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How is my Settlement Amount For A Claim Calculated?

Valuing auto accident settlement claim | motor vehicle accidents attorney | Gash & Associates, P.C.

Understanding how a settlement amount for a claim is calculated can be complex, especially if it involves an auto accident. That’s why we’d like to start this topic by noting that each case is unique, and the final amount can vary significantly based on several factors. You’ll never find a definitive guide that works for every car accident because every car accident comes with its own unique set of challenges.

That said, Gash & Associates, P.C. would like to offer you generalized advice and guidance about your accident so you can make informed decisions about your future. If you need specific advice tailored to your situation, call our White Plains office today.

New York State’s Legal Guidelines

New York follows a “no-fault” insurance system for auto accidents. This means that after an accident, your own car insurance company will pay for your medical bills and certain other financial losses, regardless of who was at fault for the accident. This system aims to speed up the process by eliminating the need for a lengthy fault determination process.

However, there are certain thresholds in New York for stepping outside the no-fault system. If you’ve suffered serious injuries (as defined by New York law), you can pursue a claim against the at-fault driver. Serious injuries might include significant disfigurement, bone fractures, or substantial impairment of a body function.

Unlike some other states, New York does not impose a cap on non-economic damages like pain and suffering. This means the compensation for these types of damages can be substantial if it’s proven that the injuries have severely affected your life.

When pursuing a claim outside the no-fault system, the extent of your injuries, the impact on your quality of life, and the specifics of how the accident occurred become very important. New York law allows for compensation for these broader issues, but it requires a thorough and well-documented case to claim them successfully.

Medical Expenses

A major component of a claim’s settlement is their medical expenses. This includes the cost of immediate medical treatments following the accident and any ongoing medical care required. It’s not just about the bills you have already paid, because future medical costs are also considered.

Lost Wages

If the accident led to time off work, lost wages are also considered in the settlement calculation. This includes the income you’ve lost to date, as well as potential future losses. This is only true, however, if your injuries have a long-term impact on your ability to work.

Pain and Suffering

Calculating pain and suffering is usually more complicated. It refers to the physical and emotional distress caused by your injury. The amount awarded can vary depending on the severity of the injuries and their impact on your daily life and mental health.

Call Today for Legal Assistance

If your auto accident led to severe injuries or trauma, you are entitled to compensation. Gash & Associates, P.C. has decades of experience handling New York auto accident cases and their settlements. We fight hard for your rights so you never face these legal challenges alone. If you’ve got questions about your own potential settlement amount, call our office at (914) 328-8800 for a free consultation.