What Type Of Compensation Are You Owed After An Accident?

If you have been hurt by another driver, you may wonder what you can expect when it comes to compensation. The sum you are offered is likely the result of one of two different methods of calculating your damages. Read on to learn more about these two accident injury damage calculations.

What Are Your Damages?

The term damages refer to several ways victims are impacted by an accident. For most vehicle accidents, that means the below:

• Medical expenses: All medical costs related to the accident. In cases of serious injuries, future medical costs may also be part of this form of damage.
• Lost wages: The income you lost because of the accident. That should include any paid time off that you used to cover accident needs.
• Damage repairs or the total loss of a vehicle.
• Pain and suffering.

Adding Up the Costs

The first method of calculating what you are owed is based on adding everything up. When it comes to figuring out how much you are owed for your pain and suffering, your medical expenses are used as a factor. The factor is multiplied by a number between 1.5 and 5 or more to determine your pain and suffering

Paying by the Day

The other common method is a bit simpler. Each day is assigned a certain dollar amount. Then, the days since the accident that the victim has had to suffer are counted. For example, if each day (per diem) is valued at $500 and the victim suffered for 60 days, they are owed $30,000 in pain and suffering. This amount is added to the remainder of their damages.

Speak to a Lawyer

You won't know how much you can be paid until you speak to a personal injury lawyer. They can help you assemble the evidence of your damages that you will need to show that you missed work, have had medical treatment, and more. It should be mentioned that some lawyers and insurers use alternate methods to figure out your damage award. The amount you are offered is always negotiable and is also based on these factors:

• Your age, occupation, and years of experience on the job. This factor is important if you are found to be unable to return to your job because of the accident.
• Other accident settlements. Other settlement amounts are used to compare your accident situation to others in your area. It should be in line with what other victims receive.

Speak to a car accident lawyer to find out more.

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