Figuring the value of an auto accident claim

| Oct 28, 2020 | Car Accidents |

A vehicle accident in Texas can significantly disrupt a person’s life. This is why victims who are not at fault will usually look to seek compensation. Unfortunately, it isn’t easy to calculate how much can be awarded in damages. Claim worth involves many factors, and even an estimate never guarantees the amount.

Economic Losses

Economic losses usually add up quickly after an accident, climbing up to five figures for some victims. Sometimes, a non-injured person has to miss work to care for an injured spouse or child. Several factors may be classified under economic loss.

Medical expenses commonly make up the majority of financial loss. This often includes ambulance rides, diagnostics, surgeries and follow-up care. If a person needs a long-term care facility, the financial losses could skyrocket.

Vehicle accidents often cause workers to miss work for weeks or months. In some cases, the victim may not be able to work again. Some workers could qualify for disability benefits, but this typically pays only two-thirds of a salary.

The more work an employee misses due to injuries usually raises the claim value. Lost wages also include possible future wages. If the person has to modify the home or hire domestic help they didn’t need before, that can also be part of the claim.

Non-economic Factors

Victims may also deal with mental and emotional impact from the accident. This often gets figured into the cost. Some non-monetary factors include emotional distress, permanent disfigurement and pain and suffering.

It can be tricky to place a value on this portion of the claim as it may increase or decrease as time passes. For example, the value of the claim could decrease if the doctor expects the driver to recover fully.

While some insurance companies work willingly with the victim after a motor vehicle accident, others try to offer unfair settlements. An attorney may be able to negotiate a fair amount of compensation to cover damages.