How Do I Determine How Much My Car Accident Case is Worth?
If you or your loved one has suffered injury in a car accident, and the other driver was at fault, you may be entitled to compensation in a personal injury lawsuit.
Car accidents often result in the kind of serious injury that can be financially devastating, as well as emotionally taxing to the family.
That’s why it is important that you understand what your car accident case is worth. Doing so will help you understand your next steps in seeking justice and financial assistance to meet the challenges ahead.
More importantly, before you would take your car accident case to court, you would likely be working with insurance companies for reimbursement. Knowing the value of your case can help you protect yourself against an insurance company trying to avoid their obligation to pay you according to the terms of your policy.
As a brief disclaimer, you are able to roughly calculate damages yourself using our simple guide here. However, it is vital that you consult with a local, Phoenix car accident attorney to confirm your damages amount.
Without confirmation from an attorney, you could be seriously over or underestimating your damages.
Calculating Economic (Special) Damages
In personal injury court, Arizona law refers to economic/special damages and noneconomic/general damages. Both categories are assigned an amount of money based on the severity of the accident.
First, economic damages are those costs that you can clearly identify and add up.
These damages include all your medical bills and rehabilitation costs. Additionally, you should add in any lost wages the family suffered as a result of a household member not able to work due to injuries.
Finally, any other costs surrounding the inconveniences of injuries resulting from the accident are important. Did the accident result in having to pay for extra babysitting, modifying the house, replacing property lost in the accident, etc.?
Calculating Noneconomic (General) Damages
Noneconomic or general damages are also known as “pain and suffering.” It might be a good idea to also consult our article on “How Do You Calculate Pain and Suffering After an Accident” <hyperlink to the article above> if this section leaves you asking more questions.
Pain and suffering costs are not easy to monetize. How do you put a price tag on trauma or losing the ability to do things that bring you joy?
Depending on the intensity of the accident and your resulting injuries, your general damages may be calculated to several times the total amount of your special damages.
Using Online Calculators
Many attorneys encourage you to use online calculators to help you calculate your pain and suffering, as well as the entire set of damages showing you what your car accident case is worth.
These online calculators typically employ the multiplier method. And while this can be an easy way to calculate your pain and suffering, it can be inaccurate.
The financial worth of your accident case is the sum total of all your economic (special) and noneconomic (general) costs. You must have a solid understanding of your case’s worth before you attempt to seek compensation for damages.
If you or your loved one is considering taking legal action in response to a car accident in which you were not at fault, take a moment to use this guide to get a rough estimate of what your case is worth.
The most important step is for you to confirm these numbers with an experienced personal injury attorney. They will help you know for certain what you stand to gain in a personal injury case. When clients meet with an attorney, they are often shocked at the real value of the case, especially compared to the small amount the insurance company offers them—or when their calculations have left out substantial money losses.
For more information about how a local, Phoenix attorney can help you with your car accident case, contact Ray Arenofsky at 480-345-0444 or visit our website.
