If you’ve been involved in a car accident, it can be a traumatic experience, both psychically and emotionally. You may feel overwhelmed by your injuries and the unexpected onslaught of damages in the aftermath. Car accidents are often expensive, regardless of their circumstances. Therefore, it’s crucial to understand that no two car accidents are the same, meaning various factors can influence how insurance companies determine the value of a car accident claim. If you’re unaware of the factors that can affect the value of your claim, insurance adjusters may take advantage of this situation and offer you significantly less compensation than you’re entitled to. Understanding what factors increase or decrease a settlement is critical to ensure you receive the full and fair compensation you deserve and need to get your life back on track. Please continue reading to learn what factors impact the value of a car accident claim in New York and how a skilled Bronx Car Accident Lawyer can help you fight for your rightful compensation.
What Factors Determine the Value of a Car Accident Claim?
In New York, numerous factors can impact the value of a car accident claim. Knowing the different factors insurance companies consider to ensure you achieve a fair settlement is essential. Generally, the most significant factors are your economic and non-economic damages. Car accident claims heavily weigh on the severity of your damages.
Economic damages represent your out-of-pocket losses that are easily calculable. This includes your past and future medical bills, lost wages, property damage, household services, etc. The type of injuries you’ve suffered and their severity will have the most significant impact on the value of your claim. In most cases, the more severe your injuries and the longer you’ll need medical treatment, the higher the settlement. Insurance companies will consider the total medical costs incurred, the duration of your medical treatment, and the potential long-term effects of your injuries.
In addition, if your injuries caused you to miss work or affected your earning capacity, you may be entitled to additional compensation. Car accidents don’t just involve medical expenses. Many victims overlook property damages. However, this is a huge mistake, as the expense of repairing or replacing your property can be overwhelming. If your car sustained severe damage or was totaled, you may be eligible to receive additional compensation.
Will Insurance Companies Consider Pain and Suffering?
Furthermore, besides your physical injuries, a car accident can leave you with emotional trauma that can last a lifetime. As such, you can seek compensation for your non-economic damages. Non-economic damages represent your subjective losses that aren’t quantifiable. This includes your pain and suffering, emotional distress, inconvenience, disfigurement, loss of enjoyment of life, etc. While assigning a monetary value to these intangible losses is laborious, these damages will impact the value of your car accident claim. Ultimately, how your accident has impacted your life will weigh heavily on your settlement amount.
If an insurance adjuster offers you a quick settlement, please don’t hesitate to contact a seasoned lawyer from James Newman, P.C., who can help you fight for the total value of your damages.