The time immediately after a car accident is incredibly stressful.
While you recover, you face mounting medical bills, lost wages at work, and property damage resulting from the accident. It is incredibly important to have an idea of what you can expect from a car accident settlement.
At Fadduol, Cluff, Hardy & Conaway, our experienced personal injury attorneys explain how much you can expect from your car accident settlement.
Economic damages refer to the out-of-pocket costs and tangible harms due to the car accident.
In New Mexico, economic damages include compensation for the following:
- Current and future medical expenses: this includes hospital bills, medication costs, rehabilitation, therapy, and any necessary medical devices;
- Lost wages: including benefits accrued during the time of recovery;
- Loss of future earning capacity: if the injuries caused by the accident are severe enough to permanently impair the victim’s earning capacity at work;
- Property damage: includes damage to the car, loss of any personal property, or other damage to personal property; and
- Car rental costs.
Non-economic damages refer to the emotional and psychological costs of a car accident.
You may be entitled to the following non-economic damages following an accident:
- Pain and suffering: this refers to both physical and psychological pain following an accident;
- Emotional distress;
- Anxiety and stress;
- Loss of companionship;
- Loss of enjoyment of life; and
- Loss of consortium: loss of ability to have sexual relations.
Personal Injury Damage Caps
Some states have caps, or limits, on the amount of money a victim can receive following a personal injury accident.
This is meant to deter fraudulent claims but can also have a major impact on legitimate victims.
In New Mexico, there are no personal injury damage caps on car accidents. The only limits in that state are on medical malpractice cases.
Punitive damages are given in addition to economic and non-economic damages as a way to punish the wrongdoer in the accident for their particularly egregious or reckless acts. It also serves as a deterrent to others who may consider acting in a similar manner.
Other Limits to Car Accident Settlements in New Mexico
New Mexico operates under a pure comparative negligence standard for car accident lawsuit settlements.
This means that after the court has awarded damages, it takes into consideration the degree of fault of each party involved in the accident and reduces the total compensation by that degree. For example, if you received $100,000 but found 25% at fault, your total award would be $75,000.
Our Office Can Help
If you have questions regarding a car accident settlement and what you can expect as a victim, our office is here to help.
Contact our personal injury attorneys today in Texas or New Mexico to schedule a free consultation regarding your accident.