How To Calculate a Car Accident Settlement
Because no two car accidents are the same, calculating the exact amount of a potential settlement is often challenging. Personal injuries, car repairs, and even the state laws where the crash occurred can affect a settlement.
While there’s no secret formula for calculating a 100% accurate settlement for your injuries, damages, and other losses, you can get a better idea of how much your case is worth, especially if you consult with a personal injury attorney with experience in Nebraska and Iowa auto accident law.
What Auto Accident Settlements Are Based On
Before calculating how much a car accident settlement might be, it’s essential to speak with a skilled car accident attorney who can help you decide if settling is your best option.
Your injury settlement will typically be based on some or all of these factors:
- Medical bills, including future medical care
- Property damage to your vehicle
- Lost wages
- Pain, suffering, and emotional anguish
- Loss of enjoyment of life and loss of function
- Loss of consortium
How Your Car Accident Settlement Amount Is Calculated
We’re often asked if the state where a crash occurs matters. The answer is yes. If you’re injured in a “pure tort state” or a “no-fault state,” the settlement you’re entitled to can vary.
Nebraska and Iowa are both “modified comparative fault” states, which means each party is responsible for damages in proportion to their percentage of fault in the accident unless the plaintiff’s negligence is 51% or more. What this means is, if you’re involved in an accident and claim $10,000 in damages, but it’s determined you were 20% to blame for the accident, your compensation or settlement would be reduced by $2,000.
Insurance companies and personal injury attorneys can use various methods to calculate your pain and suffering damages, but in general, the more severe your injuries and the longer you need to recover from them, the higher your potential settlement could be.
No matter what method is used, settlement negotiations are an art, not a science. It’s always wise to consult with an experienced attorney.
Hire a Car Accident Attorney To Determine Your Potential Settlement
A qualified personal injury lawyer is specially trained to maximize your car accident settlement and can help ensure you get the compensation you’re entitled to. Peters Law Firm brings over 100 years of combined industry expertise to estimate the value of your case and negotiate for the best settlement possible.
To learn more, speak with one of our vehicle accident attorneys today about your next steps.