Understanding how much a car accident claim is worth comes down to two main factors: liability and damages.
These two aspects determine the value of a claim, as they dictate who caused the accident and how much compensation you should recover.
However, the simplicity of these factors can be deceptive, as various sub-factors can significantly impact the final amount of a car accident claim.
At Bailey & Galyen, we strive to ensure our clients receive the maximum compensation they deserve by carefully considering all aspects of their cases and fighting for their rights.
Learn about our process and how our Texas car accident lawyers can help secure the full value of your damages.
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What Are Compensatory Damages in a Car Accident?
In a typical car crash, the losses you may face fall into two broad categories: economic and non-economic damages.
Economic Damages
Physical harm and tangible losses with a direct monetary value fall under compensatory economic damages.
These include but are not limited to:
- Medical expenses: This includes any costs related to medical treatment, including hospital bills, doctor visits, prescription medication, physical therapy, and more.
- Property damage: You can recover any costs to repair or replace your vehicle or other property damaged in the accident.
- Lost wages: If you had to miss work due to injuries sustained in the accident, you may be entitled to compensation for lost income.
- Diminished earning potential: If your injuries have resulted in a long-term or permanent disability that affects your ability to work and earn income, you may recover compensation for the potential earnings you will lose.
- Other out-of-pocket expenses: Any other financial losses incurred as a direct result of the accident, such as transportation costs for medical appointments, home modifications for disabilities, etc., fall into this category.
Because economic damages have a clear monetary value, they are easier to calculate and prove in a car accident claim. To receive fair compensation, you should keep complete documentation of all related expenses.
Non-Economic Damages
A car accident survivor may also recover compensatory non-economic damages that do not have a set value. However, the amount of such damages can be valued, and their recovery can significantly affect the victim’s life.
Common types of non-economic damages recoverable in a car accident case include:
- Pain and suffering: Physical and emotional pain experienced as a result of the accident
- Emotional distress: Mental anguish or trauma caused by the accident
- Loss of enjoyment of life: If your injuries have affected your ability to participate in activities or hobbies that previously brought you joy
- Loss of consortium: Compensation for the accident’s impact on relationships with a spouse or family member
Calculating and justifying non-economic damages is more challenging than economic damages, as they are subjective and do not have a fixed monetary value.
Our personal injury law firm works closely with auto accident clients to document and present evidence of these intangible losses to ensure they receive fair compensation.
Factors That Can Affect the Value of a Car Accident Claim
The total compensation awarded in a car accident claim can vary significantly depending on:
- Severity of injuries: The more severe and long-lasting the injuries, the higher the compensation will likely be.
- Comparative negligence: If you were found to be partially at fault for the accident, your compensation may be reduced accordingly.
- State laws: Each state has different regulations regarding personal injury compensation amounts, which can affect the value of a claim.
At Bailey & Galyen, we carefully evaluate all factors and work diligently to build a strong case for our clients, ensuring they receive the maximum compensation possible.
How Much Can I Receive for My Car Accident Injuries?
To understand how much you could recover after a collision that was not your fault, let’s look at the average cost of a car accident:
- Emergency medical services: When paramedic care, ambulance rides, or emergency hospital care is necessary after an accident, medical expenses can quickly add up. On average, these costs range from $500 to $50,000+.
- Follow-up treatments and medications: Many injuries sustained in car accidents require follow-up treatments such as physical therapy or chiropractic care. These additional medical expenses can range from $2,000 to $100,000+ over a lifetime.
- Surgery and specialist care: Catastrophic harm from a traumatic brain injury or spinal cord damage could require surgery or specialist care that costs between $50,000 and $300,000 in upfront costs and often exceeds $2 million over a lifetime.
- Lost wages: Depending on the severity of your injuries, you may miss work for a few days, weeks, or even months. This loss of income can amount to tens or hundreds of thousands in lost wages or diminished earning potential.
Scheduling a free case evaluation with experienced personal injury lawyers is the best way to determine the potential value of your unique car accident claim.
Our attorneys at Bailey & Galyen work with medical and financial experts to ensure that all aspects of your injuries and losses are considered when seeking compensation.
How Do I Know If I Am Receiving a Fair Offer for My Car Accident Injuries?
If you receive an offer from an insurance company after a car accident, we can carefully assess whether it will cover all of your losses.
In most cases, insurance companies will try to settle for the lowest amount possible, which may not truly reflect the value of your claim.
At Bailey & Galyen, we can review your offer and help you determine if it adequately compensates for all economic and non-economic damages related to your car accident injuries.
If we believe the offer is unfair, we can negotiate with the insurance company or take your case to court, if necessary. We aim to ensure you receive the maximum compensation for your injuries and losses.
How Much Is a Car Accident Claim Worth? Contact a Car Accident Lawyer From Bailey & Galyen to Find Out
You deserve full and fair compensation for the damages you have suffered in a car accident that was not your fault.
Give yourself the best hope of obtaining maximum compensation by seeking legal representation from the experienced Texas personal injury attorneys at Bailey & Galyen.
Call (817) 345-0580 or fill out our online form for your free case evaluation and learn how much your car accident case is worth when handled by a seasoned car accident lawyer.