How Are Car Accident Settlements Calculated in Maryland?
The aftermath of a car accident can be overwhelming. If you suffered severe injuries, you are likely facing substantial financial losses as well. Your medical bills can lead to extensive debt if you don’t have the funds to afford them. However, if another person caused the crash, you could hold them liable for your resulting expenses and losses.
Outlining your losses is the first step in determining the settlement you deserve. However, several factors could affect the value of the compensation you’re eligible to pursue in Maryland. An experienced car accident lawyer can explain how settlement values are calculated and how the state’s laws can impact the ultimate amount of money you could receive.
Curious about what your case is worth? Get answers from a proven Maryland car accident lawyer right away. Call or contact Trollinger Law LLC for a free consultation.
What to Know When Calculating Your Car Accident Settlement
Compensation is sometimes partially determined by adding up monetary losses, such as medical expenses and lost wages. The value also involves taking losses that are less easy to calculate into account, such as pain and suffering.
Pain and suffering accounts for both physical pain and mental distress. Here’s the difference:
- Physical pain and suffering refers to the bodily injuries sustained in a car accident. It includes the pain you have experienced so far and any future discomfort you’re likely to endure.
- Mental pain and suffering is the impact of a physical injury on your quality of life. It includes the mental distress you suffer from your injuries, such as anxiety, depression, post-traumatic stress disorder (PTSD), and lost enjoyment of life.
How a Settlement Calculator Can Help You
Insurance companies sometimes use a “settlement calculator” to quickly develop an estimated sum of a person’s financial losses after a car wreck. Some might even give you an approximate sense of what you might receive for pain and suffering.
However, these calculators can only give you a rough estimate, and the results you get could vary dramatically between different calculators. That’s because some of the most important factors used to determine your compensation are human factors that are difficult to weigh.
Suppose a 90-year-old retiree and a 30-year-old parent suffer the same disabling injury. While the 90-year-old may no longer be working, the 30-year-old may face a lifetime of lost income, medical costs, and childcare expenses, in addition to the emotional and psychological pain of potentially not being able to parent in the way they had planned. Even with the same injuries, the individual factors could result in very different monetary outcomes.
How to Estimate the Value of Your Car Accident
While a settlement calculator can give you a quick estimate of certain losses, you should always consult an experienced Maryland car accident attorney for a reasonable idea of what your case is worth. A knowledgeable lawyer can look to prior results in cases similar to yours to place an estimated value on your claim. This can provide a more realistic picture of what you might be able to obtain.
Types of compensation to consider when estimating the value of your claim include:
- Current and future medical expenses
- Medical equipment and home renovations required to accommodate your injury
- Rehabilitation expenses
- Lost income
- Loss of future earnings
- Property damage
- Pain and suffering
Contact a Car Accident Lawyer at Trollinger Law LLC if You’re Hurt
Insurance companies often attempt to lessen the value of your claim from the beginning of your case, especially if you do not hire an attorney that is familiar with car accident cases.
Let us push for the maximum settlement you deserve. Call or reach out to us online for a free consultation.