A motor vehicle collision can be an unfortunate occurrence, especially if you’ve sustained injuries that can affect your life in the long run. Hence, it’s important that you know what to do after an accident, including the available legal remedies to help you recover compensation for the harm done against you.
Unfortunately, collision victims are often unaware of the type of damages they may obtain from the insurance company and the at-fault party. As such, you certainly need an experienced lawyer’s assistance to help you calculate the true value of damages you’ve suffered after the accident.
Keep reading this article to learn the true worth of your motor vehicle collision.
Motor Vehicle Collision: Types Of Damages You Should Consider
Unless you’re a legal professional, you’re often unfamiliar with the type of damages you can recover from a motor vehicle collision. Thus, if you’ve been injured in an accident, below are the two types of damages you may recover through a motor vehicle collision claim:
1. Monetary Damages
These damages are the most concrete and identifiable type of damages. These are also intended to compensate the injured party with enough money to cover the losses incurred. With the help of some documents presented during the litigation, your lawyer from a reliable law firm, like Spaulding Injury Law, can determine a specific amount of damages based on the extent of your injuries, as well as the damages to your vehicle.
The common monetary damages can include:
Medical and hospital bills
Medicine and prescription drugs
Property repair or replacement
2. Non-Monetary Damages
Also known as general damages, these are generally less tangible and specific than the monetary damages, so they’re more difficult to calculate. However, some factors can help evaluate the potential value of these damages, such as the injured victim’s age, income, as well as extent and severity of injuries, among many others.
The common non-monetary damages included in the computation of your motor vehicle collision claim are the following:
Pain and suffering
Future lost wages
Future medical expenses
Loss of opportunity
Loss of enjoyment of life
Motor Vehicle Collision: Calculating Your Claim’s Worth
Now that you’re aware of the common types of damages you may sustain in a motor vehicle collision, it’s time to get familiar with how they’re being calculated to come up with your claim’s worth. Realistically speaking, the value of compensation you may recover is the total cost of your injuries and vehicle repairs.
Here’s how you can calculate and determine your claim’s worth:
1. Vehicular Damage
When assessing the actual value of damage to your motor vehicle, you should consider several factors, such as the initial value of your vehicle, mileage, condition at the time of the collision, and the depreciated amount of the vehicle.
Aside from these elements, it’s also important to check out the total costs of the specific vehicle parts that need to be replaced. That way, your lawyer can come up with a more specific amount of compensation that will cover your vehicle’s repairs or replacement.
Typically, injuries are more challenging to calculate because a body part or a type of injury has no definite market price compared to the vehicle parts. Instead, your lawyer needs to gather all the necessary information about your injuries and use a formula to assess your claim’s worth. In doing so, below are the two methods used for the computation:
Multiplier Method – This is one of the primary ways lawyers and insurance companies use to compute the damages caused by a motor vehicle collision. This method is also based on the belief that injuries with more quantifiable damages result from serious injuries, and, therefore, need a multiplier to determine the true cost. In most cases, lawyers use multipliers ranging from one to five, with three being the most common multiplier. For example, suppose your medical bills cost USD$8,000 USD and lost wages amount to USD$1,500. In that case, your lawyer will multiply the total damages by a common multiplier to come up with $28,500 USD as a total amount of damages.
Per Diem Method – Another way of computing the pain and suffering damages is the per diem method. This is also known as the daily rate method, which involves generating a monetary amount for each day that you have to live with pain caused by the motor vehicle accident. To determine the daily rate, you should use your actual daily earnings as a basis.
As you can see, getting injured in a motor vehicle collision can be a traumatic experience. With all the damages you may sustain from the accident, you may also have the right to compensation. Therefore, if you want to secure maximum financial recovery for your injuries, keep these points in mind, and don’t forget to work with an experienced car accident lawyer to help you navigate your situation.