​How much is my car accident worth?

How to Estimate Car Accident Value

Whether you were injured in a car accident, a slip and fall (premises liability), sustained injury on the job (workers comp), or were a victim of medical malpractice, there is always one question that everyone asks. "How much is my case worth?"

There is no one correct answer to this question. Ask ten different attorneys and you’ll get ten different answers. That being said there are certain areas that help us get an idea of case value for car accidents, a slip and falls, workers comp, and medical malpractice.

A simple way to look at case value is:

               Medical Damages + Future Medical + Lost Wages + Pain and Suffering = Case Value

Keep in mind, every case is different and there may be additional factors in your specific case. It’s recommended to contact an experienced car accident attorney, like Attorney Andrew Graves, to assist with your personal injury case.

Car Accident Injury

In Florida everyone is required to have $10,000.00 of personal injury protection (PIP) insurance. PIP covers the first $10,000.00 of your medical expenses in the event of a car accident. It may also cover your passengers. Likewise, it may cover you if you were a passenger in someone else's car. Florida is a no fault state. This means that you are entitled to PIP benefits even if you were at fault for the accident. In order to take advantage of your benefits you need to be seen by a doctor, urgent care, ER, etc. within 14 days of the accident. Don’t delay. While you may not feel your injuries immediately after the accident, they often become noticeable in the days following the accident. It doesn’t hurt to get checked out and you’re already paying for it through your insurance. The PIP rules are described in F.S. 627.736.

Medical Damages: The first thing every attorney will look at for case value is the medical bills. This helps us put a dollar amount on medical damages. If you used all your PIP benefits then that’s a good place to start. Attorneys look at both what the doctor billed and what the insurance paid to come up with a number for medical damages.

Future Medical Damages: Next, we look at future medical damages. To determine future medical damages we often work with a life care planner who reviews all the medical documentation and creates a medical cost projection (MCP) or a life care plan (LCP). Both of these help in determining future medical damages. The life care planner will make a report that approximates what medical care will be required in the future.

Lost Wages: Lost wages are relatively easy to calculate. Typically, lost wages include lost income caused by the accident. Were you unable to work due to injuries? Include it. Did you lose you job because of the injuries? Include it.

Pain and suffering: This is the most complex category of damages. Pain and suffering is the emotional and physical pain caused by the accident or injuries. This category includes disability, physical impairment, inconvenience, and loss of capacity of enjoyment of life. There are countless ways to calculate pain and suffering damages. The primary ways are per diem and multiplier.

For the per diem approach; we calculate the pain and suffering experienced every day then compare it to the length of the injury. Each day of pain and suffering through the initial stages of the injury then over the injured person's life span is used for pain and suffering.

The other primary method is the multiplier method. With the multiplier method we take a number corresponding to the level of the accident. A multiplier of 1 would correspond to a minor accident and a multiplier of 5 would correspond to a catastrophic accident. Then we multiply medical damages and lost wages by the multiplier. The hardest part of any injury case is putting a number on your pain and suffering. These two methods give us a good starting point and are both considered by the insurance companies.
 
What are my car accident injuries worth?

That’s the real question. Many auto accident settlements are limited by the amount of insurance the other driver is carrying. For example, if you are rear ended by someone with the Florida minimum insurance policy ($10,000.00 per person/$20,000.00 per accident), then the most the insurance company will try to settle for is $10,000.00. Even if you have permanent damages, the most you can recover is $10,000.00. There are a few exceptions, but they’re  fact specific.

The next question people usually ask is “can we sue the driver himself?” The answer is Yes, you can sue the driver, but recovering anything is often difficult or impossible. For example, lets say you have a million dollars in damages caused by an 18 year old kid who rear ended you in downtown Orlando. He is carrying the minimum Florida policy. You can go to court and the jury may award you a million dollars. The chance of collecting that judgement is slim. Most people don’t have that kind of money. That’s why it’s important to carry uninsured motorist coverage. The alternative can also occur; the at fault party could have millions of dollars and assets. As a personal injury attorney, Attorney Andrew Graves knows the importance requesting information about the at fault party before resolving the case.

In every car accident lawsuit, after you determine a settlement number by considering past medical damages, future medical damages, lost wages, and pain and suffering, you need to consider lien resolution. A lien is the amount your doctors or insurance company are owed from providing or paying for your medical services. Attorneys are required to pay off any liens before you receive any settlement/judgement amounts. Fortunately, insurance companies cannot have a lien on PIP benefits, but if your health insurance or Medicare/Medicaid pay for any treatment there will be a lien.

All in all, determining case value following a motor vehicle accident is a complex process. If you’ve been involved in a motor vehicle accident in Orlando or anywhere in Florida, call Attorney Andrew Graves for a free consultation or complete our online consultation form and we’ll contact you. ​