How Much is My Car Crash Claim Worth in Denver?

There are hundreds of thousands of accidents that happen in Colorado each year. The severity ranges from parking lot fender benders to head on highway collisions. The severity of your car crash claim will affect how much your claim is worth.

If you’ve been involved in a car accident in Denver, Colorado contact an experienced car crash lawyer. They will be able to tell you how much you can expect from the lawsuit and if you should accept the insurance company’s settlement offer or not.

If you are unsure whether you have a claim or if a lawsuit is worth it, then keep reading to learn more about settlement payouts and factors that determine the value of your car accident claim in Denver, Colorado.

The average car accident settlement is roughly $20,235 for bodily injuries. Property damage claims are much lower at an average of $4,711 per car crash claim.

Denver, Colorado car accident claims are typically worth 1.5 times the total financial loss. Medical expenses and vehicle repairs are a couple of examples of financial loss from an accident. The reason it’s 1.5 times the total financial loss is to accommodate for the pain and suffering of the accident.

Accidents are never easy to recover from especially if you or a loved one was injured. If you’ve been involved in an accident, you should maximize the settlement in your case by working with a car crash lawyer in Denver.

There are several factors that are considered when calculating the value of a car crash lawsuit.

Driving laws vary from state-to-state, here are the factors that determine the value of your car accident claim in Denver, Colorado. 

Insurance Coverage
Colorado law requires that drivers carry liability insurance on their vehicles. Liability insurance covers injuries and damages to another person or their property that you are responsible for.

The amount of liability coverage the at fault driver has may affect the value of your car crash claim. To protect their citizens Colorado set the following minimum coverage options: 

• $25,000 for bodily injury or death to any one person in an accident

• $50,000 for bodily injury or death to all persons in any one accident

• $15,000 for property damage in any one accident.

These are minimums required by law, coverages can be higher. Once the at fault’s insurance coverage max is met, the insurance will no longer pay for your medical expenses. 

Liability
Liability is a major factor in determining the value of your case. Whoever is liable for the accident is “at-fault.” If it is clear who is at-fault, it will be much easier to win your case. However, if it is NOT clear who was at fault in the accident, compensation may be more difficult to receive.

Severity of Injuries
If you are involved in an accident and severely injured you are entitled to compensation for medical bills and pain and suffering. The more severe the injury the more compensation you should receive.

If you suffered a broken arm in the accident and needed surgery, your medical bills should be covered. But what if you are a surgeon and now you can’t work because of the accident? You will be compensated for the medical bills and the additional income losses. 

Financial loss
Financial loss is heavily weighed when calculating your case's value. Financial loss refers to damages to your vehicle or expenses incurred as result of the accident. Vehicle repairs, medical expenses, and wages lost due to missing work are examples of financial loss.

As we mentioned above, the average car accident settlement is 1.5 times the total financial loss. To estimate how much your car accident claim is worth, add up your total financial loss due to the accident.

Colorado is an “at-fault state” which means the at fault driver is liable for the damages. Determining who’s at fault for an accident is not so easy. Especially when you’re dealing with pesky insurance companies.

In Colorado, fault consists of two components: 

• A negligent act

• Causation

You can determine fault by asking one simple question. Would the accident have happened if it wasn’t for a given negative action?

For example, if someone slams on their brakes and you rear-end them, you're likely at fault because the accident wouldn’t have happened if you weren’t so close to them. The same could be said for someone pulling out into oncoming traffic and getting side swiped.

In theory it should be easy to determine fault but with so much at stake between insurance and medical expenses some people can be reluctant to admit it. A Denver car crash lawyer can help prove fault and get you the compensation you deserve.

If you’ve been involved in an accident in Colorado, you can receive compensation for the damages. Compensation is the monetary value of those damages. In Denver, Colorado, there are two types of damages: economic and non-economic.

Economic damages refers to compensation for objectively verifiable monetary losses such as past and future medical expenses, loss of past and future earnings, loss of use of property, costs of repair or replacement, the economic value of domestic services, and loss of employment or business opportunities.

Economic damages are objective losses that can be verified. Here are a few examples of economics damages: 

• Medical expenses

• Vehicle repairs or replacement

• Loss of wages

• Property damage

• Rental car cost

Non-economic damages are subjective losses that don’t have a fixed monetary value. Here are a few examples of non-economic examples: 

• Pain and suffering

• Loss of quality of life

• Mental anguish

You can’t put a price on certain things, like the price of losing a loved one. Non-economic damages are there to help compensate for the mental toll car accident injuries can take.

Per Colorado law you must have insurance. Each insurance policy has a certain dollar amount they will cover you up to. For some it’s $25,000, others are higher.

If you’re the one who got injured in the car crash, the insurance of person who hit you will cover up to $25,000 worth of medical expenses. That may seem like a lot but medical expenses can add up quickly.

What happens if that’s not enough to cover medical expenses, not to mention loss of income for taking time off work?

Then you will need to file a lawsuit against the person responsible for the car accident and your injuries to get the compensation you deserve.

By taking on a car accident claim without a car crash lawyer, you won’t be able to maximize compensation.

We specialize in these types of lawsuits. Our car crash lawyers know how to negotiate with insurance companies and how to get the most value out of your case. There’s a lot of documentation and time that goes into these claims.

You don’t have to do it alone. You’ve been through enough. Get a free consultation by contacting our office today!