Because each case is unique, the answer to that question will vary with each accident. Usually, settlement worth is separated into two financial categories:
- Non-economic Losses – also known as General Damages, include those things not as easily quantifiable such as pain and suffering, anxiety, stress, and the overall, long-term, negative impact of the accident on the victim’s daily life.
- Economic Losses – also known as Special Damages, are easier to quantify in that they include costs of medical treatment, lost wages, property damage, and out-of-pocket costs associated with the accident.
The subcategories that determine the value of a settlement in an accident:
- Medical Expenses – All costs of medical intervention attributed to the accident
- Estimated Future Medical Expenses – All money to be attributed to ongoing, long-term treatment including surgeries, medical visits, physical and occupational therapies, etc.
- Lost Earnings – All lost income due to injuries associated with the accident
- Future Lost Income – All income which will be hampered due to ongoing medical therapies and interventions, or you will be completely incapacitated and unable to work
- Property Damage – All costs associated with damage to your vehicle
Because damages and injuries directly impact settlement, determining the exact value of a settlement is virtually impossible without knowing all of the variables. The settlement value is determined by greater the economic and non-economic losses attributable to the accident.