How Much Is a Car Accident Claim Worth?
No two car accident claims are the same. Each crash requires a careful investigation, calculation of the expenses and losses incurred, and other steps. The value of a collision case depends greatly on the cost of the victim’s medical expenses, lost income, car repairs, pain and suffering, and more.
Car accident attorneys play a crucial role in guiding accident victims through the complex process of evaluating and negotiating compensation. You do not have to navigate your insurance claim on your own. Lorenz & Lorenz Accident & Injury Lawyers PLLC, offers free consultations for Texas crash victims.
Many Factors Affect the Potential Value of a Car Accident Case
The goal of a car accident claim is to hold the at-fault driver accountable and recover fair compensation based on the expenses and losses the victim experienced. For this reason, victims must document their related costs and calculate a fair settlement range based on them.
Some common recoverable damages in Texas car accidents include:
Medical Expenses
Your car accident claim should cover all medical costs associated with treating the injuries you suffered in the accident. This includes ambulance transportation, hospital bills, surgeries, medications, rehabilitation, and ongoing medical care.
Income Losses
If you missed work because of your injuries, you can recover compensation for your income lost. This includes wages, salaries, bonuses, and other benefits. For those with lasting impairments following a car accident, returning to your previous job may be impossible. You can recover compensation for your diminished earning capacity by documenting your long-term limitations.
Property Damage
Insurance claims should cover the cost of repairing or replacing your damaged vehicle and other items damaged in the accident. Be careful not to overlook small but costly items such as broken eyeglasses, laptops, children’s car seats, and smartphones.
Pain and Suffering
The most commonly overlooked category of car accident damages is the non-economic loss crash victims suffer. These damages are intangible, making it difficult to put a price on them. However, victims deserve compensation for physical pain, emotional distress, mental anguish, and any loss of enjoyment of life they incurred because of the accident.
Future Damages
While car accident cases settle, many victims continue to require care and support because of their injuries. You can seek compensation for your anticipated future medical needs, lost earning capacity, and ongoing pain and suffering. This is especially necessary for those who have permanent injuries or disabilities after a serious crash.
What Other Factors Could Play a Role in How Much My Car Accident Case Is Worth?
While documenting your damages is essential in recovering fair compensation based on your crash losses, other factors also play a role in the potential value of your car accident settlement. Some considerations include:
Is the Other Driver Insured?
Texas law requires all drivers to carry a minimum amount of auto liability insurance coverage. According to the state’s Department of Insurance (TDI), this includes:
- $30,000 for coverage of medical bills for one victim
- $60,000 for coverage of all victims’ injuries
- $25,000 for repair or replacement of the other vehicle damaged in the crash
If the driver who caused your crash was uninsured, you may need to seek compensation through your uninsured motorist coverage. This could affect how you approach your case and the coverage limits that apply. A car accident attorney can advise you of your options after a collision with an uninsured driver.
Did You Contribute to the Crash?
Texas’s comparative negligence rule allows accident victims to recover damages even if they were partially at fault for the accident. However, this compensation decreases by their percentage of fault. Building a compelling case and recovering fair compensation in these crashes is often difficult.
An experienced lawyer is your best resource since this could considerably reduce the value of your car accident claim. If the other driver or their insurer attempts to blame you for the accident or there are disputed facts, you should contact a personal injury law firm near you as soon as possible.
If you are in our service area, our team provides free consultations for crash victims.
Can You Meet the Applicable Deadlines?
Texas puts a two-year time limit on most car accident lawsuits per Texas Civil Practice and Remedies Code § 16.003. If you miss this deadline, you could lose your right to sue. This almost makes it difficult or impossible to negotiate a fair settlement with the other driver’s insurance carrier. Acting as soon as possible helps build a solid case.
How Can an Attorney Help Me Calculate How Much My Crash Claim Is Worth?
A knowledgeable car accident attorney will make calculating a fair settlement range for your case much easier in several ways. When you hire a lawyer, you can count on them to manage all aspects of your claim. This includes identifying damages, gathering documentation, and calculating their potential value.
An experienced personal injury law firm offers:
Legal Experience and Knowledge
While it may seem obvious, the most important benefit an attorney brings to a car accident case is their knowledge of the law. Your attorney is a key resource when it comes to understanding Texas car accident laws and precedents. This makes them the best party to evaluate the strength of a case and assess potential compensation, including non-economic and future costs.
Careful Investigation and Documentation
You can count on your lawyer to conduct a thorough investigation of your accident. This includes gathering evidence and documenting damages to support your claim. Your lawyer will use their experience, knowledge of similar cases, and firm resources to calculate a fair settlement range and develop a compelling argument to support it.
An Accurate Damages Assessment
Often, having the correct paperwork is not enough to accurately assess the value of a car accident case. Your attorney has a network of medical professionals, economists, and other experts they can call on to help them document the full extent of your damages. This includes your future medical expenses, ongoing wage losses, and non-economic damages.
Proven Negotiation Techniques
Most car accident claims are settled through negotiations with the at-fault driver’s auto insurance provider. Attorneys negotiate with insurance companies and opposing parties to secure fair settlements that adequately compensate victims for their losses. Your attorney will develop a compelling case and then use proven negotiation techniques to pursue a fair payout on your behalf.
Representation of Your Best Interests
Your attorney will file a personal injury lawsuit and fight for fair compensation in court when necessary. If negotiations fail to reach a satisfactory outcome or other challenges make it necessary, your attorney will not hesitate to take your case to a jury trial.
During a trial, your lawyer will present evidence and arguments that support a favorable judgment in your case.
What Should I Do to Get a Fair Payout Based on My Car Accident?
You should contact a car accident attorney about your crash as soon as possible, especially if the accident resulted in significant injuries or property damage. It may be tempting to try to file a claim on your own or to accept an early offer to put this behind you. However, this is rarely in your best interests.
The at-fault driver’s auto insurance carrier is not on your side. They do not want to ensure you receive a fair payout based on your recoverable damages. Instead, they want to pay you as little as possible. The adjuster works for the insurance company, not for you.
Acting quickly is important for several reasons. One is because talking to the insurance company without a lawyer can hurt your case. They have certain tactics they use to reduce the value of your claim or try to blame you for the crash. This risk is greatly reduced when you have an attorney managing all communication with them.
Crucial evidence, such as witness statements, video of the crash, and vehicle damage is often time-sensitive. By contacting an attorney promptly, you can ensure that important evidence is preserved. This could be critical if you need to use this evidence to support your case later.
Valuing Your Car Accident Case Is Difficult on Your Own
On the surface, valuing a crash case and managing your own insurance claim seems relatively straightforward. You must gather bills and other key documents and determine your expenses and losses. However, there are other factors to consider. Without having the knowledge and experience to assess your intangible losses, you would be leaving a lot of money on the table.
At the same time, dealing with insurance companies is challenging. They could attempt to minimize or deny your claim. When you hire an attorney, they will handle communications with insurance adjusters, negotiate fair settlements, and advocate for your best interests throughout the claims process.
Having a lawyer on your side makes navigating the claims process much less complex. This is especially true when there are unknown future needs and considerable non-economic damages. If you suffered serious or catastrophic injuries, consider discussing your legal options with an attorney as soon as your injuries allow.
While a lawyer can help with any car accident case, some have more complex circumstances.
You want to ensure you have an experienced car accident attorney on your side to determine your claim’s value when:
- There were multiple vehicles involved
- Liability is unclear
- There are disputed facts
- You or a loved one has catastrophic injuries
Your attorney can investigate the accident, gather evidence, and navigate the complexities of Texas car accident law to build a strong case on your behalf. While they manage your legal case, you are free to focus on treatment, rehabilitation, and healing.
Could Hiring a Lawyer Increase My Car Accident Claim’s Value?
Evaluating the potential settlement value of a car accident case in Texas is a complex process that requires you to consider many factors. Some of these factors require knowledge and experience that are likely far beyond what most victims would possess.
This is why working with a car accident lawyer is so important. Attorneys who handle these cases regularly understand the factors influencing case value and how to develop a strong case to support fair compensation. They make it possible for injured victims to navigate the claims process effectively and secure the compensation they deserve.
You deserve to recover compensation for all the expenses and losses you incurred because of your crash. However, many victims who try to develop a claim on their own do not have the necessary experience to accurately evaluate their recoverable damages and demand fair compensation.
If you hire an attorney, this will not happen. A car accident lawyer knows how to determine how much a car accident claim is worth and seeks a just payout based on the case facts.
Attorneys can often play essential roles in victims’ car accident claims.
This includes:
- Answering questions from accident victims
- Managing all communication with the insurance carriers
- Investigating the accident
- Working with experts
- Determining a fair settlement range
- Negotiating fair compensation
- Representing their clients in court
To ensure you get the money you deserve based on the circumstances that led to your Texas crash, contact our team about your legal options today. Having one of our attorneys on your side could allow you to proceed with your claim or lawsuit while remaining focused on your physical recovery.
Discuss Your Car Accident Case With Our Team for Free
Ted R. Lorenz, Car Accident Lawyer
Lorenz & Lorenz Accident & Injury Lawyers PLLC, provides free consultations for crash victims. In addition to our headquarters in Austin, TX, we have offices in San Antonio and Waco. Our personal injury attorneys know how to determine how much your car accident claim might be worth and fight for a fair settlement.
Contact us today to learn more about how we can help you recover the money you need to pay for your current and future care needs. Call (512) 477-7333.