Updated: Jan 26
Most car accident lawsuits settle. Settlement has many advantages, including a quicker resolution and faster money. However, you shouldn’t immediately agree to the insurance company’s first offer. Instead you need to know how much your injuries are worth and use the facts to your advantage.
Every situation is unique, with its own factors and circumstances that will influence how much compensation you’re owed. However, we know what types of compensation, or damages, we should fight for. And, you will find that our attorney fees are extremely competitive, which will put more money in your pocket. One reason injured victims work with NarainLegal is that they can’t calculate how much their injuries are worth with any degree of certainty. An experienced lawyer can properly convert your injuries into a dollar amount that makes sense and is backed up by the lawyer’s experience in the field.
The first type of compensation is called economic damages. Economic damages are intended to compensate your for the real monetary losses you suffered because of the car accident. These are sums of money you have spent (or will spend) to deal with the effects of the accident:
Lost future wages if you can’t return to your old job
Collect medical bills, pay stubs, and repair estimates for your car or other property. Total the amounts. This should give you an estimate of how much you have suffered in economic losses.
Second, you should analyze whether you have non-economic damages, such as:
Pain and suffering
Reduced quality of life
It is harder to translate these intangible injuries into dollars and cents because you don’t have a bill or receipt attached. Can you really put a price tag on peace of mind and a pain-free body? Nevertheless, you can multiply your economic losses by 2-3 to get a very rough estimate of what they might be worth. Because there isn’t much physical evidence to prove noneconomic damages, we may consult experts to prove the losses you suffered.
In rare instances, punitive damages may be assessed as well. Punitive damages are intended to punish the person who caused the accident, and to deter similar behavior in the future. In North Carolina, you must prove that the person who caused the accident did so with malice or willful/wanton conduct.
In NC, punitive damages are capped at 3 times the amount of compensatory damages (that is, combined economic and noneconomic damages), or $250,000, whichever is greater.
Speak with a Wilmington Car Accident Lawyer at NarainLegal
The back-and-forth involved in settlement negotiations gives many of our clients that have attempted to settle their case on their own a headache, so we are glad they hired us to represent them. At the NarainLegal, we have negotiated with some of North Carolina’s largest insurers and we understand the process inside and out. Instead of hiring someone without any experience in negotiation, why not hire the best?
To schedule your free consultation call 910-762-4176 today. Avoid delay!