Jeffrey Roberts Emily
At Alex Yadgarov & Associates, when clients approach us to discuss their potential legal options with one of our experienced New York car accident lawyers, one of the most pressing questions we hear from clients is, “How much can I expect from a car accident settlement?” This is a well-founded concern since individuals will often experience significant financial burdens associated with medical bills, repair bills, and lost wages. There are a multitude of factors that go into determining the value of your settlement, and with this blog, we hope to answer your questions and help you gain a thorough understanding of the overall process.
What Are the Factors that Affect the Value of Your Settlement?
Nature and Severity of Injuries
Your settlement will primarily revolve around medical expenses, and the nature and severity of your injuries will have a major impact as a result. As such, the severity of the injuries is directly proportional to the final value of your settlement—the more severe the injury, the higher the settlement. It’s important to note that healthcare costs for ongoing and continuous medical treatment and rehabilitation will also be considered when presenting the final amount.
Comparative Negligence
New York follows a comparative negligence law, which allows a victim to file a claim for damages even if they are partly to blame for the accident that caused their injuries. Since New York’s comparative negligence is “pure,” the victim is still allowed to file a claim even if it is found that they are at greater fault for their injuries compared to the other party.
For example, Adam has been injured in a car accident and is claiming $100,000 in damages, but an investigation finds that he is 30% to blame for his injuries. As such, the court will reduce the compensation payable to Adam by 30%, meaning that he will only receive $70,000.
Recovery Time & Impact on Your Ability to Work
If the injured person requires a long recovery time, or if the injuries have caused a semi/permanent disability, it will undoubtedly disrupt their livelihood and reduce their overall income. If such situations are consequences of an accident, the settlement amount will likely be high.
Insurance Limitations
In New York, Personal Injury Protection (PIP) Insurance, more commonly known as ‘no-fault insurance,’ is capped at $50,000. Furthermore, insurance claims do not account for non-economic damages such as mental anguish, pain & suffering, and loss of enjoyment of life.
When Can You File a Lawsuit in New York for Car Accident Cases?
When claiming compensation for your car accident injuries in New York, you must first go through the insurance claims process. Thanks to New York being a no-fault insurance state, your insurer is legally obliged to cover your medical expenses and compensate for your loss of income resulting from the car accident, regardless of any fault. As such, most car accident claims can be settled before they ever reach court.
However, if you believe that your insurance payout will be insufficient to cover all the costs and losses you’ve endured, you can consider filing a lawsuit. But to do so, you must first successfully prove to the court that the basic economic damages you’ve suffered exceed $50,000 and the injuries you’ve sustained would satisfy New York’s serious injury threshold.
According to Section 5102 (d) of NY Insurance Law, a “serious injury” is any personal injury that results in the following:
- Death;
- Dismemberment;
- Significant disfigurement;
- Fracture;
- Loss of fetus;
- Permanent loss of use of a body organ, member, function, or system;
- Permanent consequential limitation of use of body organ or member;
- Significant limitation of use of body function or system; or
- 90/180 category
How Are Car Accident Settlement Amounts Calculated in NY?
As part of your lawsuit, the final amount you present to court as your settlement figure will be a combination of both economic and non-economic damages. Moreover, in some cases, the court may also award punitive damages.
Economic Damages
Economic damages are quite literally the quantifiable losses you’ve suffered as a result of the car accident. The most common types of economic damages claimed in car accident claims are medical expenses, lost wages, and damages to property. Presenting relevant paperwork such as medical bills, invoices, and bank statements to the court is vital in order to justify the amounts claimed.
Non-Economic Damages
Not all the damages you’ve suffered due to the accident are visible and immediately apparent. Apart from physical injuries, many survivors suffer pain and emotional distress long after the incident. Unlike economic damages, these are difficult to calculate. But with the help of an experienced lawyer, you can determine a suitable sum for non-economic losses that include
- Pain & suffering
- Emotional distress
- Loss of consortium
- Loss of enjoyment of life
Punitive Damages
The court may award these damages in favor of the victim as a means of punishing the party at fault for their conduct. These damages are usually given in cases that involve some form of criminal offense.
Conclusion
In the wake of a tragedy, your primary focus must be on recovery. Let the skilled accident lawyer NYC of Alex Yadgarov & Associates handle your car accident case and fight for the compensation you deserve. Don’t delay; schedule a free consultation with us today. We are always ready to help.
