How Much Is My NYC Car Accident Claim Worth?
Determining value for losses suffered in a car accident is a complex process. Your personal injury compensation will be directly related to your damages, such as your past, present, and future medical expenses, lost wages, reduced earning potential, and out-of-pocket expenses. In addition, this process often entails establishing a price for non-monetary items such as pain and suffering and emotional distress.
Car accident claims are typically worth more than many crash victims realize. It’s important to be aware that an NYC car accident lawyer can often recover three to four times more than what the negligent party’s insurance company will initially offer.
Determining Value Through Insurance Policies
When determining the value of a car accident claim, insurance companies will take several factors into consideration:
- The liability policy limit of the negligent driver who caused the accident
- The liability policy limit of the owner of the auto driven by the negligent driver
Vehicle Damages and Injuries
Damages done to your vehicle are a type known as economic damages. The monetary value that is calculated will be the cost to repair or replace your vehicle.
Although some car accidents cause minor injuries that require minimal medical care, many victims suffer serious or life-threatening injuries that can change the course of their life. From traumatic brain injuries to paralysis to amputations, these injuries can devastate a family’s physical, emotional, and financial wellbeing.
The value of losses related to the care and treatment of your injuries is determined by several factors:
- The type of injury and the pain and duration of your symptoms
- Prognosis from your doctor
- Duration of required medical care and treatment
- Whether your injuries can be fully resolved with minor treatment
- Impairment level of your injury and how it affects your life
- If you are unable to return to work and how your disability affects your work and home life, including performing household duties and enjoying hobbies and activities that you participated in before the accident
Compensation for Loss of Work
Victims who suffer auto wreck injuries typically have to take time off from work to recover from their wounds. In some cases, victims can no longer work at all and will lose their ability to earn an income for the rest of their lives.
Determining the value of lost wages and future income is done by calculating the lost time at work and whether you would be likely to receive any raises during that time frame. In the case of permanent disability, this would be estimated out until retirement age.
Why You Need an NYC Auto Wreck Attorney
Call Greenstein & Milbauer at 1-800-VICTIM2 (842-8462) or contact us online using the form below for a no-obligation, free case evaluation.