One of the questions on everyone’s mind after they’ve been in a car accident is: How much should you expect when you’re compensated? This is a great question, but it’s not one that has an easy answer. That’s because every car accident is different and every car accident victim is going to be dealing with different circumstances and different types of injuries. Still, if you want to know a ballpark figure, you might be able to come up with an amount if you go through the numbers on your own. This series will cover the various numbers that go into creating your settlement amount. That way you can have a rough estimate of what the insurance company adjuster will be using to determine what is owed to you.
Your Loss of Income
One of the key factors in determining your settlement amount is your loss of income. You may or may not be collecting temporary disability, but nevertheless, when you lose income, you need to be compensated for the amount of money you’ve lost. Your lawyer will need documentation from your employer regarding how much money you make in a week, your hourly wage or your salary rate. Depending on your situation and the severity of your accident, this is information you may need to provide on a regular basis in order to keep the insurance company adjusters updated on your progress.
Your Medical Bills
As you’ve probably noticed, it doesn’t take very long for your medical bills to pile up. You may have been evaluated by the paramedics if your accident was severe enough, and you may have even earned yourself a trip to the hospital in an ambulance. Once you got there, you were seen by a doctor, had x-rays or other tests done, had blood work, etc. The list can go on and on. Each one of the tests you had to have done, and every medical professional you saw comes with a nice, high price tag attached to it. Whether you have medical insurance or not, you should not have to be responsible to pay for those bills. Your medical bills will be included in your settlement, so be sure you’re always keeping them in a safe place. Make copies and give them to your lawyer so that he can send them on to the insurance company.
As you might suspect, this is only the tip of the iceberg when it comes to car accident settlements. There are many more factors to consider and numbers to include before anyone can come to a fair settlement number. Please check back for the second post in this series on car accident settlements to learn more about how to determine how much you should expect to be compensated.
Also, please remember that it’s very rare for a car accident victim to receive the proper amount of compensation without the help of a qualified lawyer. Be sure to contact us if you need a consultation.