How Are Auto Accident Settlements Determined?
Auto accidents are common situations. In fact, millions of people around the world will get into an auto accident every year with varying outcomes. One of the factors most people focus on is their settlement. The amount of the settlement, how long it takes to process – both major factors in how an injured party will proceed. But not all auto accidents are created equal. Some accidents result in a higher settlement amount than others. So how are auto accident settlements determined?
Calculating a Settlement
When an auto accident occurs, there are two kinds of settlements that are pursued: medical costs for injuries sustained and/or damage to the vehicle. Calculating the value of a damaged vehicle is fairly straightforward. The insurance company looks at the damage and factors in the cost of repair or replacement to the damaged area and usually proceeds to cut a check for a reasonable amount to cover the damage.
In terms of personal injury, the case is a little different. Personal injury is largely calculated based on the amount that has been spent on medical costs. If for example, an injury broke a bone, documentation detailing the costs of treatment could play a heavy role in determining a settlement.
But beyond these two major factors, insurance companies don’t often take into account different forms of compensation that should be considered. Pain and suffering or lost wages at work – these and more could go overlooked. Fighting for compensation for these factors is difficult when done alone.
If you or a loved one has been injured in an auto accident and are fighting for compensation, contact an experienced personal injury lawyer who could help. Contact The Paris Law Firm today to schedule your case evaluation. You may be eligible for compensation for lost wages, injuries, and more.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney/client relationship. If you are seeking legal advice, please contact our law firm directly.