How to Determine If an Auto Accident Settlement is Fair

In 2022, about 5 million people in the US were involved in car accidents.

Being involved in an auto accident can be a scary experience. These types of accidents often involve severe injuries and death, especially if you are driving a smaller vehicle and involved in a crash with a larger one.

You’ll want to do whatever you can to protect yourself, your passengers, and your car, which means getting out of the way of any oncoming traffic.

If you feel like you’ve done all you can but still get into an accident and suffer injuries, you’ll probably want to go through the auto accident settlement process. You’ll want to know that you’re compensation is enough for what happened to you.

Here’s how you can tell whether or not your settlement is compensating you for your injury.

Calculate Expenses on Vehicle Repairs and Replacements

You will need to evaluate how much it will cost to fix the vehicle and any extra costs associated with the accident. If you need to replace parts or accessories, ensure you add those costs. Take into account the fair market value for a similar vehicle and whether or not the damage has decreased the value of your car.

Once you have the information, compare it to the settlement offered. It is not a fair settlement if it is less than the cost of repairs and replacements.

Review Your Medical Bills

Accurate medical bills will reflect the total costs associated with your injuries, such as doctor visits, hospital stays, medical tests, surgeries, rehabilitation, and ongoing care. A fair settlement should cover all of these costs and any expected costs for the future.

Additionally, consider the type and amount of insurance coverage your state requires. Depending on the situation, this can influence how much coverage is available and how much the insurance company is willing to pay.

Furthermore, consider hiring an attorney who has experience in auto accident settlements. They can help review your medical bills and negotiate with the insurance company. Check out this local law firm and learn more about the legal assistance you can get.

Consider Your Lost Wages

Calculate what your wages would have been since the accident. Remember to factor in any raises or bonuses you may have received had you been able to work.

Additionally, factor in any paid time off that may have been available to you. Consider any insurance benefits you may have been eligible for had you been employed at the time of the accident.

Furthermore, calculate any overtime payments or shift differentials you may have accrued during the accident. Include any job promotions or additional training you may have received had you been employed. When determining if your auto accident settlement is fair, account for all these items.

Ensuring a Far Auto Accident Settlement Offer

It is essential to be aware of all potential damages you can claim and assess the insurance company’s offer from a knowledgeable standpoint. Understanding what is fair will help ensure that any auto accident settlement is fair. If you need additional guidance, consider talking to a car accident lawyer who can help you get the most out of your case.

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