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What a car accident claim could be worth

| Oct 27, 2020 | Motor Vehicle Accidents |

After a Maryland car accident, injured parties need to be familiar with the exact value of their claims. In all likelihood, the insurance company has a very strong idea of the dollar value and may seek to try to exploit your lack of knowledge in settlement negotiations.

Economic and non-economic damages

The first thing to understand is the type of things that are included in an insurance claim. Everyone knows that medical costs are included, but this is just the start. There are two types of general categories of damages. The first is economic damages that pay you back for the actual money that you lost through the inability to work and other out-of-pocket costs associated with your accident. The second kind of damages are non-economic, which pays you for things such as emotional distress and pain and suffering.

Your settlement can also include future damages

Car accident damages can go well beyond your present suffering. For example, you may even need to make changes to your home to accommodate any handicap from your accident injuries. The settlement can also include the costs of long-term care, including a home nurse to help treat your injury. The more severe your injuries are, the higher the value of your claim. This is something that you need to know right off the bat because the insurance company may try to lowball you in settlement negotiations.

One way to shrink the knowledge gap between you and the insurance company is to hire a personal injury attorney. They could handle the settlement negotiations with the insurance company. The lawyer might have a better idea of your claim’s value as you seek to get the best possible settlement agreement. Obtaining the right amount of financial compensation is part of a negotiation process, and an attorney could handle that aspect of your case.