How Much Should You Settle for After a Car Accident?

There is no specific monetary amount or financial formula that determines the cash value of a car accident. If you or a family member was injured in a car accident, how much you should settle for after a car accident may be calculated by valuing your economic and non-economic damages, which may include:
  • All past and anticipated medical expenses required to treat your injuries
  • All past and anticipated income loss related to your injuries and their treatments
  • All pain and suffering, mental anguish, and emotional distress related to your injuries
  • All expenses created by the damage or destruction of your personal property
  • Any lasting physical impairment or disfigurement resulting from your injuries
After a car accident, no two victims will have identical financial damages. In fact, a driver and passenger in the same vehicle may have varying degrees of financial damages. The legal team that represents you can help you calculate your recoverable damages.

How a Lawyer Calculates Your Potential Compensation Package

On your own, calculating the amount of financial damages you might be entitled to receive can be a complex operation. A local lawyer may be able to reach a conclusive calculation and accurately value your claim. In Maryland, contributory negligence is an important factor to keep in mind when building your personal injury case. Maryland is one of four states that can dismiss a plaintiff’s claim for compensation if they are even one percent at fault for their accident. To protect your case, your lawyer may collect as much supporting evidence as possible to prove that the other party should be held fully responsible for the accident that caused you injuries. Your lawyer may also scrutinize your claim or lawsuit to ensure no valid expense or loss is overlooked. Your legal team might request:
  • Medical records and bills
  • Over-the-counter and prescription drug receipts
  • In-home care records and receipts
  • Receipts for assistive medical devices
  • Vehicle repair bills and vehicle value estimates
Provide your legal team with these and other bills, estimates, and receipts related to your car accident. Each piece of evidence and documentation will help build toward an accurate calculation of your case, which can help you avoid having your case be undervalued or underpaid.

Settle Your Claim Before Time Runs Out

Once your lawyer values your case, they may take this total value and start negotiating a financial settlement with the at-fault driver’s insurer. Both parties may agree to settle their case this way to avoid having a court trial. Try to avoid accepting a speedy settlement—or any settlement offer—before reviewing it with your lawyer. If you cannot reach a financial settlement agreement, your case may proceed to court if your lawsuit was filed in accordance with the state’s statutory deadline. Known as the statute of limitations, Maryland Code, Courts, and Judicial Proceedings §5-101 generally entitles you to three years from the date of the accident to file a personal injury lawsuit against the at-fault driver. Do not delay consulting a local legal team if you were injured in a car accident and want to assign financial responsibility to the at-fault driver. With sufficient notice, your legal claim may ensure compliance with Maryland’s filing deadline.

How Your Lawyer Builds Your Evidence File

After a car accident of any severity, you should insist on filing a crash report right away. Maryland Code, Transportation §20-104 requires a driver to file a crash report if someone gets injured or killed or if the accident resulted in property damage. A crash report may include the details of the accident and provide your lawyer with important information, including:
  • Accident date, time, and location details, including road and weather conditions
  • Identification and contact information of each involved vehicle occupant
  • Identification and contact information of any accident witnesses
  • Vehicle identification numbers and tags
  • Crash diagrams, points of impact, injury, and fatality details
You should obtain copies of your crash report as soon as they are available, one for your personal records and one for your lawyer. The crash report may be available as soon as 10 days from the date of the accident. Along with your crash report, your lawyer may request your medical bills, proof of income, and photos of your injuries and vehicle damage to help substantiate your compensation claim.

Put Our Legal Team to Work for You

If you were injured in a car accident, our legal team is ready to focus on your compensation claim so that you can focus on healing. Find out the legal requirements of your potential case and how much you should settle for after a car accident when you contact the personal injury team at the Law Offices of Adam M. Smallow by calling (410) 877-6021.