Being in a car accident is a traumatic experience. It not only affects your life physically and emotionally but also financially. Hefty medical bills, painful injuries, missed work and the resulting lack of income are all taxing. And then, in the middle of all this stress, the insurance company is likely to call to offer you money as part of your settlement. They will likely give you compelling reasons to accept the offer as is. Why not take advantage of their seeming eagerness, accept the money and move on with your life? But how do you know if the offer is fair? Is the amount they have offered enough? Our personal injury lawyers explain how to determine if your car accident settlement is what you deserve.

How to Know If Your Auto Accident Settlement Offer Is Fair

Factors That Determine Car Accident Value

To know the right amount for which you should settle, you should first know how car accident value is determined. To that end, the severity of your car crash and the types of injuries you have sustained play a key role. The following factors are considered when determining the so-called value of your personal injury case.

• Medical Bills

It is likely you received injuries in your car crash and had to seek medical help. All bills for hospital stays, doctor appointments, prescriptions and rehabilitation are essential to evaluating a fair claim.

• Vehicle Damage

The extent of damage sustained by your vehicle in the accident will also be looked at when determining the value of the case. For example, was your car completely wrecked? Does it need major repairs? In this case, the amount of money needed to fix your car will be taken into consideration when evaluating your claim.

• Lost Wages

Have your injuries forced you to take time off work to recover? Are they preventing you from returning to work because you have sustained permanent damage? Then your current and future lost wages will also be taken into consideration when it comes time to evaluate your claim.

• Pain and Suffering

It is not easy to quantify the physical injuries and emotional distress caused by a car crash, but this is a vital aspect of any accident settlement evaluation. Your car accident lawyer will help you calculate the right amount to settle for based on your level of pain and suffering and how it has affected your ability to work or perform daily activities.

• Disability

If the crash has left with you with a permanent or temporary disability, causing emotional and/or physical suffering, this will influence the amount of the settlement offer.

When evaluating a claim and determining a fair offer, it is necessary to consider the amount of damage to the vehicle involved. Other factors to consider include medical expenses, any resultant disability, wages lost due to disability or time off work and other expenses related to recovery. For example, if you were left paralyzed for life in your car crash, you will be entitled to receive more compensation for your pain and suffering than if you simply broke a leg. However, if the individual with the broken leg is a highly-paid professional dancer who will never perform again, then the overall value of the claim will increase.

Tips to Get a Well-Deserved Settlement Offer

After you have considered all the essential factors, here are a few tips to follow when calculating how much your auto accident settlement is worth.

• Know the costs incurred by your medical coverage and the limits of your insurance policy. You can only make a claim for damages and injuries covered in your policy.
• Perform a thorough investigation of the accident or ask your car accident lawyer to do so on your behalf. Gather evidence such as witness testimony, police reports and medical documentation to prove the severity of your car crash if the insurance company gives you a low offer.
• Don’t accept the insurance company’s first offer as it is likely lower than you deserve. Negotiate with the insurance company based on the damage to your property, the extent of your injuries and subsequent loss of income (current and future). If you are thinking about taking the first offer, be sure you consult your personal injury lawyer before agreeing to accept.
• Keep all bills and receipts from your auto repair shop to prove how much money you spent to repair your vehicle. This will help put a fair value on your personal injury case.
• Don’t forget to include non-economic damages such as mental anxiety and the effect the accident had on your ability to enjoy life. For instance, if you say you cannot sleep because of stress caused by the accident, this is not enough to prove your pain and suffering. However, if you say that you are now vulnerable to cardiovascular diseases because of sleep deprivation caused by the crash, you may convince the court you deserve higher compensation.

Calculating the right amount of compensation is a complex process. However, considering all the important factors can help you quantify economic damages and get an appropriate value of your case. As far as non-economic damages are concerned, it is advisable to leave this calculation to your car accident lawyer. Make sure you consult a personal injury attorney before accepting any settlement offer to avoid further suffering. Only a professional can help you determine whether the settlement offer is fair or not.