies will consider factors such as injury severity, permanent disabilities, and pre-existing conditions.

How severe are your injuries?

Typically, the court grants a large settlement amount for severe injuries. For instance, if you suffered a traumatic brain injury, you are likely to receive more money than if you merely sustained a broken bone. Larger settlements are awarded for severe injuries because severe injuries require extensive medical treatment.

If you are unsure whether your injuries are worth filing a claim, our New Jersey car accident attorneys can help.

Have you suffered from permanent disabilities?

The value of a car accident claim increases when the victim sustains permanent, lifelong disabilities.

Lifelong disabilities and impairments include:

  • Paralysis (quadriplegia, paraplegia)
  • Loss of limb(s)
  • Disfigurement
  • Traumatic brain injury (TBI)
  • Spinal cord injury
  • Severe nerve damage that causes long-term impairment
  • Vision or hearing loss

Car accident victims may require ongoing in-home care or assistance, impacting their long-term earning potential. A lifelong loss of income and medical treatment can amount to millions of dollars. It is only fair that accident victims receive a sufficient settlement amount to cover such a great loss.

Do you have pre-existing medical conditions?

If you suffer from pre-existing injuries, be sure to tell your attorney. Being upfront with your attorney about your condition can protect you from the insurance company.

Oftentimes, insurance companies try to use such factors to undervalue your car accident claim. The company may argue that your injuries are a result of your pre-existing condition rather than the car accident.

Having a pre-existing condition can complicate your case but might not exempt you from receiving compensation. Be sure to gather all medical records related to your pre-existing and new injuries sustained in the accident. This will help strengthen your compensation case and prove the cause of your injuries.

2.Pain and Suffering in a Car Accident Claim

Pain and suffering, emotional distress, and loss of enjoyment of life are examples of non-economic damages. Non-economic damages are intangible and challenging to quantify.

Identifying and quantifying these damages is done using one of two calculation methods. These methods help assign a monetary value to the intangible damages and ensure that you can be fairly compensated.

Non-economic damages are calculated using the following methods:

  • Multiplier method: The multiplier method calculates the value of a claim by multiplying the total economic damages by a specific number (the multiplier). The multiplier typically ranges from 1.5 to 5, depending on the severity of the injuries, the impact on daily life, and other factors.
  • Per diem method: The per diem method calculates compensation based on a daily rate (per diem). A predetermined amount is assigned to each day the victim experiences pain and suffering.

3.Delays in Medical Treatment

Delays in medical care can give insurance companies a reason to question your claim. The insurance company may argue that if you were truly injured in the car accident, you would have seen a doctor immediately afterward.

Receiving prompt medical care and keeping records of your treatment can help combat such accusations. Detailed records of hospital bills, doctor visits, surgeries, and rehabilitation are vital for accurately determining your claim’s value.

4.The Damage to Your Property

After a car accident, you may notice damage to your vehicle and other belongings. Serious car accidents often lead to high repair costs and sometimes even replacement costs.

How much will it cost to repair or replace your vehicle?

Depending on the level of damage to your vehicle, you may need to pay for repairs or buy a new car. The thought of paying for this out-of-pocket expense can be stressful for accident victims.

But the good news is that you can seek compensation for these costs. If you want to increase the likelihood of winning your car accident case, there are two crucial steps you must take.

First, you should document all repair estimates, receipts, and replacement costs. Second, you should hire a car accident attorney to evaluate the documents and determine a fair compensation amount.

Providing documentation helps establish the extent of property damage and supports your car accident claim.

Can you be compensated for vehicle depreciation?

Even after repairs, the value of your vehicle can depreciate. When a car has a history of damage, it is often considered less valuable on the market. That means if you decided to sell your car, it would be worth less than before the accident.

Addressing the diminished value of your compensation claim is crucial. If you do not account for the depreciation, you risk receiving compensation that does not fully cover your property damage. By accurately assessing and including these losses, you can seek adequate compensation.

Compensation typically covers the discrepancy in vehicle depreciation rather than the total cost of the car. It is important to note that standard insurance policies often cover vehicle depreciation. However, in some cases, you may need to get GAP insurance.

5.The Party Responsible for the Car Accident

Determining who is to blame for the car accident varies from state to state. Some states follow a no-fault law, whereas others follow a comparative or contributory fault law. An experienced car accident attorney can help you understand the fault law in your state and how it could impact your claim.

6.Insurance Coverage and Policy Limits

The insurance coverage limits of both parties involved can impact whether or not the plaintiff receives compensation. Understanding the available insurance coverage ensures that you pursue compensation within the applicable policy limits.

Are you familiar with auto insurance policy coverage and its limits?

Filing a claim with the at-fault party’s insurance company does not guarantee a payout. Sometimes, the at-fault party’s insurance coverage may not be enough to compensate for your damages.

In that case, an experienced car accident attorney can help you file a lawsuit against the at-fault party. A car accident attorney can also help you file a claim against your insurance policy’s underinsured or uninsured motorist coverage.

Do you have a history of filing claims?

The history of your insurance claims can impact whether the insurance company will readily agree to a favorable settlement or choose to contest it. It is vital that your attorney be made aware of any previous claims or negative experiences with insurance companies. Being transparent can give your attorney time to re-evaluate the case and create a strategy to attain a favorable outcome.

Hire a Car Accident Attorney to Help You With Your Claim

If you have sustained injuries in a car accident, having an experienced attorney by your side greatly improves your chances of getting compensation. The car accident attorneys at Judd Shaw Injury Law want to help you seek justice and get the reimbursement you deserve.

We have successfully secured compensation for several clients and are ready to fight for yours. At Judd Shaw Injury Law, we prioritize your needs. We aim to protect your rights and help you recover with peace of mind.

Contact our experienced New Jersey car accident lawyers today. With our No Fee Guarantee®, you do not have to pay us unless we win a settlement for you. Dial 866-909-6894 or fill out our online form to schedule your free, no-obligation consultation.