After a car wreck resulting in physical harm, it is in your best interest to thoroughly understand the monetary value of your injury. With a ballpark sum in hand, you can feel more confident when accepting or denying an offer from an insurance company.
Coming up with this figure can seem complex, but breaking the calculation down into manageable parts simplifies the task.
Medical expenses
The first step is adding up all costs for treating your injury. These may include hospital and specialist visits, physical therapy, medications and any equipment necessary for recovery. Remember to consider both current and anticipated medical expenses when determining this number.
Lost wages
If time off from work becomes mandatory, this should be part of the equation. Begin by tallying how much you will forfeit due to your absence. Then, include bonuses, overtime and benefits you are not getting. Should the injury affect your ability to hold down a job in the future, estimate this loss of earning capacity.
Pain and suffering
This variable is less tangible than the others. It covers the physical discomfort and emotional trauma stemming from the accident. Calculating this dollar amount can be challenging. Factors such as the severity of the injury, length of recovery and impact on your daily life help nail down the ultimate price tag. Sometimes, people assign a numerical rating to their experience to express the intensity.
Property damage
Include the expenditures for fixing your vehicle and replacing personal property. Obtain repair estimates from a local mechanic and do online research to tally up the market value of any broken items.
The estimation process gives you a starting point for demanding compensation. Until the matter’s resolution, keep detailed records of every expense to support your claims.