8
May
2016
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How Much is Car Accident Claim Worth?

One of the most common questions car accident lawyers receive is, “how much is my claim worth.” As any experienced car accident lawyer in Victoria will likely tell you, ICBC claims are complicated, no two claims are ever alike, and time is the only way to determine the extent to which an injury will effect your lifestyle. Considering this, a reputable lawyer won’t so much as consider attaching a monetary value to your claim until they have sat down with you and assessed the established facts of your accident and injuries.

How much or how little money can a BC car accident claimant potentially receive?

If a judge or jury is not convinced that you ever suffered an injury as the result of a car accident, you could receive no compensation at all. If, however, your have suffered a catastrophic injury, such as quadriplegia, paraplegia, amputation, or traumatic brain injury, you may be entitled to the maximum award for car accident victims in Canada. This amount is approximately $350,000.

What can I potentially be compensated for?

Whether or not anyone was at-fault in your car accident in Victoria or elsewhere in BC, ICBC is required to pay Part 7 Benefits (also known as No-Fault Accident Benefits) for medical, rehabilitation and lost wages. If another driver is at-fault, you may be eligible to receive money for pain and suffering, inconvenience and other expenses incurred as a result of the accident.

A car accident lawyer can give you a detailed assessment of the types of compensation you can receive during your case evaluation.

Is there any harm in accepting a fast settlement?

If your car accident was the result of the fault of another driver, an ICBC adjuster may offer you a settlement in the days after your accident. Injuries develop and surface over time and a car accident claim settlement is final.If you settle shortly after your accident and your injuries worsen or new injuries reveal themselves to you, you will not be able to seek further compensation from ICBC.

Only Time Can Tell

It is not uncommon for a car accident lawyer in Victoria or elsewhere to wait several months, or even years, while their client works through the recovery process with their medical professional, before assessing the value of that client’s claim. Until your doctor can draw conclusions with a reasonable amount of certainty about how your injuries will effect your future and the future costs you will likely incur as a result of those injuries, it is premature for your lawyer to begin negotiating a settlement with ICBC.