Do You Know The Value of Your New Mexico Car Accident Claim?
When you’re involved in a car accident a lot is running through your mind. Once you get your bearings and settle down a bit, you’re probably thinking about your damages. Specifically, the damage to your vehicle and the costs of the upcoming repairs.
If you sustain injuries, medical costs and possibly even lost income may come to mind. Thankfully, these are usually recoverable damages. Did you know that the value of an Albuquerque accident claim can be impacted by more than your economic damages? A few factors go into determining your claim’s value.
Comparative Negligence and Accident Claim Value
Like a few other states, New Mexico follows pure comparative negligence guidelines, which allows more than one individual to be responsible for causing a vehicle accident.
How pure comparative negligence works is pretty simple. Either accident scene investigators, the insurance adjuster, or both assign a percentage of blame to all involved drivers. Under pure comparative negligence, your percentage of blame can range from 0% up to 99%. Anything over 99% invalidates a personal injury claim.
When you settle your injury claim your check amount will reflect your percentage of assigned fault. For example, if your personal injury claim has a value of $125,000 and you’re 25% responsible for the accident, you’ll receive a settlement check for $100,000. So, if you’re 100% responsible for the accident there isn’t any reason to file a claim against the other driver’s insurance company. Your percentage of fault will cancel out any settlement you may receive.
Can you contest your assigned percentage of blame? The answer is yes. You and your personal injury attorney can file an appeal in civil court. There’s a chance your assigned fault may be reduced but there’s no guarantee.
Factors Affecting the Value of a Personal Injury Claim
Now that you have a general idea of how pure comparative negligence can affect your claim’s value, it’s time to look at other factors. Remember, no two personal injury claims are ever precisely the same even if the accident is similar. This means don’t use the value of someone else’s claim to determine the worth of yours.
The Severity of Your Injuries
Your injuries can play a huge role in the value of your accident claim. You can claim all of your medical expenses relating to your injuries sustained in the accident. If you only need treatment for some minor cuts and bruises, your claim’s value is going to be significantly lower than someone requiring extended hospitalization.
Some examples of severe injuries that typically increase a claim’s value include bone factors, spinal cord injuries, and traumatic brain injuries. These types of catastrophic injuries typically require long-term care that may also include rehabilitation therapy.
If your injuries are permanent, this can also up a claim’s value. You may require at-home care, along with modifications to your home or vehicle to accommodate a wheelchair. Your attorney can help you go through all of your medical expenses so you can be sure nothing is being omitted.
Pre-existing Conditions
If you have a pre-existing condition like brittle bone disease and your injuries include a fracture, you may be able to apply the eggshell skull rule. This legal standard prohibits insurance companies from refusing to settle your claim based on your pre-existing medical condition.
So, even if the vehicle accident didn’t generate enough force to break the arm of a healthy person., you can still claim your fracture under the eggshell skull rule. Obviously, the doctrine only applies in very specific cases but it can prevent the insurance adjuster from devaluing your accident claim.
Extent of Your Property Damage
The severity of your property damage affects accident claim values about the same as your injuries. The more extensive your property damage, the higher your claim amount.
Before you start getting ideas about submitting the highest repair estimates with the plan of taking your vehicle some cheaper, this rarely works with insurance companies. The insurance adjuster will also do their research and can probably find a lower estimate than the one you submitted. A good tip is to get a few estimates, this way you have a better chance of one being approved.
What about if your vehicle is totaled? Are you stuck only recovering the vehicle’s Kelley Blue Book value? The answer isn’t always yes. You may be able to file a diminished value claim, which is part of a personal injury claim and works to recover your vehicle’s pre-accident value. If your diminished value request is successful it can increase your claim’s total amount.
Lost Income
This is another factor that doesn’t apply to every personal injury claim. Your injuries must be severe enough to prevent you from returning to work. You’re also going to need to provide medical documentation supporting your claim.
If you lost pay due to recovering from your injuries, you can list this as economic damage. You will need to provide the insurance adjuster with past pay stubs to show proof of income.
Some injuries may prevent you from returning to work or resuming your pre-accident position. If you’re unable to work or must accept a lower-paying job, your claim may include lost future income. The amount of lost future income you can claim varies, but your attorney can help you through the process.
Insurance Caps
Most insurance policies have caps on the amounts paid out to personal injury claims. This can affect your claim’s value. You can’t receive a settlement higher than the insurance policy’s caps regardless of the severity of your injuries or property damage.
Unfortunately, not all California drivers carry insurance. If you’re involved in an accident with an uninsured driver, your options for recovering compensation are limited. Your attorney can go over your possible next steps.
Don’t Undervalue Your Accident Claim
Determining the value of a personal injury claim involves many factors, even if you’re not the at-fault driver.
To help ensure you recover the maximum value for your claim, it’s wise to work with an experienced accident attorney. They can navigate the complexities of the legal process, assess the full extent of your damages, and advocate for your best interests throughout the negotiations.