How Settlement Amounts Are Determined After a Car Accident in Oklahoma
A car accident is a traumatic and terrifying experience, especially when it causes serious injuries with temporary or permanent impacts on all aspects of the injury victim’s life, including their ability to return to work and manage routine daily tasks. A permanent injury sometimes leaves the injury victim facing an uncertain future.
The unfortunate consequences of a car accident are the “damages” in a car accident claim. Fortunately, Oklahoma’s fault-based car accident laws allow an injury victim to recover compensation for their damages. Understanding how settlements compensate for damages helps an injury victim know what to expect from the car accident claim process in Oklahoma.
Consulting an Oklahoma City car accident attorney can help you navigate this challenging time and understand your legal options.
Calculating Economic Damages in an Oklahoma City Car Accident Claim
Damages in car accident claims fall under two categories, economic and non-economic damages. A victim’s personal injury lawyer arrives at an amount to seek for economic damages by examining the medical report, reviewing medical bills, receipts, and invoices, and consulting with medical experts about the necessary future medical procedures and related costs.
They also determine the injury’s effect on the injury victim’s ability to work and accomplish daily routines with or without paid assistance. Medical expenses, future medical expenses, lost earnings, future income loss, and out-of-pocket costs are all totaled in a claim for an injury victim’s economic damages.
In many cases, a portion of the medical damages recovered goes to the injury victim’s insurance company as reimbursement for their coverage of medical expenses. This occurs when an insurance company places a medical lien on the settlement. The remainder of the economic damages recovered in a settlement goes to the injury victim.
Calculating Non-Economic Damages in an Oklahoma City Car Accident Claim
Calculating non-economic damages in a car accident claim is less straightforward than totaling economic damages, but compensation for non-economic damages can substantially increase the total amount recovered. An Oklahoma City car accident lawyer will calculate compensation for pain and suffering with the help of medical experts. They then use a formula based on the injury victim’s total medical expenses and the number of days the medical expert expects the injury victim to experience pain until they reach their maximum medical improvement.
Additional non-economic damages may be available to the injury victim based on the seriousness of their injuries. For instance, in catastrophic injury cases, the injury victim may recover compensation for non-economic damages, such as scarring, disfigurement, loss of limb, loss of vision, hearing loss, organ loss, diminished quality of life, or loss of enjoyment of life.
When a car accident in Oklahoma causes a loved one’s death, a family member can recover compensation for their economic and non-economic losses through a wrongful death claim against the at-fault party.
What Limits the Amount of an Oklahoma City Car Accident Settlement?
Arriving at a settlement amount doesn’t necessarily mean an injury victim recovers the full amount of their calculated damages. Their car accident attorney negotiates with the at-fault party’s insurance company seeking a settlement for the maximum available amount. This amount is constrained by the limits of the at-fault party’s insurance policy. In addition, the insurance company may undervalue the claim, leaving the injury victim with the option to accept a lower amount or go to court to pursue full compensation.
If the injury costs far exceed the limits of the at-fault party’s insurance policy, the injury victim may seek compensation from other avenues, such as an uninsured/underinsured motorist policy, or a lawsuit against a third party, like a negligent road maintenance agency or the manufacturer of a defective part.
A skilled Oklahoma City car accident lawyer seeks compensation from all available avenues to achieve the largest possible settlement for an injured client. Call Dan Davis Law at (405) 930-4210 for guidance.