Many people who file an injury claim or a diminished value claim as a result of a car accident often wonder how much their particular case is worth. The truth is, there is no generic formula we can use to answer this question. This because each individual case is unique. However, understanding what these claims are made of may help you gauge a range of value that your case may be worth.
Typically, a personal injury claim filed as a result of a car accident is made of up three parts:
Medical bills;
Lost wages & out-of-pocket expenses; and
Pain and suffering.
Medical bills and lost wages / expenses are clear cut numbers, therefore it is very hard for an insurance company to argue against those bills, receipts, or records. On the other hand, pain and suffering is not a clear cut number. Pain and suffering is very subjective; there is no recognized formula to utilize to determine the value of one's pain and suffering. As you can imagine, the value you put on your pain and suffering may be very different from the value an insurance company puts on your pain and suffering. Hiring an experienced car accident attorney can help you get the most compensation for your pain and suffering.
Diminished value claims are based on a variety of factors, which are also unique in each and every case. A diminished value claim is largely based on: 1. The market value of your vehicle after the accident; 2. The amount of damage your vehicle sustained; and 3. The age of your vehicle. In other words, the newer your vehicle and the more damage it sustained, the more money your diminished value claim is worth. These types of claims are very difficult to pursue and you may find hiring an attorney is your only option.
As you can see, although it is near impossible to put an exact number on the value of your car accident claim, you can estimate what range of compensation you should expect based on the factors outlined above.