How Much Is a Car Accident Lawsuit Worth?
If you are dealing with the effects of a car wreck, an Oxford car accident lawyer can help answer your questions. One of the most important questions you may be asking is, “How much is my car accident lawsuit worth?”
There are a couple of reasons why it is important to know the value of your claim. First, it will help you avoid settling your claim too soon for too little. If you don’t know what your claim is worth, you won’t know if the insurance company is making a lowball offer to settle.
Second, it will help you make an informed decision about hiring an attorney. If your claim isn’t worth much, it might make sense to try to handle your claim on your own. But, if you are entitled to a significant financial recovery, you will need an experienced attorney on your side.
Determining the Value of a Car Accident Lawsuit in Mississippi
So, how can you figure out what your car accident lawsuit is worth? Before we talk about the steps involved, we first want to cover some things you should not do. You should not make any assumptions based on “average” car accident settlement figures. You also should not trust any “settlement calculator” you may find online. Every case is special and needs to be reviewed on its own merits.
As we discuss below, the value of your claim depends entirely on your unique circumstances. What other people may have recovered in the past is irrelevant to your claim, and an online settlement calculator simply won’t take all of the relevant facts about you into account. To find out how much your car accident lawsuit is worth, you need to work closely with an Oxford car accident lawyer who understands your case and who has your best interests in mind.
7 Key Factors for Determining How Much a Car Accident Lawsuit is Worth
When assessing the value of your car accident claim, an experienced lawyer will examine factors including:
1. Who Was at Fault in the Accident
Generally speaking, you can file a lawsuit after a car accident if someone else was at fault in the collision. If you were partially at fault, this will reduce the amount you are entitled to recover, but you can still pursue a claim. Failing to seek prompt medical treatment and various other mistakes can also negatively impact your claim. As a result, it is important to hire a lawyer as soon as possible so that your lawyer can conduct an investigation and explain the mistakes you need to avoid.
2. The Severity of Your Injuries
The severity of your injuries is among the most important factors for determining the value of your car accident lawsuit. The more severe your injuries, the more you will be entitled to recover. This is true not only true when it comes to financial costs like medical bills and lost earnings, but when it comes to calculating the non-financial costs of your injuries as well.
3. Your Long-Term Medical Needs
Under Mississippi law, when you have a car accident lawsuit, you are entitled to just compensation for your current and future losses. This makes it critical to have a clear and comprehensive understanding of your long-term medical needs. Depending on the nature and severity of your injuries, your long-term needs could be fairly minimal, or you could be facing a long and difficult road to recovery.
4. Your Loss of Earning Potential
In addition to understanding your long-term medical needs, you also need a clear picture of your loss of earning potential. Will you need to take a lower-paying job due to a disability? Will you be unable to work at all for an extended period of time (if not the rest of your life)? The answers to these questions will have a drastic impact on the total value of your claim.
5. Any Permanent Scarring, Disfigurement, or Impairment
If your injuries will leave you with permanent scars, disfigurement, or impairment, these are also specific types of losses for which financial compensation is available. Similar to your injuries, the more severe your scars, disfigurement, or impairment, the more an experienced car accident lawyer will be able to seek on your behalf.
6. Any Pain, Suffering, or Emotional Distress
Your lawyer can also seek just compensation for your pain, suffering, and emotional distress. These are three different effects of traumatic injuries that can all have a profound impact on your day-to-day life. To determine the monetary value of these losses, your lawyer will need to gain a clear understanding of your injuries’ effects and then make a calculation based on the relevant principles of Mississippi law.
7. The Other Ways Your Accident Impacts Your Life
Any other impacts your injuries have on your life will also increase the value of your car accident lawsuit. Once again, it is vital to work with an experienced lawyer who can identify these impacts and calculate the amount you deserve to recover. Some examples of additional financial and non-financial costs that your lawyer will need to carefully consider include:
- Other out-of-pocket expenses such as travel, medical supplies, and prescriptions
- Inconvenience (i.e., the practical effects of being unable to drive yourself or earn a regular paycheck)
- Loss of society (i.e., inability to enjoy spending time with friends, neighbors, or coworkers)
- Loss of enjoyment of life (i.e., due to inability to pursue your hobbies or career goals)
- Loss of companionship with your children or parents and consortium with your partner or spouse
Talk to an Oxford Car Accident Lawyer for Free Today
If you have been injured in a car accident in Mississippi and want to know how much your case is worth, we encourage you to contact us for a free, no-obligation consultation with an Oxford car accident lawyer. We advance all expenses, but never charge a fee unless we obtain a recovery in your case.
Contact us today online or at (662) 533-9111 to discuss your case for free. We serve clients in Oxford, Holly Springs, Batesville, Pontotoc, and other areas throughout Mississippi and beyond.
