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How Much Money Can I Recover After a Car Accident?

How Much Money Can I Recover After a Car Accident?

Who Decides How Much Money I’ll Get?

After a car accident, you might suffer injuries that affect your quality of life and require medical treatment, resulting in steep expenses. If the other driver was at fault for your car accident, you might be able to pursue a claim to recover compensation for your losses.

As you begin the claims process, you may wonder how much compensation you can expect to receive; unfortunately, the answer to that question is not straightforward. Insurance claims don’t have a set formula for determining award amounts, as they are complicated matters that are handled on a case-by-case basis. The amount you recover for economic damages such as medical bills, and non-economic damages such as pain and suffering, is based on a number of factors.

Valuing Economic Damages

Valuing economic damages is straightforward, as these losses include medical expenses, property damages, and lost wages. Because you have some type of receipt or record of the expense, the amounts can be calculated precisely.

Valuing Non-Economic Damages

Non-economic damages are a bit more difficult to value because they are not based on tangible losses; rather, they are based on such things as physical pain and suffering, mental pain and anguish, and loss of enjoyment of life.

Generally, with these types of damages, compensation amounts are determined by the severity of your injuries and the extent of your treatment. The more serious the diagnosis and prognosis are for your injuries, the greater your loss. Larger losses require higher compensation to make you “whole.” For example, a broken bone can demand a higher value claim than soft-tissue injuries because the former is generally more serious than the latter. Injuries that cause more lasting damage are also valued higher. For example, a herniated disc that results in near constant pain is generally valued higher than a broken bone.

Similarly, when your injuries require more extensive treatment, the claim value will be higher. For example, if you need to undergo surgery, the award amount may be greater than if you need a cast for a broken bone.

The At-Fault Driver’s Insurance Limits

Another factor considered when determining your compensation amount is the at-fault driver’s insurance policy limits. Insurance companies will only pay out the maximum amount based on their customer’s limits. In Louisiana, most drivers carry only the required minimum liability insurance, which is limited to $15,000. The insurance company won’t pay out anything more than the policy limit. Therefore, it is a good idea to carry underinsured motorist coverage.

Discuss Your Case with Parker Alexander

At Parker Alexander, we know how to properly value your claim and work toward recovering just compensation on your behalf. We have over 55 years of collective legal experience navigating complex claims, and we will work with you to understand your unique circumstances and build a solid legal strategy for your case.

Start your free case evaluation by calling us at (318) 625-6262 or contacting us online.

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