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Car accidents are an unfortunate reality in Memphis, a bustling hub of activity with congested highways, distracted drivers, and various weather-related road hazards. If you’ve been injured in a car accident, understanding how settlements are calculated can provide clarity as you navigate the legal process.
At The Gold Law Firm, our Shelby County personal injury lawyers are committed to helping Tennessee residents secure a fair settlement that reflects the true extent of your damages.
Factors Influencing Memphis Car Accident Settlements
No two car accident cases are identical, and the settlement amount depends on several key factors.
The primary components include:
- Medical Expenses
Medical bills often make up the largest portion of a car accident settlement.
This includes:
- Emergency room visits.
- Hospital stays.
- Diagnostic tests, including X-rays and MRIs.
- Surgeries and follow-up care.
- Physical therapy and rehabilitation.
- Prescription medications.
The settlement may include projected future medical expenses if you require ongoing medical care.
- Lost Wages and Loss of Earning Capacity
If your injuries prevent you from working, you may recover compensation for:
- Lost wages during your recovery period.
- Loss of earning capacity if your injuries result in long-term or permanent disability.
Calculating lost wages is straightforward, but determining loss of earning capacity often requires expert testimony to evaluate how your injuries will impact your future career and income potential.
- Property Damage
The cost to repair or replace your vehicle is another critical component of your settlement. Be sure to include receipts and estimates to substantiate your claim for property damage.
- Pain and Suffering
Memphis courts recognize that car accidents cause more than financial hardship.
Compensation for pain and suffering is intended to address the following:
- Physical pain.
- Emotional distress
- Loss of enjoyment of life.
- Anxiety, depression, or PTSD resulting from the accident.
This aspect of a settlement is subjective and often depends on the severity of your injuries and their impact on your daily life.
The Role of Insurance Companies in Memphis Car Accident Settlements
Insurance companies play a pivotal role in car accident settlements. Unfortunately, they often prioritize their bottom line over your well-being. Adjusters may offer lowball settlements or try to minimize the severity of your injuries. That’s why having an experienced Memphis personal injury attorney advocating for your rights is critical.
By understanding how Memphis car accident settlements are calculated and working with our skilled attorney, you can take the first step toward securing justice. Allow us to thoroughly investigate the circumstances of your accident, gather evidence, and negotiate aggressively with insurers to ensure you receive the compensation you deserve.
Call or text (901) 244-5003 or contact us online for your free consultation today.
With over 165 five-star reviews, a wealth of client testimonials, and a proven track record of recovering tens of millions in compensation for clients across Tennessee, our skilled legal team is committed to ensuring negligent drivers are held accountable.