How to Calculate a Car Accident Settlement in New Mexico
After you’ve been in an auto collision, you will likely be dealing with a host of issues. One of the major issues you’ll face is how to recover monetary compensation to pay for all the different financial and nonfinancial losses you’ve been dealt. You will be looking at vehicle repair costs, medical expenses, and lost work wages at least.
If you didn’t cause the car accident that led you to suffer these losses, then you should know that you can file a car crash claim and receive a settlement. Filing a claim against the at-fault driver is how to recover your damages, but how do you know how much money to ask for in a settlement?
This page contains some information about how to calculate a car accident settlement in New Mexico.
Calculating Economic Damages
Calculating economic damages isn’t as hard as it sounds. You will need to gather all records of the financial losses you’ve suffered and then add them up. You can include any financial losses you’ve sustained that can be tied to the accident, such as lost wages, medical care costs, physical therapy costs, transportation costs, and property damage.
In some cases, if your accident and injuries were serious enough, you can even include future financial losses when calculating your claim, such as loss of earning potential and future medical bills.
Calculating Non-Economic Damages
Non-economic damages are a little more difficult to calculate because you can’t really put a monetary figure on your suffering and pain. You will have to come up with a figure that you believe adequately compensates you for the suffering, pain, and mental trauma you’ve endured.
Insurance companies will often examine the seriousness of your injury and your financial losses to come up with a figure. They will use a multiplier, say two, and multiply it by your financial losses to determine what they think is fair. However, you don’t have to agree with their calculations.
A car accident attorney can help you to come up with a fair settlement amount for your non-economic damages.
Get in Touch with a Car Accident Claim Attorney in New Mexico
Calculating a vehicle crash settlement can get complicated very quickly, so it’s often best to have some legal assistance in managing your claim.
Make sure to work with an attorney who knows how to calculate a car accident settlement in New Mexico. To reach Will Ferguson & Associates, simply fill out the case consultation form below or call our office at 505-633-0750.