The value of a car accident claim depends on many factors. An insurance adjuster may try to convince you that he knows exactly how much your car accident case is worth. However, the adjuster may be attempting to settle your claim for a lower amount before you have time to consult with a Texas automobile accidents attorney or complete medical treatment.
Beware of insurance companies that try to settle your car accident claim quickly. The offer of settlement may appear tempting, but the amount of the settlement offer may be much lower than the actual value of your claim. It is usually in your interest to allow Texas personal injury attorneys to review the offer before accepting the offer or signing any documents for the other driver’s insurance provider.
Factors Used to Calculate the Worth of a Car Accident Claim
No two car accident claims are identical, even if the claims involve the same exact injuries. The factors in each case can be extremely different. Therefore, you need to carefully examine the factors in your case to determine the value of your claim.
Some common factors that impact the value of an injury claim include:
- The type and severity of the physical injuries;
- A person’s emotional, physical, and mental pain and suffering;
- The length of recovery;
- Whether the person suffered a permanent disability, scarring, or disfigurement;
- The financial losses, including medical expenses, personal care, property damage, loss of income, etc.; and,
- Whether the person will incur future damages.
Each damage must be carefully documented to receive maximum compensation for your car accident claim. You should keep all receipts, bills, invoices, and other documents related to the financial cost and losses related to the accident, your injury, and the recovery.
Do I Need an Attorney to Calculate the Value of My Claim?
It is usually in your best interest to consult with an attorney regarding the value of your car accident claim. An attorney knows how to use the facts and evidence in your case to maximize the value of your case. You may not realize you are entitled to compensation for some damages, such as PTSD, modifying a bathroom to accommodate an impairment, or loss of earning capacity because of a permanent impairment.
Your attorney also knows what evidence and documentation is needed to prove damages. Furthermore, if you anticipate future damages, you may need to work with an economist, financial expert, and medical expert to determine the actual value of your future damages to include in your claim.
Insurance Coverage Can Impact the Value of a Claim
Unfortunately, the amount of insurance coverage the other driver has impacts the value of your claim. The insurance company is only liable to pay up to the maximum policy limits for your claim, even if your claim is worth more than the policy limits.
Therefore, our Texas personal injury attorneys encourage clients to purchase as much underinsured motorist coverage as they can afford. Underinsured motorist coverage pays your damages that exceed the at-fault driver’s insurance coverage. In cases in which the at-fault driver carries minimum insurance coverage ($30,000 in Texas), you may need your underinsured motorist coverage if your injuries are severe.
Contact Our Texas Personal Injury Attorneys for a Free Case Review
We are here to help you if a negligent driver has injured you. Schedule a consult with the Texas auto accident lawyers at The Tony Law Firm today to discuss your options for pursuing a personal injury claim.