Determining How Much Your Chicago Car Accident Claim Is Worth
The Value Of Your Car Accident
If you have been involved in a car accident caused by another driver, you have what is termed "damages." If your accident was serious and you were injured, the damages you can claim could be extensive. It is important to know how much your case is worth to ensure that you are compensated fully and fairly by the negligent party who caused your accident.
For that reason and others, it is important to consult with a knowledgeable car accident attorney. At Mitchell S. Sexner & Associates LLC, our experienced Chicago injury lawyers can thoroughly investigate your car accident, determine the full extent of your losses, and establish the full and fair value of your claim. We can negotiate skillfully with the negligent party’s insurance company and provide tough, aggressive representation should your case goes to trial.
Damages Contributing to the Value of Your Chicago Claim
Many insurance companies and their lawyers use some type of formula to arrive at a starting point for settlement negotiations. Regardless of the method used to calculate them, the value of your claim is determined by the extent of the damages.
There are two broad categories of damages in personal injury claims in Illinois: economic or special damages, and non-economic or general damages. Economic damages may include:
- Medical expenses
- Future medical expenses
- Property damage
- Lost earnings
- Future lost income
- Lost earning potential
Non-economic damages reflect what is termed "pain and suffering," which may include:
- Physical pain and discomfort
- Emotional distress
- Other non-economic losses
Pain and suffering can be difficult to quantify. Insurance companies use various methods to calculate these damages. Two of the most common are the multiplier method and the per diem method.
With this method, you add up all the economic damages and multiply that total by a number between 1.5 and 4 or 5 (the multiplier). Which number to use as a multiplier is based on various factors in your case:
- Whether the other party was clearly at fault
- Severity of your injuries
- Impact of your injuries on your daily life
- How quickly you are expected to recover
Per Diem Method
"Per diem" is Latin and it means "per day." This method involves setting a dollar amount for each day you were forced to live with the pain and suffering caused by the accident. For example, you could arrive at a daily rate based on your annual salary and multiply that number by the number of days you experienced the pain and suffering from your injuries.
Chicago Car Accident Attorneys On Your Side
At Mitchell S. Sexner & Associates LLC, our Chicago car accident lawyers are committed to pursuing the best possible results for our clients. We can determine the full extent of your losses and fight for the compensation you need and deserve.
If you have suffered damages in a car accident, contact our office for a free case evaluation. We can tell you if you have a case, what damages you are entitled to claim, and how to move forward legally.