Calculating compensation after a car accident can be a complex and daunting process. So, before reading any further, please know that we are available to assist and support you with an accident consult free of charge. We have a team of auto accident experts who can do all of the heavy lifting for you. Calculating a fair compensation amount requires a deep understanding of the legal, medical, and economic aspects of your case which is why injured parties generally reach out to an attorney right away. However, without having to retain an attorney, our team is willing to provide a breakdown of your potential compensation.
A vehicular collision can be an overwhelming and transformative incident. The involved parties may undergo bodily harm, psychological trauma, and monetary difficulties depending on the magnitude of the accident. It is crucial to comprehend how remuneration for losses incurred during a car accident is evaluated as part of coping with such situations. Depending on various factors surrounding the crash, compensation calculations may involve insurance claims processing, settlements or legal proceedings. This article aims to furnish readers with an outline detailing how car accident reimbursement computations are conducted in Colorado along with insights into navigating the applicable legislation effectively while ensuring self-protection measures and adequate reparations following such unfortunate occurrences occur are established and enacted upon accordingly.
Car Accident Compensation: Categories and Claims
After a car accident, compensation for damages is typically divided into two categories: direct and indirect costs. Direct costs refer to the expenses incurred as a result of the accident, such as medical bills, car repairs or replacements and lost wages. Indirect costs, on the other hand, refer to the intangible losses that may result from an accident, including decreased quality of life, and emotional distress.
There are four main claim types after a car accident,
Property Damage Claims
Property Damage Claims are for damages to your vehicle, personal property or other assets. Generally, these are the easiest to settle and the settlement comes down to the empirical value of the asset that was damaged. If the car is totaled, the compensation amount may be equal to the market value of the car at the time of the accident. If you find yourself in a situation where the insurance company doesn't cover all of the damages to your property, you may need to find an attorney. At AITC, we take pride in providing quality assistance to our clients. We can connect you with experienced attorney firms who specialize in handling claims like yours and will work closely with you to ensure a fair settlement is reached.
Medpay claims are claims for medical expenses incurred as a direct result of the accident. In the state of Colorado, unless you sign away your Medpay directly when you acquire your insurance policy, you are entitled to a minimum of $5,000 in Medpay coverage per person. Many people are afraid to open their Medpay coverage because they fear that their insurance rates will increase. However, this type of coverage is mandatory in Colorado and will not raise your rates if you open a claim after an auto accident. With $5,000, much of the immediate medical costs can be covered, and in cases where an accident is not severe, it may be the only coverage you need to get back to feeling yourself. In cases where your accident is severe, Medpay coverage can be an essential component in covering the high medical costs associated with extensive treatment and recovery by starting the process quickly and allowing us to provide care without barriers up to that initial limit quickly and efficiently.
Bodily Injury Claims:
Bodily Injury Claims are claims for physical injuries or harm suffered as a result of the accident. In the state of Colorado, minimum bodily injury coverage is $25,000 per person and $50,000 per accident. When dealing with a bodily injury claim, it's important to remember that the compensation is not only for medical expenses but also for lost wages, pain and suffering, and any other damages resulting from the accident. Understanding and calculating your compensation after a car accident can be complex, so it's important to have an informed perspective. At AITC, we cover the cost of treatment without reimbursement to help our clients focus on their recovery. We only get reimbursed when and if a settlement is reached, ensuring that our clients can access the care they need without worrying about upfront costs.
Uninsured Motorist / Underinsured Motorist Claims:
UM/UIM claims are made against your insurance policy if the at-fault driver doesn't have enough insurance to cover all of your damages or didn't have any insurance at all. In Colorado, you are required to have UM/UIM coverage equal to your bodily injury liability limits, unless you specifically decline this coverage in writing, so as a general rule, if you have insurance in Colorado, you should have UM/UIM coverage. You can only receive your UIM coverage if you receive a settlement or damages from the at-fault driver's insurance policy up to their coverage limit. It's important to note that the process of filing and settling UM/UIM claims can be complex, as it often involves negotiating with insurance companies. At AITC, we always suggest that an attorney is involved when trying to settle UM/UIM claims to ensure that our clients receive the compensation they deserve.
In conclusion, understanding and calculating your compensation after a car accident is crucial to ensure that you receive the compensation that you deserve. It's important to remember that the process can be complex, so having an informed perspective and seeking guidance from professionals is key. At AITC, we pride ourselves on providing our clients with efficient care without barriers up to the initial limit quickly and efficiently. Additionally, we suggest involving an attorney when dealing with Bodily Injury Claims and UM/UIM claims to guarantee fair compensation for all damages suffered in the accident. We hope this blog has offered insight into how one may calculate compensation following a car accident.