How Do I Calculate How Much I’m Owed Following a Car Accident?
Although it is generally considered a smart decision to hire a car accident attorney following a crash, in minor collisions, you may feel that you can save on lawyer fees by handling the insurance claim yourself. If you choose to represent yourself, you will want to engage in ample research beforehand by consulting resources like this page and requesting a consultation on how best to proceed with your claim.
Read on to learn how insurance companies and lawyers calculate the value of a claim and the methods they use.
Understanding the Difference Between Special and General Damages
The value of your motor vehicle accident will depend on the specific costs and losses that resulted from the crash. Most victims don’t have experience accurately calculating the total losses of a traffic collision.
In most civil accident and injury claims, the plaintiff can pursue two primary types of financial compensation. These legal payments are known as “damages.”
The two common categories of damages in civil claims are “special” and “general.” Special damages are also called “economic” damages.
These payments are provided by the at-fault party to cover the victim’s direct monetary losses. Common examples include medical costs, missed income or wages, and vehicular property damage.
A personal injury attorney will review the receipts, invoices, and other financial documents from your crash to determine the special damages you’re owed. The value of economic damages in a car accident case is usually simple to calculate.
Other types of harm following a car accident are less easily quantifiable. These may include:
- Physical pain
- Emotional turmoil
- Anxiety or depression
- Post-traumatic stress disorder (PTSD)
- Decreased enjoyment of life
- Disfigurement or disability
Following a car crash, “general” damages are payments meant to compensate for losses like these. This type of compensation is also called “non-economic” damages.
It’s not obvious how insurers place value on this type of harm following an accident, and insurance companies may use several different calculation methods.
For this reason, it’s important to speak with a knowledgeable tort attorney regarding the non-economic damages in your case. The seasoned legal team at Morgan & Morgan will ensure that you’re awarded the full value of the general damages in your case.
Because these sorts of harms aren’t easily quantified, insurance providers often attempt to devalue them. Doing so guarantees that insurance corporations pay the victims of accidents and injuries as little as possible. If your motor vehicle collision resulted in significant intangible harm, it’s best to consult with a skilled legal professional.