Typical Settlement Values for a Wichita Falls Car Accident
Being a Wichita Falls car accident law firm, one of the questions we get most often is, “What is my car accident claim worth?” Whether we are contacted by accident victims in Wichita Falls, or elsewhere in Texas or Oklahoma, or whether it was a regular car accident, a truck accident, a motorcycle accident, or even a pedestrian accident, this is the main thing we have noticed that most people want to know.
You can search online for the average settlement amount, for some magic formula you can use to calculate yours, and you can even find a settlement calculator to help you attempt to determine the value of your claim, but unfortunately, there is no secret formula to figuring out the value of your case.
There is no cookie cutter solution because every client and every accident are different making each claim unique. With so many potential variables influencing the value of the case such as the facts surrounding the accident itself, the actual damage to the vehicle, the extent and severity of your injuries, how much insurance coverage is available, among many other things, it is nearly impossible to utilize a formula to determine the value.
What You Must Know to Estimate the Value of a Wichita Falls Car Accident Claim
Now that the difficulty in determining the value of your Wichita Falls car accident claim has been revealed to you, it doesn’t mean you shouldn’t try to get somewhat of an idea of what your case is worth. Just don’t expect to be right on the numbers, and don’t be surprised if you are off a fair amount.
In order to get an idea of what your case is worth, you’ll have to have a good grasp of the following factors:
How the accident occurred
Who was responsible (liable) for causing the accident
Whether liability is clear and if there is evidence that reflects those facts (accident report)
How quickly and how regularly medical treatment was sought
Whether your accident claim is within the statute of limitations or not (2 years from the date of the accident for Texas and Oklahoma)
How much insurance is available both from the liable party and your own insurance company
Each factor is important for you to understand by itself, but together they can help you gather an idea of what your accident claim could be worth. However, not understanding even one factor could be detrimental and throw off your estimate completely, especially liability. If you contributed to causing the accident in some way, or even if the person who caused the accident lies, your ability to recover compensation could be greatly reduced or even eliminated entirely. Additionally, it is critical that you identify all insurance policies involved. If you overlook and miss one, your settlement could take a big hit.
Other Key Factors in Determining a Wichita Falls Car Accident Settlement Value
After you have a grasp on the items listed above, you should turn your attention to the following factors in determining the value of your Wichita Falls car accident claim:
Medical expenses (past and future). Your past medical bills could be for your ambulance ride, ER visit, other hospitals, diagnostic tests, blood work, physical therapy, other rehab, pain medication, at-home care, or medical equipment you need. Your future medical should be determined based on the amount of ongoing medical treatment and care you will need for your injuries.
Lost wages in the past and loss of earning capacity in the future. Your lost wages are the amount of money you lost by not being able to work because of the injuries you sustained in the accident. Your lost wages could include your regular wages, bonuses, and commissions. Your loss of earning capacity should cover your income for you missing work in the future or if you are limited in the amount you will be able to work in the future.
Pain and suffering (past and future). As opposed to the two elements above, pain and suffering is more of a subjective element that cannot be calculated by some objective standard. An experienced attorney who is familiar with these elements can assist you in determining a potential compensation range for your pain and suffering.
Scarring, impairment, and limitations (temporary and/or permanent). You can be compensated if you have suffered any physical scarring or impairment or suffer from any temporary or permanent limitations. Additionally, although not as easy as the physical, you can be compensated for any mental scarring, anguish, or impairment.
Contact Our Wichita Falls Car Accident Law Firm
If you or someone you know has been in an accident and suffered injuries, you need to seek counsel from an experienced car accident lawyer who has helped victims of car accidents for almost 3 decades. Call Booker Law today at 940-569-4000 or fill out our contact form for a free, confidential, no-obligation consultation.
Being involved in an accident can quickly turn your life on its head thrusting you into the complex and confusing legal and medical worlds. An attorney isn’t always necessary for every case and there are instances where you can settle your case on your own. With that being said, if you have suffered very serious injuries and have enormous medical bills, it is recommended that you work with an attorney. You need the experience, guidance, and skills of someone who does this all the time and can handle the entire process for you and maximize your settlement value allowing you to focus on getting better.
An experienced car accident lawyer will conduct a thorough investigation of the accident, gather all important evidence, and identify all insurance policies involved. Once these steps are completed, the attorney should be able to get a range based on potential settlement value and jury verdicts where the accident occurred. The best and most effective car accident lawyers do everything possible to maximize the value of your claim.
Whether or not you believe you need a lawyer, it doesn’t hurt to get a free evaluation and a little guidance. And whether you contact us or not, you can download our free book, The Traveler’s Guide to the Universe of Personal Injury, to get learn all you need to know about personal injury claims.