When you get into a car collision, the aftermath can be overwhelming. Navigating the settlement process is often the last thing you want to do, yet it’s crucial for securing the compensation you deserve.
Understanding what influences your car collision settlement value can make a significant difference. This blog post dives into the six key factors that can impact your settlement value
So, read on!
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Extent of Damages
The first and most obvious factor that affects your car collision settlement value is the extent of damages. This includes both property damage to your vehicle as well as any physical injuries sustained by you or your passengers.
The more severe the damages, the higher the potential settlement value will be. This also includes any long-term effects of the collision, such as ongoing medical treatment or loss of earning capacity.
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Injuries and Medical Expenses
As mentioned, physical injuries sustained in a car collision can significantly impact the settlement value. Not only do the severity and type of injury matter, but also the length of time it will take for you to recover.
Additionally, any medical expenses incurred as a result of the collision will also be factored into your settlement value. This includes hospital bills, rehabilitation costs, and ongoing medical treatment.
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Liability and Fault
If the determination of liability and fault is clear that the other party was at fault, then you have a stronger case for a higher settlement amount. If there is any question about who is at fault or if you share some of the liability, this can affect your settlement value.
But if you read some resources like the Rikard & Protopapas car accident cases from reputable firms, you will find that having a skilled attorney on your side can help prove liability and increase your chances of a fair settlement.
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Lost Income and Future Earnings
In addition to physical injuries, a car collision can also cause you to miss work and lose income. This can be factored into your settlement value, as well as any potential loss of future earnings if the collision has affected your ability to work in the long term.
Plus, if you have to hire someone to help with daily tasks or childcare during your recovery, these costs can also be included in the settlement value.
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Insurance Coverage and Policy Limits
Your car collision settlement value will also be influenced by the insurance coverage and policy limits of both parties involved. If the at-fault party has a larger insurance policy, this can potentially increase your settlement amount.
However, if they have minimal coverage or reach their policy limits, it may limit the amount you can receive in a settlement.
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Pain and Suffering
Pain and suffering are significant factors that can impact your car collision settlement value. This refers to the physical and emotional distress you may have experienced as a result of the collision.
While it can be difficult to put a monetary value on pain and suffering, it is an important consideration in determining your overall settlement amount.
Know What Affects the Value of Your Car Collision Settlement
Understanding the factors that can influence your car collision settlement value is crucial when navigating the settlement process. These factors are all key considerations in determining a fair settlement amount.
By being knowledgeable about these factors, you can better advocate for yourself during the settlement process and secure the compensation you deserve. Remember to seek legal advice if you have any questions or concerns about your car collision settlement.
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