If you were injured in a car accident, you may consider pursuing legal action against the at-fault driver. But understanding the potential settlement amount in your case can help you make informed decisions throughout the process.
Several factors impact the value of a car accident settlement. A car accident lawyer in Queens, NY, can help you estimate your potential case value and explain the compensation process.
Factors That Affect Your Accident Settlement Value
In a car accident case, a “settlement” is the amount the defendant offers you during negotiations to avoid going to court. This amount should reflect the value of your damages and the impact the accident has had on your life.
An attorney can review these factors to help estimate a potential settlement value and pursue fair compensation.
Severity of Your Injuries
The severity of your car accident injuries will determine the extent of medical treatment needed and the impact on your life as a whole. If your injuries are considered “catastrophic,” meaning they require long-term care or result in life-long consequences, this represents the highest level of injury severity and often equates to greater compensation. Your injuries would at least need to meet New York’s “serious injury” threshold in order for you to pursue legal action against the at-fault party.
Value of Medical Expenses
Your medical bills and associated costs are considered economic damages in your car accident case. Calculating the total value of these bills is an important step in determining the overall value of your claim.
Consider all of the medical costs you have already paid toward your injuries, such as:
- Ambulance bills
- Medical treatment bills
- Prescription medication costs
- At-home medical equipment costs
- Physical therapy bills
- Insurance co-pays
Through a car accident case, you may be able to seek reimbursement for the expenses you have paid out of pocket for your medical treatment. If your insurance coverage has paid for some expenses, talk to your auto accident lawyer in Queens, NY, about how this might be factored into your settlement.
Time Off Work
Recovering from significant injuries after a car accident may make you unable to complete your job duties, leading you to take time off work. Your car accident settlement should also reflect your lost wages and lost earning potential.
Your attorney can help you calculate lost wages by taking your regular rate of pay and multiplying it by the number of hours or days you missed due to your injury. If long-term or permanent injuries affect your ability to work, your attorney may calculate your potential loss of future earning capacity. Compare the projected earnings you would have made without the injury to your new earning capacity to estimate this figure.
Impact on Your Life
Your personal injury claim may also enable you to seek non-economic damages. These help make up for the emotional and physical consequences of the accident that do not equate to an exact price tag. They may include:
- Dolor y sufrimiento
- Pérdida de calidad de vida
- Angustia emocional
If you can show that the accident has significantly impacted your well-being and quality of life or has led to serious emotional and physical consequences, these factors may increase the potential value of your settlement.
Liability Determination
New York follows a pure comparative negligence policy for assigning car accident liability. Every party involved in an accident can receive a percentage of the fault determination, and this percentage would affect their payout. For example, if the insurance company assigns you 20% fault, you would only be able to seek 80% of your damages from the other party or parties.
A personal injury attorney in New York can help you understand how fault is determined and other New York car accident laws that may affect your potential payout.
Settling Out of Court vs. Proceeding to Trial
As many as 95% of personal injury lawsuits settle out of court. This means that all parties reach a settlement agreement before the case proceeds to trial. The defendant agrees to award the plaintiff a specific sum of money in exchange for avoiding going to court.
When you accept a settlement offer from the defendant, you may be accepting less than you could receive through an actual trial. However, you are also saving time and legal fees in the process. An attorney can help you negotiate a reasonable settlement offer that still accounts for your car accident damages.
Consult a Car Accident Lawyer in Queens, NY, Today
Nearly 300 people pass away in car accidents each year across New York state, while thousands of others are injured. If you were injured in a car accident, speaking with an attorney can help you understand your potential case value and car accident settlement.
Contact Elliot Ifraimoff & Associates, PC, today at 718-205-1010 to request a free case review with our car accident attorneys. Then, learn more about filing a car accident claim.
Preguntas frecuentes
What is the average car accident settlement?
While more data is needed to determine the average car accident settlement across the U.S., the average auto liability claim value was $26,501 for bodily injury and $6,551 for property damage in 2023, according to the Insurance Information Institute. In some cases, car accident lawsuits may lead to higher compensation than insurance settlements, depending on the facts of the case.
Is there a cap on car accident damages in New York?
New York does not place a cap on the amount of damages you can sue for in a car accident lawsuit. However, under New York’s no-fault system, you can only sue for damages beyond basic economic loss if your injuries meet the state’s “serious injury” threshold.
Will you pay taxes on a car accident settlement?
You generally would pay taxes on a car accident settlement for damages like lost wages, emotional distress, or other non-physical claims, while damages for physical injury or illness are generally not taxable. An attorney can help you understand the potential tax implications of your settlement.