How Does an Attorney Value a Car Accident Claim?

A motor vehicle accident is particularly devastating for car enthusiasts, as it can wipe out thousands of hours of work in an instant. If you were not at fault in an accident, you may be able to recover some or all of the car’s value–and cover your medical needs–through an insurance claim. 

Why You Should Work With an Attorney

Insurance companies do not want to pay you what your car accident is truly worth. They may deny insurance claims without cause, offer lowball sums, or delay negotiations until lawsuit deadlines pass.

Working with a personal injury attorney protects you from these deceptive tactics, as they will handle negotiations on your behalf. They are also familiar with what an accident like yours is truly worth and can press for the highest possible payment. If necessary, they can also file a lawsuit on your behalf and take the issue to court.

Numerous factors go into deciding how much to ask for, which include the following.

Vehicle Repairs or Totaled Vehicle

The insurance company should pay for all repairs necessary to bring a car back to its pre-accident condition, or as close as possible. You must take your car to a shop and receive an estimate for everything. 

One thing of note is that insurance companies may have preferred repair companies that they will request you work with. Some states, like Illinois, do not allow insurance companies to require all work to be done at these shops. You have the right to choose your own mechanic. 

Any time you work on your vehicle or add modifications, ensure you document these somewhere. If you get into a crash, your car accident lawyer can negotiate for these to be included in your settlement. Insurers will likely deny this if you attempt to negotiate yourself, making it even more important to have a law firm on your side.

In the insurance industry, “totaled” means that the cost to repair the car would be higher than its actual cash value. The company typically goes based on metrics like the Kelly Blue Book, which may not reflect your exact car’s condition or any modifications it may have. 

Other Property Damage

Any other damaged property that you had in or on the vehicle can also be covered in a car insurance claim. This could include luggage, electronics, clothing, or car accessories like spinner rims and cosmetic spoilers. 

Lost Wages and Loss of Income

Keep track of the time you spend away from work and recovering, as this can be included in an insurance settlement. If you were able to return to work but had to take on fewer responsibilities, the discrepancy between your current and previous pay can be compensated.

Some individuals who suffer very severe injuries may not be able to return to their previous position, even after extended recovery. Your attorney can work with economists to calculate how much you should have made, including expected career trajectory and bonuses, then compare it to your current salary in order to come up with a fair sum for this aspect of your settlement. 

Medical Bills and Future Medical Expenses

While you may have to pay out of pocket for some medical bills, you should be reimbursed for this through an insurance settlement. The medical bills section can include hospitalizations, surgeries, outpatient treatment, physical therapy, medications, and out-of-pocket expenses like crutches or mobility aids.

An attorney will consult with your doctors, other medical experts, and life care planners to determine what future needs you will have and what they will cost. 

Non-Economic Damages

Non-economic damages cover anything that does not have a fixed cost. Typically, this covers things like physical pain and suffering, emotional distress, and loss of normal life.

Attorneys can use either the multiplier method or the per diem method, depending on what type of accident you had. The multiplier method multiplies your financial losses by a fixed factor, with higher factors for more severe injuries. The per diem method will use a fixed sum per day, then multiply it based on how long your injuries are expected to last. 

How to Improve Your Chances of Securing a Car Accident Settlement

While your attorney will handle much of the negotiation and paperwork, there are things you can do to improve your case and reduce issues.

● Document all modifications and repairs you make to your vehicles with receipts, bills of service, and other documentation so that you can claim these damages.

● Install a dash cam in your vehicle. If you get into an accident, you can use this as evidence.

● Do not speak to third parties, including insurance agents or other drivers. Let your attorney handle all communication.

● Do not post on social media about your accident, as insurers can use any publicly available information to prove you weren’t injured.

● Get copies of all medical records from before and after the accident to prove your injuries were not pre-existing.

● Hold onto all hospital bills, pay stubs, receipts, invoices, and other documentation showing your expenses.

With these tips, you can ensure that you can recover all damages for your vehicle and get back on the road.

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