Serious car accidents can leave you with steep expenses and a significant amount of pain. Often, insurance coverage does not account for the full value of your losses after a car crash. Taking legal action may enable you to seek several types of damages.
A New York car accident lawyer can help you assess the potential value of your case and the types of damages that you may be eligible to pursue.
Types of Economic Damages You Can Seek
Car accident injury costs were estimated to reach $513.8 billion across the U.S. in 2023. Seeking economic damages beyond no-fault coverage in a car accident case helps make up for the actual monetary costs you incurred from the accident, such as:
- Medical expenses (hospital bills, prescriptions, ongoing medical costs, physical therapy, etc.)
- Lost wages due to your inability to work while recovering
- Property damage to your vehicle
- Loss of future earning capacity due to long-term or permanent injuries
To seek this type of personal injury compensation, you generally should have copies of receipts, invoices, or other documentation showing any quantifiable costs associated with the accident. Your New York car accident lawyer can help you understand how to account for and prove economic damages under New York car accident laws.
Understanding Non-Economic Damages in Car Accident Claims
Car accidents not only cost you money; they can also place a significant physical and emotional burden on you. Serious car accident injuries can lead to severe pain and major changes to your lifestyle. Non-economic damages aim to compensate you for the costs of the accident that do not have a direct monetary value.
Examples of non-economic damages may include:
- Pain and suffering
- Loss of quality of life
- Emotional distress
- Mental anguish
There are several recognized methods for calculating non-economic damages which insurance companies sometimes use. One method is the multiplier method, which involves multiplying economic damages by a factor between 1.5 and 5 based on the severity of injuries. Another method is the per diem method, which involves assigning a daily value to pain and suffering and multiplying that value by the number of days of recovery.
Instances When Other Damages May Apply
Car accidents lead to an average of 292 deaths each year in New York alone, and traffic fatalities in the state rose by 25.8% between 2019 and 2022. If your loved one died in a car accident, you may be able to pursue a wrongful death claim against the negligent driver to seek damages such as:
- Funeral expenses
- Medical costs
- Loss of companionship
- Loss of income from the decedent’s job
- Bereavement
In some car accident cases, punitive damages may also arise. These seek to punish the defendant for egregious or extremely reckless behavior. For example, if the at-fault driver was under the influence of drugs or alcohol, punitive damages might apply. However, this is rare.
Consult an Auto Accident Attorney in New York
Understanding the damages that apply to your car accident case can help you maximize your settlement and avoid accepting an insufficient offer. A New York car accident lawyer can help you understand the value of your accident and avoid mistakes that can ruin your car accident case.
The Wohlgemuth Law Firm PLLC represents car accident victims with empathy. Speak with our auto accident attorneys in New York today by calling 718-474-9100.
Frequently Asked Questions
How much compensation can you seek for anxiety after a car accident?
Anxiety may be considered a non-economic damage in some car accident cases. The exact value of this damage depends on factors such as the severity of the accident and your injuries. A car accident lawyer can help you understand different methods of calculating non-economic damages and estimate the potential value of your case.
What is a reasonable settlement offer for car accidents?
A reasonable settlement offer for a car accident depends on many factors. Some of these factors are liability economic damages, non-economic damages, and other damages. Settling out of court may result in a slightly lower payout than you could potentially receive through a lawsuit, but it also saves you the stress and hassle of going to court. Your attorney can help you understand whether a settlement offer from the defendant or the insurer is reasonable based on the facts of your case.
How many car accident cases settle out of court?
As many as 95% of personal injury cases settle out of court, including car accidents. However, more research is needed to determine the exact figure. Your case may settle out of court, but your New York car accident lawyer can help you prepare for a potential trial if necessary.
