Typically, the compensation you're entitled to after a car accident is the sum total cost of your injuries and car repairs. When calculating the value of damage to your vehicle, important details that should be taken into account include the initial value of the automobile, its condition at the time of the accident, the depreciated amount, and the mileage. Additionally, when estimating the costs of repairs, one must look at the cost of the specific parts that need replacing, rather than providing an average figure for repairing rear-end damage, for example.
Injuries are far more difficult to calculate because unlike car parts or automobiles, there is no market price for a body part or type of injury. Furthermore, the effects of an injury vary from person to person. For instance, if there is a car accident involving a young athlete and a retired elderly woman, and the athlete loses a limb, they would experience far greater financial, emotional, and psychological pain and suffering than the elderly woman, who is no longer working. Whereas the athlete’s earning capacity will be greatly diminished and the course of their life will change, the grandmother will likely face fewer long-term consequences.
Once your lawyer has collected all of the necessary information, they will use a formula to evaluate your claim’s value, the most common being the multiplier method and the per diem method.