Understanding the True Value of Your Car Accident Claim Before Accepting an Offer

Car accidents can be traumatic experiences, leaving individuals injured and unsure of how to proceed. Because of this, it may be tempting to accept the first offer from insurance just to get things over with. However, you should never say yes without first understanding the true value of your car accident claim. 

Let’s take a look at the various factors that go into determining the value of a car accident claim and why seeking legal representation, such as the Law Offices of Craig A. Altman, is an essential part of getting fair compensation for your pain and suffering.

Factors Affecting the Value of a Car Accident Claim

Understanding the complexities of a car accident claim starts with recognizing the various components that contribute to its value. The amount you receive – or should receive – is not arbitrary. Instead, it is largely influenced by four primary elements: injury type and severity, medical expenses, loss of income, and property damage.

Type and Severity of Injuries

The first element contributing to the value of your claim lies in the type and severity of injuries you have sustained in the accident. Minor injuries such as slight abrasions or bruises may result in lower claims. Conversely, significant injuries like spinal damage, traumatic brain injuries, or long-term impairment can significantly increase the value of your claim.

Medical Expenses

In addition to the physical injuries, the associated medical costs significantly influence the value of your claim. This not only includes current medical bills (hospital fees, doctor’s visits, medications, etc.) but also future projected medical costs related to your injury.

Loss of Income

If the accident has resulted in your inability to work or has limited your earning potential, these financial losses can also bolster the value of your claim. This might include wages lost during recovery or, if the accident induced a disability, a loss of future earnings.

Property Damage

Finally, damage to your vehicle or other personal belongings can affect the value of your claim. This could include repair or replacement costs for your car, as well as damaged personal items within the vehicle at the time of the accident.

The Role of Comparative Negligence in Determining Value

Comparative negligence plays a big role in determining the value of a car accident claim in the New Jersey legal system. This means that the fault between the involved parties determines who takes on more blame for an accident. 

In essence, if you’re determined to be partially at fault for the accident, the compensation you receive might be reduced proportionally. By knowing how much fault you have in the accident, you can more accurately adjust your claim value.

Understanding Insurance Coverage and Policy Limits

Knowing the specifics of your insurance coverage and the other involved parties’ coverage will help you navigate the claims process. Policy limits can cap what you are entitled to receive, which can significantly affect the value of your claim. If limits are too low to cover your losses, you may need to explore other avenues for compensation, such as a lawsuit against the responsible party.

The Benefits of Seeking Legal Representation

Retaining a seasoned personal injury lawyer, like those at the Law Offices of Craig A. Altman, can help accurately determine the value of your car accident claim. An attorney can bring invaluable negotiation expertise, a deep understanding of the law, and a commitment to your rights and interests. There are countless stories of accident victims securing higher settlements than what was initially offered by insurance adjusters with the help of a lawyer. That could be you if you choose to hire legal counsel for your case.

Negotiating With Insurance Companies

Negotiating with insurance adjusters can be a challenging process. They are often adept at tactics to minimize payouts, so being able to enhance your negotiation skills or have a seasoned lawyer negotiate on your behalf can be crucial. Accepting a low offer without legal advice can lead to insufficient compensation not covering all your losses.

Calculating the True Value of Your Car Accident Claim

You can find the true value of your car accident claim by gathering comprehensive evidence and documentation, such as police reports, medical records, and proof of income loss. Make sure to consider both economic (out-of-pocket expenses) and non-economic damages (pain and suffering, emotional distress) when calculating the claim’s value.

Get What You’re Owed After an Accident

Getting fair compensation after a car accident means understanding the true value of your claim before taking an offer. It requires comprehensive analysis, thorough negotiation, and, in most cases, the advice of a seasoned personal injury attorney to ensure all damages are adequately represented.
If you or a loved one have been in a car accident, contact the Law Offices of Craig A. Altman. Discuss your case in a free evaluation by contacting us online or over the phone at (856) 327-8899 and see how we can represent your interests for fair compensation.

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