After getting into a pedestrian accident, you will be left with various physical injuries that could affect multiple aspects of your life. Therefore, obtaining financial compensation for your injuries and losses is the first step to easing the burden and moving on in your life.
However, victims have a common question, ‘what is a reasonable settlement from my claim?.’ If you search the internet for the same, you will come across various figures such as “between $20,000-$40,000.” Honestly, this figure has plenty of problems. Firstly, these figures are not accurate. Each case is different than the other, and the settlement amount for the two victims is never the same.
When the insurance company offers a settlement, you may even settle your claim with the offer. However, it is essential to note that if you accept a settlement that is insufficient to meet your medical cost, you will have to pay from your own pocket for future expenses. Therefore, one of the first steps is to speak to Sherman Oaks motorcycle accident lawyers who can help you understand your case’s worth.
Some factors can determine your case’s worth.
As mentioned, every case is unique, and your settlement amount depends on the severity of your injuries, the losses you incurred, and more. When calculating the settlement amount, you should consider the following factors.
- Who was at fault? If you were at partial fault for the accident, there are chances your settlement amount will be less than the total amount. In many cases, you get 50% of your total loss due to the partial fault law.
- From the day of your accident, your medical expenses include prescription costs, traveling to the doctor’s expenses, medical equipment and supplies, and more.
- Your future medical costs.
- Your loss of income and future income.
- Loss of companionship.
- Emotional pain and suffering.
- Property damage (if any).
Which type of insurance coverage is available by the at-fault party?
When you file a claim against the at-fault party, knowing the amount covered by their insurance policy is vital. Let us assume your total damage cost is $25,000, but the at-fault party’s insurance coverage is only $15,000. In such a situation, you will be entitled to get only $15,000. Luckily, if you have UIM coverage and the liable party’s insurance coverage is insufficient to cover your losses, you are eligible to file a UIM claim that will cover the pending amount for your injuries.
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