After A Wreck: What Is Monetary Compensation?

After you've been hurt in a wreck, you may hear mention of monetary compensation. The meaning of that term may not be clear to some who might confuse it with payments from the insurance company. If the other driver was at fault for the wreck, their insurer may owe you more than just a car repair and medical bills. To learn more about what is included in the category of monetary compensation and what to do to be paid, read on.

Taking Legal Action

In many cases, you won't be able to seek anything other than medical expenses and automobile damage unless you take legal action. That may not necessarily mean you need to take the other guy to court, though. It does mean speaking to a personal injury lawyer about your case as soon as you can. They can do a professional evaluation of your case and determine the value of seeking more damages. They can also make contact with the other driver's insurer and begin negotiations for an out-of-court settlement. Finally, they can deal with any problems or delays in having your medical claims paid and your vehicle repaired or replaced. If you take legal action, whether you are paid via a settlement or in court, the following forms of damage are what is meant by monetary compensation.

Medical Treatment Expenses

In most cases, accident victims can expect to have their medical expenses paid by the at-fault driver's insurance. Unfortunately, some insurers question claims, deny payment, delay payment, and more. Having an attorney to help you with medical expenses means you won't need to deal with them, your attorney can.

Pain and Suffering

Lots of people have heard about pain and suffering but few understand the real meaning. This form of accident damage can be the most expensive one for the insurer to pay and may constitute the largest portion of a victim's settlement. It's also not available unless you seek legal action. Pain and suffering can be summed up as a compilation of the negative aspects of being hurt and dealing with the after-effects of the accident. In most cases, the money paid for your pain and suffering is based on the dollar amount of your medical expenses.

Lost Wages

If you are injured in the wreck, it's almost inevitable that you will also miss some work. Those lost hours and lost pay are the responsibility of the at-fault driver, not you. Most insurers will only reimburse accident victims for lost wages if you take legal action by speaking to an attorney.

To find out more about what is meant by monetary compensation for your case, speak to a personal injury lawyer.