What is the Value of My Personal Injury Claim?

Many accident victims have the same big question: “How much is my personal injury claim worth?” Finances can quickly become complicated after a severe accident. You have medical bills to juggle your other regular expenses. Not only that, many serious injury victims are unable to work due to their injuries.

Your personal injury lawyer can guide you in understanding the value. Houston automobile accident injury lawyer Joe Stephens can help you know how to come up with a value for your claim after a car accident. So how much can you expect from your personal injury claim?

The amount you ultimately receive will depend on several key factors. Even if you have the same general injuries as someone else, suffered in the same way, you may find that the compensation you receive for your injuries does not look like theirs. Here are some determining factors.

Who Caused Your Accident?

Many parties, including drivers, homeowners, and business owners, have insurance designed to protect both the responsible party and the victim in an accident. For example, drivers must have bodily injury protection insurance to help protect people injured in an accident caused by that driver. Similarly, premises liability insurance, commonly carried by homeowners and businesses, includes coverage for those injured on those premises.

In some cases, more than one party may be legally liable for the damage you suffered in an accident. For example, in a car accident, your attorney may find that in addition to the at-fault driver, the driver’s car manufacturer also owes you damages because the car’s brakes were faulty and failed just before the crash.

How High Are Your Medical Bills?

Medical bills tend to increase based on the severity of a person’s injuries. For example, if you suffered spinal cord injuries that resulted in paralysis from the neck down, then you may face more than $ 1 million in medical expenses in the first year after the accident.

Keep track of all expenses you have due to your injury by keeping medical bills, receipts, insurance statements, and the like. Your attorney can use these items to help you estimate the total amount of compensation you have already incurred and to predict the likely size of your expenses in the future.

Did You Suffer Other Financial Impacts Related to Your Accident?

A personal injury claim can also include any financial impact you suffered due to the accident and your injuries. For example, if the accident damaged your personal property, then you may be entitled to include repair or replacement costs in your claim. Likewise, if you need to spend a large amount of money on transportation after your accident, it could be a factor in your claim. An experienced personal injury attorney can work with you to assess the full extent of the financial losses you suffered. You will also be compensated for the lost work hours.