After a car accident, you’re dealing with a lot of painful, expensive damages that will make it difficult to recover. Even if your insurance company seems willing to work with you to give you a full settlement, you’ll need to ask yourself one important question: What is a fair settlement for a car accident?
Every car accident is unique. Your case may be more or less serious than a similar accident. But every claim has a few values that should be counted, such as the car’s value and your total damages. When you’re fighting for a fair settlement, be sure to consider every damage you deserve compensation for.
Using Fair Market Value
When your car has been damaged in an accident, you’ll need to determine what your car is truly worth in order to be fairly compensated for this loss. Usually, this is done using the car’s fair market value.
Fair market value refers to how much the car would be worth if it were sold between two willing parties. Both parties would be aware of all problems with and additions to the vehicle.
This can be difficult to determine, depending on features you might have added to the car before the crash. The insurance adjuster should account for all of this when determining the value of your settlement, but you should speak to an attorney for a second opinion. The insurance company might undervalue your totaled car, which can make it difficult to get what you’re owed.
Include All Damages
You’ll need to make sure you get the full amount you deserve for all of your damages—not just your vehicle repairs. However, you may have trouble calculating the monetary value of some of your damages. Your non-economic damages, such as pain and suffering, and won’t have a price tag like the others. That can make it difficult to know how much compensation to ask for.
Your economic damages should include all expenses related to the accident, both current and future. If your injuries require future surgeries or treatments, your settlement should cover these, as well. You wouldn’t have suffered from those expenses if the accident hadn’t happened, after all.
Non-economic damages like emotional trauma, which can be serious enough to become post-traumatic stress disorder (PTSD), are difficult to calculate. Fortunately, an attorney can help you place a fair value on your suffering and seek an appropriate settlement.
Need Help Calculating Your Auto Accident Settlement?
Getting a fair settlement after a car crash can be tough, and the insurance adjuster might not offer you the full amount you deserve. If you’re not sure the other side is offering you the full settlement you need, reach out to a lawyer at The Kindley Firm, APC.
When you need help determining a fair settlement for a car accident, you may need a lawyer to make sure you’re getting the full settlement you deserve. Our attorneys will start with a free case review, and we won’t give up until you have every dollar you’re owed.
Ready to get started? Contact us by calling 619-550-1313 or completing the online contact form below.