New Yorkers who sustain car accidents know they will suffer financial loss as a result. However, it can be hard for many people to come up with an accurate estimate, especially at an early stage in the case.
Understanding some basics about damages calculations can help you field eager insurance representatives calling soon after the accident and trying to push a settlement. Often, people who do not know the value of their case accept lowball offers and then find themselves struggling with medical expenses and job loss later on. An experienced lawyer can assist you further by strategizing a path towards fair compensation.
Typically, a large portion of a damages award consists of compensation that makes up for past and future financial losses resulting from the crash. These damages aim to cover money you spend for expenses such as medical treatments, as well as financial losses stemming from a decreased ability to earn money. In calculating these damages, it is important to get an accurate projection of future losses. You will not get to return after the case is over and ask for more damages.
Physical and emotional effects
Another category of damages is generally known as pain and suffering. Victims of car crashes do not only suffer through losing money. Many sustain physical injuries that cause pain, limit range of motion and generally decrease quality of life. Psychological and emotional trauma often persist as well, as many develop anxiety, panic disorders, PTSD, insomnia and other problems after living through a crash. Putting a monetary value on these experiences can be complicated and depend on several factors. Unlike many other states, New York does not impose a cap on pain and suffering damages.
Knowing the value of your case is essential if you want to get a fair recovery that will compensate you for all your losses. Consult a qualified attorney who will give you the information you need and work to obtain available financial compensation.