How are car accident settlements calculated? Car accident settlements are calculated by adding together all economic and non-economic losses suffered by the at-fault driver in an accident, and reducing that claim by any percentage of fault attributed to the victim.Â
Car accident settlements typically include losses such as medical bills, lost wages, and pain and suffering, but may also include additional losses, such as punitive damages, in some cases. Speak with a Las Vegas car accident lawyer today.
Components of a Car Accident Settlement
Your car accident attorney will gather information about your car accident losses, including injuries, emotional loss, and financial implications. We substantiate all claims with evidence to hold those who hurt you fully accountable. Car accident settlements are calculated by taking into account a variety of factors, including:
- Medical bills: Any emergency or ongoing losses for medical care you need from the time of the accident onward. This includes hospitalization, medications, surgeries, specialized treatment, and ongoing specialist care.
- Lost wages: We use your recent income to determine whether you missed time at work and the resulting financial implications, including any loss of benefits, bonuses, or additional earnings.
- Pain and suffering: This includes damages for the physical pain and emotional trauma you suffered at the time of the accident. It can also include losses you continue to face as a result of the accident.
- Property damage: Recovery of losses suffered due to damage to your vehicle or other assets, whether to replace them or repair them
These are the most common types of losses in average car accident settlement cases. It does not represent a complete view of your potential losses. To know what your losses are, our car accident attorney needs to learn as much as possible about your injuries.
What Car Settlement Damages Are and What They Are Meant to Do
There is no way to make what happened to you just go away. The goal of a settlement is to make the victim “whole” again, meaning they should receive an amount that compensates for any losses associated with the accident. It is challenging to put a value on this, which is why working with a car accident attorney becomes so important.
Insurance companies will typically calculate how much they are willing to pay out based on their own internal policies and procedures. The insurance company or the court system will also consider pain and suffering when determining how much should be paid as part of a settlement.
The amount awarded can vary greatly depending on these factors, and the insurance company may be willing to pay more if it believes the victim should receive greater compensation for their suffering and losses.Â
The Importance of Negotiation in a Car Accident Settlement
It is important to note that car accident settlements are not always straightforward, and negotiations may be necessary in some cases. In these cases, an experienced attorney can help ensure you obtain the compensation you deserve.
Overall, car accident settlements can vary significantly depending on several factors. However, most people receive an average settlement of around $21,000.
It is important to remember that this number does not reflect the total cost of the damage caused by the accident and should be considered only a starting point. With the help of an experienced attorney, you can make sure that you obtain the full amount of compensation that you deserve for your suffering and losses.
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How We Calculate the Losses You Suffered in a Car Accident
Once you meet with your Las Vegas car accident attorney, we can begin assessing the value of your losses. The first step in this process is to understand how the accident is affecting you now and how it will affect you in the future. Many factors play a role in this. Some of those include the following:
- Your ability to recover. If you will suffer injuries that persist long-term, affecting your life, this increases the value of your claim. If you recover fully, we consider factors such as how long that will take and the pain and suffering involved.
- Catastrophic injuries. These are injuries that will not only fail to improve but also significantly affect the quality of your life. The loss of vision or hearing, permanent loss of mobility, or the development of chronic, debilitating pain will impact you in many ways.
- Your future medical needs. The value of your claim should factor in the care you expect to need now and in the future. We use medical experts to help us determine what complications, procedures, medications, or care needs you have.
- Your ability to work. Some people can return to the same type of work, while others benefit from retraining for a new career. Still others cannot work at all, directly impacting your quality of life.
- Loss of life. Some car accidents result in debilitating conditions that will continue to worsen over time, leading to your early loss of life. We consider this as a component in your case as well.
- Emotional trauma. Many people suffer incredible emotional trauma from these events, and that cannot be overlooked in any situation. We fight for fair treatment in all cases.
- Punitive damages. Under NRS 42.005, punitive damages may be awarded to victims as a means to punish the at-fault party for egregious behavior, with clear and convincing evidence of such conduct. This is typically capped at three times your compensatory damages.
You can learn more about the expected losses you may have by scheduling a consultation with our car accident lawyer, but you can start the process now. Use our calculator for personal injury settlements to gain more insight into the rights you have in these cases.
Seek Out a Consultation to Learn More
You can get a better idea of what your losses are by setting up a free consultation with a car accident lawyer. This process will address any losses you have and help you build a claim that represents what you are truly facing.Â
Call the Las Vegas car accident attorney at Shook & Stone Injury Lawyers to schedule a free consultation today to discuss calculating your car accident settlement.
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