A car accident has the capacity to upend someone’s world very quickly – and the consequences to their wallet can be as severe as the injuries to their body.
That’s why the law makes it possible to hold an at-fault driver accountable and provide compensation for the victim’s financial losses. But what exactly goes into the calculations when a settlement is determined? While each case is different, here are four common elements that have to be calculated to determine a fair settlement:
1. Medical bills
The victim of a car wreck will most likely seek damages for their medical expenses. This compensation could cover the ambulance ride, time in a hospital, use of medical equipment, long-term care, surgery, physical therapy, and rehabilitation, to name a few.
2. Property damage
The victim could also recover compensation to pay for their vehicle repairs. If the victim’s car is totaled, they could seek damages for rental costs or a new vehicle. They may also ask for compensation for any property that was damaged inside the vehicle, such as electronics that were destroyed.
3. Lost wages
The victim may not be able to work because of their disabilities. They could, then, seek compensation for wages lost during their time recovering from their injuries. Future lost wages, too, can be claimed if they are no longer able to work or have to work at reduced capacity.
4. Emotional turmoil
It’s not uncommon to suffer emotional turmoil after an auto accident. They could suffer from depression, disfigurement, pain or other forms of suffering as a result of an accident. Financial compensation could be awarded based on the severity of their emotional turmoil.
Legal guidance can help auto accident victims explore their recovery options.