Despite the high amount of vehicle safety features being developed, car accidents remain one of the leading causes of death around the world. The fact that there are still a high number of car accidents is an indication that there are a significant number of people who do not understand the full legal impact of losing a car accident lawsuit.
Losing a car accident lawsuit holds many more consequences than just the initial fine, damages, or jail time. Depending on the circumstances of the accident, your car accident lawsuit could have a lasting effect on your life. Here are some reasons why car accident lawsuits are more serious than they seem.
Losing a car accident lawsuit means that the opposing party will be able to claim monetary compensation for damages related to property damage, medical expenses, pain and suffering, punitive damages, loss of consortium, and civil indemnities (in instances when the actions of the defendant caused the death of another person)
The compensation owed for these damages is computed differently depending on the gravity of the accident. For minor accidents, it is a simple matter of accounting for all the medical and repair costs and applying a multiplier. Serious accidents tend to yield serious injuries, which require a different method of computation.
The Multiplier Method
The multiplier method is used to compute for damages incidental to pain and suffering. Multipliers are based on the degree of the claimant’s injuries, aggravating circumstances (such as negligent behavior on the part of the defendant), and the time the victim needs to fully recover from their injuries. Minor accidents usually have a multiplier of 1x or 2x, while serious accidents have 3x or 4x. If the accident resulted in serious injuries or death, the multipliers may go beyond 5x. The value after the multiplier is applied becomes the total damages owed.
The Damage Formula
The damage formula is used to account for special damages that do not inherently have a monetary value. Some examples of special damages include emotional damages, permanent disabilities, psychological trauma, and pain. Similar to the multiplier method, the damage formula also makes use of multipliers, with minor injuries getting a 1x to 3x multiplier, while more serious injuries get 5x and above.
The difference is that the resulting figure serves as the basis for negotiations. This means that the final amount can increase or decrease depending on the facts surrounding the accident. Damages from a car accident can cost at least $3,000 and higher, and most times, those convicted will also face jail time.
A car accident conviction can be very damaging to your life in the long term. A conviction will significantly affect your finances, which will also hurt your credit score. Convictions will also make it more difficult to find employment, which makes it difficult to sort out your finances. It’s for this reason that it’s extremely important that you hire a seasoned car accident lawyer like these Adam S. Kutner Accident & Injury Attorneys to help you arrive at a favorable outcome.