What is the Value of my Personal Injury Claim?
The aftermath of a car accident can quickly become overwhelming. You may be in significant pain and worried about how you’ll pay for medical treatment and other bills, especially if you’re out of work due to your injuries. If you suffered the loss of a loved one due to an accident, money may be the very last thing on your mind. It’s certainly no substitute for the loss you experienced. Unfortunately, financial compensation is just about all the justice to be found when you make a personal injury or wrongful death claim following an auto accident.
How do you figure out the value of your personal injury or wrongful death case?
This may seem like a simple question, but the answer is complex. To be clear upfront, we cannot give you an exact answer for your situation in this article. Just as no two collisions are exactly the same, each auto accident case is different. There is no simple formula to determine the value. There are several variables that impact the value of your case, and we’ll lay out many of them in this article.
Please know that no one – not even the most experienced auto accident attorney – can tell you what your claim is worth without thoroughly evaluating your case. Any attorney who claims that they can let you know the value of your case from an online or phone consultation is (to be blunt) spouting nonsense.
Until all factors of your case are understood, the auto insurance company does not know what your case is worth either, despite any attempts to settle quickly.
And, not only is the insurance company unaware of the value of your case, but their primary goal is to keep as much of their profits as possible. (See how insurance companies converted claims into a money-making process.)
This article hosts quite a bit of information; however, if you have a serious injury, it’s best to consult with an attorney to begin the process of thoroughly evaluating your case. For a free initial consultation with Baskerville Law LLC, you can call 505-247-2774 or fill out our Free Consultation Request Form.
Variables that Affect the Value of Your Claim
Below are questions that draw out just some of the factors that can impact the value of a car accident case. This is by no means an exhaustive list.
Details of the Car Accident & Police Report
- How did the collision happen?
- How many vehicles were involved?
- Did the police come to the scene of the accident and determine liability?
- Who was placed at-fault? Did the other driver admit fault at the scene?
- Were there any witnesses to the accident?
- Was alcohol a factor? Drugs?
- Was weather a contributing factor to the collision?
- Was distracted driving (i.e., texting, talking on the phone, looking at a map) a factor?
Source(s) of Financial Recovery
One of the most common misconceptions surrounding car accident cases is that every case involving an injury will result in financial recovery. Unfortunately, sometimes, there is no source of recovery. When we say “source of recovery”, we primarily mean insurance coverage. One of the most heartbreaking scenarios that we come across is when a car accident leaves someone with severe injuries and large medical bills, and there is no insurance coverage available. This scenario becomes even more devastating when a loved one is lost.
The primary questions regarding source of financial recovery are:
- What type of insurance coverage is available?
- Does the negligent driver have insurance coverage?
- If the negligent driver was not insured, you may still be able to recover compensation for your damages. If you have uninsured/underinsured motorist coverage, it may be a source of recovery for you.
- Does the driver who was marked at fault have any non-exempt assets?
Injuries, Pain and Suffering, and Loss of Enjoyment
- Did you have noticeable pain or injuries immediately after the collision?
- Did you go immediately to the emergency room? Were you transported by an ambulance?
- Do you have injuries that will require medical treatment?
- When did you first seek medical treatment?
- What kind of medical provider did you see?
- What type(s) of physical assessment and testing were performed by medical professionals?
- What does your road to recovery look like?
- Have you suffered any permanent damage or loss of function?
- Have you had, or will you need, surgery as a result of the collision?
- Will you need future and/or ongoing medical treatment? What is the anticipated cost?
- How have your injuries caused by the collision impacted your daily life?
Prior Medical History
- Do you have any preexisting injuries?
Medical Records, Bills & Liens
- What do the medical records say?
- Does the medical provider relate the injuries 100% to the collision?
- What is the total of your medical bills?
- Did health insurance or medical payments coverage apply to any of the amount(s)?
- Were any liens filed by hospitals or medical providers?
- Can the medical bills be reduced?
Damage to Involved Vehicles
- Were photos taken of the vehicles and accident scene in general?
- How serious is the damage to your vehicle? Was it towed? Was your vehicle totaled out? If not, what are the repair costs?
Loss of Income and Loss of Earning Capacity
- Did you lose out on pay from work due to the accident?
- For how much time were you unable to work?
- How much money was lost?
- Did a medical provider specify your inability to work in writing?
- What are the attorney’s fees?
- How much are client costs?
Again, these are just some of the variables that can impact the value of a car accident claim. As you can see, determining the value of a case is complex, particularly when injuries are involved. Because of these numerous factors, it is essential to seek legal advice from a personal injury lawyer as soon as possible.
Injured in a Recent Car Accident?
Avoid a Quick Settlement.
Look, we get it. When you’re worried about paying the bills, a quick settlement may be enticing. However, and this is a huge “however,” settling quickly does not allow for adequate time to understand the measure of these variables and how you may be impacted in the future. Because of this, a quick settlement can place you in a compromising situation – not being fairly compensated for your damages and losses.
Consult with an Experienced Personal Injury Lawyer
Baskerville Law LLC commits to aggressive and personalized representation to receive fair compensation for our clients and help them move forward with their lives.
Our personal injury lawyer is focused on in recovering compensation that is fair and just for victims of driving negligence. It is our mission to provide trustworthy, reliable and aggressive legal representation and protect your legal rights from pushy auto insurance companies.
We offer a complimentary consultation to begin the case evaluation process. Take action and contact us today to start the conversation. Call (505) 247-2774 to speak with an experienced personal injury lawyer or complete and submit our short Free Consultation Request Form.
Not sure if it is in your best interest to hire an attorney? Read about when to hire a car accident lawyer.
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Baskerville Law LLC is a personal injury law firm serving Albuquerque, Rio Rancho, and surrounding cities in New Mexico. We focus on auto accident cases including: