What Factors Influence the Value of a Colorado Car Accident Settlement?
Injury Severity
Firstly, one of the most important elements that impacts the value of a car accident settlement in Colorado is the severity of your injuries. Usually, these types of injuries are broken down into either minor injuries or catastrophic injuries. As you might expect, the more serious the injury, the higher the settlement will be. Another factor that can impact this is long-term medical conditions that will be expensive to treat long-term. The same goes for permanent disabilities, which will have a significant impact on your life.Medical Treatment & Documentation
Getting car accident compensation in Colorado isn’t always completely dependent on your injuries alone. You have to be able to back up your injuries with medical documentation, which helps to establish their legitimacy. That is why you should always seek medical attention after a car accident to begin a paper trail. You also need to follow up with doctors and get consistent treatment if it is recommended. Ed Smith recommends claims that have a strong focus on solid medical documentation, as this tends to make the biggest difference during settlement negotiations.Accident Liability
To get the best possible car accident settlement amount, liability needs to be in your favor. Generally, claims with clear liability have higher settlements, as opposed to those with disputed liability. Colorado also follows a modified comparative negligence rule, which means that if you are found partially at fault, the percentage of fault will be applied to reduce the compensation you are entitled to.Financial Impact
Economic damages are one of the main things considered when determining how much compensation a car accident victim should receive. Economic damages can include things like:- Medical expenses
- Missed work
- Reduced earning capacity
- Career disruptions
- Permanent disability
Pain & Suffering
Although not as easily calculated as economic damages, pain and suffering is recognized in Colorado. When determining settlement amounts. Pain and suffering damages include the following::- Physical pain
- Emotional distress
- Loss of enjoyment of activities
- Impact on daily life
Insurance Coverage & Policy Limits
Insurance coverage and policy limits can play an important role in t a car accident settlement. Unfortunately, there are many drivers on the road with no insurance or minimum policy limits. Finding all available policies to recover from is an important part of what your attorney will do for you. After all liability policies are exhausted, any Uninsured/Underinsured Motorist coverage available to you will be pursued. In cases where your damages exceed the policy’s limits, there may be umbrella policies available that can provide additional compensation to make up for this. You will need to work with an experienced car accident attorney in Colorado who will have experience identifying all available liability, Uninsured/Underinsured Motorist, and Umbrella policies available to cover your damages.Why Settlement Values Vary So Much
After getting in a car accident, many Colorado residents want to know exactly how much their settlement may be. However, there is no one-size-fits-all settlement option as every case is entirely unique. Often, settlement values rely on the severity of your injuries and your economic damages. But many other factors can also impact this, including:- If more than one party is at fault.
- If you hold a large percentage of fault.
- If you had a pre-existing medical condition.
- If your settlement exceeds insurance coverage or policy limits.
- The type of medical treatment you had and the total cost of your medical treatment.