FACTORS THAT DETERMINE THE VALUE OF CAR ACCIDENT SETTLEMENTS

What Kind of Factors May Affect the Value of a Car Accident Claim? |  Anidjar & Levine

Car accident settlements are intended to compensate people who have been injured or sustained damages to personal property in an accident. Victims of car accidents are often faced with the cost of medical and repair bills. Sometimes, these costs continue to rise long after the face. It can be very frustrating especially when they do not even know what their legal claims are or what the value of their settlements should be. This is why having professional legal counsel like a Lafayette auto accident lawyer is an invaluable advantage to victims. They help claimants understand some of the main factors that affect the value.

Proof Of Negligence or Intention to Harm.

If it is proven that the guilty party was willfully negligent or even intentionally set out to harm the victim, the value of the settlement the victim claims can be sky-high, and the law would honor it. In some cases, the guilty party not only pays up but also gets some jail time.

The Severity of The Injuries and Damages.

The severity of the damages sustained by the victim whether physically, bodily, or in property largely determines the value of car accident settlements. The greater the injuries, the larger the settlements. This is because the quality of life and overall wellbeing of the victim has been greatly compromised. More minor cases are treated with less severity.

Fault.

Naturally, if the injured party is found to be at fault in the car accident, they have no legal claims so their case is worth nothing. If however, there is a partial fault, there are grounds for some level of compensation. It will of course be drastically reduced by their percentage of fault but they will get a payout.

The Cost of Medical Care.

¬†Another factor that greatly affects the value of settlements is the cost of medical care consequent of the accident. The higher the medical bills from treating accident-related injuries, the larger the value of the amount for settlement. This is because medical care is very extensive. Doctor’s consultations, surgical costs, physiotherapy, and medication cost a pretty penny. The guilty party is expected to cover the cost as they have been determined liable for the injuries sustained.

Economic Damages.

If the accident renders the victim unable to economically and financially support themselves due to job loss or inability to execute tasks for which they should be paid, the guilty party is expected to compensate the victim for the loss of livelihood while they recuperate. If the injury has more permanent consequences, the pay increases even more. This greatly influences the value of the settlement.

Non-Economic Damages.

These are the negative consequences of a car accident that cannot be quantified and are more subjective. Inability to function normally in daily life due to things like physical and or emotional pain, psychological trauma, humiliation, depression, and even something as intimates as the inability to perform relations with a partner can heavily determine the value of a settlement.

Conclusion.

There are so many …