By having a knowledgeable lawyer fighting aggressively to calculate and prove your full losses, you stand to recover significantly more compensation in the end.
Are you about to file a claim for compensation after a car accident? Then you must be wondering how much compensation you can receive. The at-fault driver’s insurance company will likely offer you a quick settlement. However, it is often much less than your claim may actually be worth. This is why you need to work with a reputed car accident lawyer.
An experienced Denver Car Accident Attorney can help you correctly calculate and fight for the full value of your injury claim. Here’s an overview of how car accident lawyers typically calculate the value of an injury claim after a car crash.
Economic Damages
Economic damages refer to the quantifiable financial losses you have suffered due to the accident and your injuries. Your car accident lawyer will calculate and include the following economic damages into your injury claim value:
- Medical expenses
This includes ambulance fees, hospital bills, costs for medical procedures, medication costs, fees for physical therapy, and any other medical costs related to the accident. Your current and estimated future medical costs will be totaled.
- Lost income
If your injuries forced you to miss work for recovery, your lost wages will be calculated based on your average earnings and hourly rate. Future lost income may also be included if you cannot return to work or have reduced earning capacity.
- Loss of future earning capacity
If your injuries are expected to impact your ability to work long-term, the full value of your future lost earnings will be calculated and included. This is based on work-life expectancy tables.
- Property damage
The costs to repair or replace your vehicle or other damaged personal property will be tallied and added to your claim.
By totaling all current and estimated future economic damages, your car accident lawyer will reach a clear monetary amount to build your injury claim value from.
Non-Economic Damages
Non-economic damages refer to the intangible losses that still have a real impact, such as pain and suffering. These damages typically make up 50-80% of an injury claim value. Your car accident lawyer will calculate reasonable compensation for common non-economic losses like:
- Pain and suffering – Compensation for any physical pain, discomfort, inconvenience, or mental/emotional distress.
- Loss of enjoyment of life – Damages to compensate altered lifestyle, such as losing the ability to participate in activities or hobbies you previously enjoyed.
- Loss of consortium – Compensation if injuries negatively impacted intimacy or companionship between spouses.
- Permanent disability or disfigurement – Damages to compensate severe visible scarring or permanent disability.
The value of pain and suffering is largely subjective and varies case-by-case based on factors like injury severity, recovery time, and impact on quality of life. Your lawyer will refer to legal precedent and prior case verdicts and settlements to reasonably quantify non-economic damages.
Punitive Damages
If the at-fault driver exhibited gross negligence or clear reckless disregard for safety, your claim may warrant punitive damages on top of economic and non-economic losses. Punitive damages are meant to punish the at-fault party as an example to deter similar behavior. Though less common, large punitive damage awards can significantly increase an injury claim value.
Overall Claim Value Calculation
Your car accident lawyer will use their legal expertise to tally all applicable damages, then add up the total for an overall value demand to present to the insurance company. They will almost always demand more than you may realistically settle for, allowing room to negotiate down for a satisfactory settlement.
With an experienced car accident attorney on your side calculating and fighting for maximum compensation, you stand the best chance of recovering the full value of your car accident injury claim.
Filing the Claim
Once your car accident lawyer has calculated a demand amount for your injury claim, they will formally file the claim with the at-fault driver’s insurance company. This starts the negotiation process. The insurance company will likely make a much lower initial offer.
Your lawyer will then negotiate back and forth, providing evidence to justify your total damages, until a fair settlement amount is reached. If a satisfactory settlement cannot be negotiated, your car accident lawyer may recommend taking the claim to court instead so a judge or jury can decide the final injury claim value you are owed.
Hiring an Attorney
Because accident injury claims can be complex and insurance companies are focused on minimizing payouts, hiring an experienced car accident attorney is highly recommended. Personal injury lawyers handle injury claims on a contingency basis, meaning legal fees are a percentage (25-40% typically) of the final settlement you receive.
This means at no upfront cost to you. By having a knowledgeable lawyer fighting aggressively to calculate and prove your full losses, you stand to recover significantly more compensation in the end to cover damages, rather than accepting what the insurance company first offers.
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