5 Factors That Play a Role in Determining the Right Value of a Car Accident Settlement
After a car accident, the victim may be able to obtain compensation for their injuries. However, there is no standard amount of compensation that will be given to someone who is injured in a car accident. The reason for this is the severity of the accident and the injuries suffered will vary greatly between different types of accidents. There are a few different factors that can raise or lower the amount of compensation the victim receives in a settlement.
The Severity of the Injuries
The severity of the injuries makes a huge difference in how much compensation a victim can receive. Those who only suffer minor injuries may not obtain a huge settlement. Those who are severely or permanently injured following a car accident have a higher chance of getting a large settlement after the case. This is because they are considered to have a higher amount of pain and suffering after a serious personal injury case and because their medical bills and related expenses will be much higher.
Amount of Damage to the Vehicle
Some vehicles will have relatively minor damage that can be fixed for a few thousand dollars. This can lower the amount of money the victim will receive because they don’t need as much to fix the vehicle and restore it to the prior condition. When a car is totaled, however, the amount of compensation is higher because the vehicle cannot be repaired and must be replaced.
Amount of Time to Recover
One type of compensation victims can obtain is money to cover lost wages. The longer it takes for them to recover from the accident, the more work they’ll miss and the more money they’ll need to cover the lost wages. Those who have a longer injury treatment period will likely receive more money to cover the larger medical bills as well as the lost wages and related losses resulting from the accident.
When Medical Assistance was Sought
When medical attention was sought can make a difference in whether the person can get more compensation or not. If the person waited months to seek medical attention, many times the amount they can claim is lowered. The idea here is that the injuries were not severe enough to warrant medical attention initially, so they aren’t worth as much as injuries that required
immediate medical attention.
Liability for the Car Accident
If it is determined that the victim was not liable for the accident in any way, they will get more compensation compared to someone who may have been partially liable for the accident. If the accident was at least partially caused by the victim, they would not be able to receive as much money for the accident as they had a part in causing the injuries to occur. The amount this reduces a settlement depends on how much liability they hold for the accident.
If you’ve been injured in a car accident, you may be entitled to compensation for your injuries. However, you may not get a large settlement if you only suffered minor injuries and had little damage to your car. The above factors are some of the ways compensation can be increased or reduced following an accident, though there may be other factors at play as well that can have an impact on the amount of money you receive.