In this article, you can discover:
- Whether settlement calculations include both tangible and intangible losses.
- The possibility of future medical costs being included in your settlement.
- How to manage car repairs and issues with underinsured or uninsured drivers.
How Is The Settlement Amount Calculated In A Car Accident Claim?
In car accident claims, settlement amounts are determined by considering two types of damages: special and general. Special damages refer to quantifiable losses such as medical bills, lost wages, and property damage. These are calculated based on specific amounts and provide a clear financial impact of the accident.
General damages, on the other hand, encompass non-economic impacts like pain and suffering, and the long-term effects of injuries on an individual’s life. These are not quantifiable through direct numerical values but are equally critical in assessing the overall impact of the accident. Adequate evidence for both types of damages is essential for substantiating a claim and achieving a fair settlement or verdict.
Will Settlement Offers Include Future Medical Costs?
Yes, future medical costs are included in settlement offers if substantiated by credible evidence. This typically involves a medical expert’s reasonable forecast of future medical expenses.
For example, if a victim undergoes arthroscopic knee surgery but is expected to need a total knee replacement due to the accident, the doctor’s predictions and testimonies are crucial. These medical insights enable insurance companies and juries to consider future medical expenses in their offers and verdicts, ensuring a comprehensive settlement that covers all potential medical needs.
Who Will Pay For My Car Repairs?
In cases where the at-fault driver is identified, their insurance company is generally responsible for vehicle repairs or compensation. It’s advisable for clients to choose their repair shops to ensure comfort with the service.
If a vehicle is deemed totaled, the settlement typically reflects its fair market value, which can be influenced by various factors such as depreciation. When a car’s market value is less than the amount owed, gap insurance is recommended to cover the difference, protecting the car owner from financial losses due to the accident.
What Can I Do If The Driver Who Struck And Injured Me Is Underinsured Or Uninsured?
In North Carolina, as an example, motorists are required to have uninsured motorist coverage, with minimum liability coverage of $30,000 per person and $60,000 per accident. This ensures protection in scenarios where the at-fault driver is uninsured or in hit-and-run situations. Additionally, underinsured motorist coverage is available for cases where the at-fault driver’s insurance is insufficient to cover all damages.
Recent legislative changes in North Carolina, effective January 1, 2025, will alter how underinsured motorist coverage is credited, allowing for fuller compensation. However, it is important to note that insurance companies may not readily disperse these funds, as they often aim to minimize payouts to protect their financial interests. In some cases, this leads to disputes or claims of bad faith against the insurance company for their handling of the claim.
For more information on the Settlement Of Auto Accident Claims In NC, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (833) 444-4127 today.