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How Are Car Accident Claims Paid Out?

After a serious car accident, getting compensated for your injuries and costs can feel overwhelming. Your expenses may be tough to calculate, and you may be unsure where to begin with your claim. Luckily, your injuries should be covered when someone else caused your accident.

But how will you receive the compensation you’re due for your car accident claim? If you’re not sure, turn to the Long Island car accident lawyers at the Law Offices of Dennis Smith, PLLC for the guidance you need when you’re hurt and you need your compensation as quickly as possible. 

Structured Settlements or Lump Sums 

After your car accident lawyer in New York has represented you in court and gets the compensation you’re due, you need to know how you’ll receive your claim. Typically, you’ll have options depending on your needs. 

In some cases, you may need all your funds at once. This gives you more freedom to pay off your expenses right away and use other funds, such as those for future lost wages, as you need them. These lump sum payments give you the compensation you need now. 

In other cases, you may want your funds over time. This option, called a structured settlement, covers your needs over time, without the need to worry about budgeting for your expenses. Your lawyer can help you make the call for your claim. 

How Much Will My Car Accident Claim Pay Out? 

The best course of payment for your claim will depend on the damages you’re due for your claim. Your damages should include both the economic and non-economic losses you’ve suffered. 

Your economic damages should cover all financial costs you suffered because of your injuries. This may include things like medical bills, lost wages, and car repairs. These damages can be added up and included as part of your compensation. 

But you may also be entitled to compensation for your non-economic damages. These damages cover the emotional and mental suffering you may have experienced because of your car accident, such as pain and suffering, emotional trauma, and mental distress, among other damages. You may need a lawyer’s tools and other car accident-related resources to calculate these damages fairly and ensure you’re getting the compensation you’re due. 

Call a Lawyer About Getting Compensated

When you’re hurt in a car accident, you need your compensation as soon as possible, in the form that’s right for your needs. But ensuring you get the compensation you’re due when you need it is tough without the right guidance. 

Luckily, the lawyers at the Law Offices of Dennis Smith, PLLC are here to help. If you’re struggling to get compensated fairly and on time, reach out for a free consultation from our attorneys. All you have to do is give us a call at 212-835-1699 or fill out the following online contact form. 

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