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How car accident settlements are determined

After a car accident, many people are not satisfied with the money they receive from the insurance company. The money is often less than what you need to replace a car. So, knowing what factors are considered while doing the settlements can help a person come into terms with the insurance company. Here are the factors that are considered when calculating the settlements.

Settlement factors for damaged vehicles

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If your claim only includes damage to your car, then the compensation will be equal to the cost of repairs or replacement of the car. For example, if your bumper gets damaged, then you will receive enough money to get a new bumper or get it repaired. If the replacement or repair cost exceeds the value of the car then the insurance company will pay you for the loss of the car. The replacement cost depends on depreciation, not the cost of the new car.

Settlement factors for injuries

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If you get injured in a car accident, then your personal injury compensation is calculated separately from your car damage. You will receive additional settlement for your personal injury. The personal injury compensation will be determined by the total medical bills, wage loss and the nature of your injury. The amount of compensation you receive for your personal injury will strongly depend on your medical report.

Settlement for pain and suffering

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You will get settlement for the past and future discomfort associated with your injury. If the medical report indicates that you may require future treatment, then you will get compensation for that as well. The amount of settlement depends on the seriousness of your injury.

Insurance policies

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The policy limit is a controlling factor of the amount of your settlement. There is a policy cap and the insurance company won’t pay you more than the cap.

After an accident, you should consult an attorney specializing in personal injury law. This way, you will get the best settlement for your case.

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3 things you didn’t know about personal injury law

Going through legal challenges can be challenging. Most people don’t know their rights when it comes to personal injuries. Here are some of the things you may not know about personal injury.

1. Personal injuries cover physical, emotional and psychological damage

According to the law, personal injury not only means physical damage. It also indicates mental and psychological damage. If you have been injured from an accident and experiencing pain, depression, loss of work, etc. , then you can have a legal settlement.

2. Personal injury laws cover car accidents, slip and fall injuries as well

Most people think of personal injuries as being only automobile accident. But injuries can also occur due to pedestrian accidents, slip and fall accidents, medical malpractice, product liabilities, workplace injuries, etc.

3. You may not have to pay your lawyer unless you win in a personal injury case

Hiring a lawyer for personal injury case need not be expensive. You may be already in debt due to payment of medical bills, not being able to go to work, etc. Many personal injury lawyers work on a contingency basis. The fee of the lawyer is determined as a percentage of your settlement.

There are many limitations in case of personal injury settlements. So, you should contact the lawyer as soon as possible to settle things. By acting sooner, you can get your compensation money quickly as well. The lawyer will also work with the insurance companies to minimize the pocket expenses. As a result, your medical cost can be covered if you act fast.

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