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How Do You Value a Motorcycle Accident Claim in Colorado Springs?
How Do You Value a Motorcycle Accident Claim in Colorado Springs?

How Do You Value a Motorcycle Accident Claim in Colorado Springs?

If you were injured in a motorcycle accident, contact our Colorado Springs motorcycle accident lawyer for the best legal counsel.

Getting injured in a motorcycle accident can have life-changing consequences; that’s why hiring knowledgeable legal counsel who knows how to accurately assess your claim value can make all the difference in the recovery you get.

It can be an especially challenging time if you’re severely injured and also unsure of how to get compensation or how much you’re entitled to. Since motorcyclists have such little protections while riding, they often suffer catastrophic injuries that require extensive medical treatment, sometimes for prolonged periods.

If you want to recover the full compensation you’re entitled to for all your pain, suffering, and injuries, you’ll need a Colorado Springs motorcycle accident lawyer who has experience handling these particular cases.

Sadly, Motorcycle accidents are some of the most devastating as far as damage and outcome severity. During these trying times when physical, mental, financial, and emotional strains seem unbearable, the best thing you can do is to seek skilled legal counsel to help protect what you deserve.

We encourage you to read this blog post to the end if you find yourself injured and unsure of how to proceed next after a motorcycle accident in Colorado Springs. If your injuries were caused by a negligent driver, you may be entitled to financial compensation.

How Do Insurance Companies Value Injuries After a Motorcycle Accident in Colorado Springs?

Insurance companies determine the value of injuries by calculating different categories of damages; namely, economic and non-economic. How exactly do they calculate these damages?

Economic Damages (Special Damages)

Economic damages are actual financial losses you incurred due to the accident, they are easily calculable because they often have documentation to show exact values. For instance, any medical bills associated with the accident, proof of lost income and diminished future earning capacity, and property damage bills can all be very precisely calculated.

Non-economic Damages (General Damages)

Injury victims may also be eligible to claim for other damages that are more subjective and don’t necessarily have monetary value. Such losses are known as non-economic losses and include pain and suffering, physical impairment, inconvenience, emotional anguish and trauma, and any other accident-related losses that negatively impact a person’s life.

Non-economic damages are not easily quantifiable, but insurance companies do use a formula to determine a value for these types of damages.

What Formula Do Insurance Companies Use to Calculate the Value of Motorcycle Injuries?

The first step insurance companies take while valuing a motorcycle accident claim is calculating all of the quantifiable costs. Medical expenditures and any other economic damages that have been awarded for easily calculable damages are also known as special damages.

Non-economic damages, or general damages, are calculated based on a formula. Different companies may practice different ways of reaching a value for special damages. Unfortunately, this “formula” doesn’t always yield a fair number to compensate injury victims adequately for all their pain, suffering, and emotional turbulence following an accident. The result is that insurance companies often start with lowball settlement offers.

They may use a very formula to calculate non-economic damages by taking the value of economic damages and multiplying it by a number (e.g., between 1.5 and ten). However, that formula doesn’t work across the board and doesn’t properly adjust the award amount to tailor the unique case circumstances.

Some insurance companies use computer algorithms to calculate the value of general damages in motorcycle accident claims. They may also consider the amount of wages you’ve lost due to accident-related injuries. While the resulting figure is not the final amount, it will be a starting place for the insurance company to start settlement negotiations, and they usually start low.

Other Factors That Can Affect Settlement Negotiations in a Motorcycle Accident Claim

In many cases, both or several parties can share some degree of fault. In that case, the insurance company will also factor in your percentage of fault to determine a value for your accident claim. For example, if your motorcycle brake lights were not functioning, you might be found partially at fault even if the other car hit you. Then, the insurance company would argue that they have justification to reduce your financial award by however much fault you contributed. If they claim you were 15% at fault, they would reduce your claim value by 15%.

Ultimately, negotiating a fair settlement for your motorcycle accident claim requires presenting your arguments and supporting evidence in a strategic and efficient manner. This may require the help of an experienced Colorado Springs motorcycle accident lawyer who understands the intricacies of motorcycle accident claims and how to win you the maximum compensation possible.

What Is the Average Settlement in a Motorcycle Accident in Colorado Springs

If you were injured in a motorcycle accident, you probably want to know how much money you’re actually going to get in compensatory damages. Since every accident is so different, there is no “average” amount for a motorcycle claim. A motorcyclist who suffered a broken leg will get a very different settlement than someone who experienced a spinal cord injury that resulted in quadriplegia. Or one who suffered several broken bones but was able to continue working will get a very different amount than a motorcyclist who suffered a brain injury and is unable to return to work for an extended period.

The best way to get an accurate idea of how much your claim is worth is to consult a knowledgeable Colorado Springs personal injury attorney. They know how to calculate damages based on your case circumstances and give you an informed estimate on how much compensation you may be entitled to.

Steps to Take After a Colorado Springs Motorcycle Accident

The immediate aftermath of any accident is a crucial period wherein you can take steps to protect your rights and your well-being. There are important decisions to make and some steps you can take to ensure you get the most of your motorcycle accident claim.

  • Safety should be the top priority – if you or anyone else is seriously injured, call 911. If you are able to, move the motorcycle out of the road to ensure there is no chain reaction accident.
  • Aside from emergency medical care, you’ll need to call 911 to report the accident to the Colorado Springs Police Department. Not only is it legally required to report any accident that results in bodily injury and property damage, but it will also be helpful to your case later.
  • Collect evidence and information – take pictures of the accident scene, any injuries, and property damage. Additionally, be sure to get contact information from all parties involved in the accident. It will also help to get contact information from any eyewitnesses
  • Do not apologize or admit fault. While you may need to give your personal information and a statement to the police, you should refrain from admitting fault in any way. Sometimes, even apologizing or expressing regret can make you sound guilty. If this appears in the police report, the insurance company could interpret this as an admission of fault and use it against you. Try to keep your statement objects and only state the facts. Your Colorado Springs personal injury lawyer will help you determine fault and establish liability later.
  • Contact your insurance company – even though you will file a claim for damages with the at-fault insurance company, you should still notify your provider. You don’t need to provide too much detail, but you do need to let them know about the incident.

How Can a Colorado Springs Motorcycle Accident Attorney Help Me?

Hiring an attorney after getting injured in a motorcycle accident is one of the best things you can do for yourself. Those who falsely assume they’ll be able to handle the claims process without legal counsel end up getting much less than they deserve.

Here are some of the benefits you can expect when you work an experienced legal professional:

  • They can help determine if you have a viable case to proceed with a personal injury claim. Just because you were in a motorcycle accident, it doesn’t automatically mean you are entitled to compensation. If the accident was mostly your fault as the motorcycle rider, or you didn’t suffer injuries, it’s unlikely that you’ll have strong grounds for a personal injury claim. It’s best to consult a knowledgeable attorney who can assess your case and give you a professional opinion based on your circumstances and advise you on the best course of action.
  • Attorneys know the importance of an investigation and how to get it done. Motorcycle accident lawyers will take the time to work with the appropriate experts and conduct an in depth investigation, which is a critical step for uncovering all the specific details of your case and gathering strong evidence. They may want to obtain medical records, police reports, speak to eye-witnesses, and review the accident scene to serve as evidence. Medical records will also serve as reference to prove the extent of your injuries and determine a claim value.
  • An attorney can help you establish fault. This is the basis for any motorcycle accident claim and how you will recover compensation. However, determining fault can be a complex process, especially if multiple parties were involved in the accident or there are several different factors at play that contributed to the accident. On top of that, insurance companies usually do everything in their power to minimize liability, which is where an attorney can come in and use their expertise to show the evidence supporting your claim. In the end, while the most important aspect of an accident is making a full recovery, it’s also important to hold the at-fault parties accountable for causing your injuries.
  • They can handle negotiations with insurance companies. This might be one of the most beneficial services a lawyer can offer you. Getting injured unexpectedly by someone else’s negligence is hard enough. Having to deal with insurance adjusters and their shoddy tactics is all the more stressful. By letting an attorney handle those communications on your behalf, you can feel confident about getting the best possible settlement deal possible, while you focus on healing.
  • They will also help you decide if it’s appropriate or worthwhile to file a lawsuit. Whether it’s against the insurance company of the at fault party, sometimes it’s necessary to file a lawsuit to get full financial recovery. Your attorney can help you understand your legal rights and help you make an informed decision. They will also represent you in court and present your case in a professional and effective manner to the judge or jury.
  • You’ll be able to focus on healing from your motorcycle accident injuries. Recovering from injuries takes mental, physical, and emotional energy. By having one less thing to worry about with your accident claim, you dedicate more energy to healing.

Contact a Colorado Springs Motorcycle Accident Attorney Today

If you need legal help and want to get your life back in order with adequate financial recovery, it will take a skilled Colorado Springs Motorcycle Accident Attorney to fight on your behalf. We’ll take a load off of your plate by handling all of the legal proceedings for you so you can focus on your own life and recovering.

We understand that getting injured in a motorcycle itself is hard enough, but having to figure out how to navigate a legal battle can be overwhelming. The good news is that our team of expert personal injury lawyers wants to help you and knows how to win you the maximum possible settlement.

Call us today for your free initial consultation.

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