To determine a potential liquidation value, they first combine total medical expenses to date, projected future medical expenses, lost wages to date, and projected future lost income. The resulting sum is then multiplied by the multiplier value of pain and suffering to obtain a projected liquidation amount. Two common methods used to calculate the values of personal injury compensation are the multiplier and the calculation method. These methods provide rough estimates and are often used as starting points for settlement negotiations with insurance companies or during legal proceedings.
In short, the number of special medical damages multiplied by 1.5 to 5 plus loss of income is the number an insurance company normally starts with to negotiate a settlement. Keep in mind that an insurance adjuster won't tell you what formula they used to determine the value of your claim. In addition, understand that the damage formula serves as a way for insurers to get to the starting point to arrive at a settlement amount. Other details related to your accident will be considered once this starting point is determined. The amount of a personal injury settlement is based on the facts of each case.
Both parties consider the type and severity of the injury, the emotional harm suffered, the cost of going to court, and many other factors. Often, the amount of the settlement will be less than what the plaintiff expected, but greater than what the defendant expected. Settlement amounts are generally calculated taking into account several economic damages, such as medical expenses, lost wages, and out-of-pocket expenses resulting from the injury. However, non-economic factors should also play an important role.
Non-economic factors may include pain and suffering and loss of quality of life. An experienced personal injury attorney will be able to evaluate your claim for you, request all of your medical bills, estimate lost wages and out-of-pocket expenses, and file a lawsuit for non-economic damages. Once an insurance adjuster verifies that you have hired an attorney and has a detailed list of damages with specific monetary expenses, they will be more likely to make you a fair and reasonable settlement offer for your claim. A standard formula for calculating compensation for injuries includes multiplying the amount of your pain and suffering by your medical expenses and lost income.
To calculate pain and suffering, a typical multiplier ranges from 1.5 to 5 and includes emotional distress and discomfort. In general, the more painful an injury is, the greater the multiplier used in the insurance company's personal injury settlement formula. Unfortunately, the law does not provide a specific method or formula for determining the amount you are owed. Instead, personal injury damages are based on a combination of actual expenses and compensation for pain and suffering.
There are many factors that need to be considered when determining how much you are owed. When estimating the value of an injury claim, many attorneys and insurance companies use a mathematical formula to estimate the value of an injury and determine a starting point for their negotiations. While insurers use personal injury and pain and suffering settlement calculators to determine how to compensate you, always remember that they will do their best to limit the amount of money you receive in an agreement. Instead, you should seek the advice of a personal injury attorney to accurately determine the value of your case and calculate the correct insurance settlement.
Non-economic agreements, unlike special or economic damages due to lost wages or income, seek to compensate accident victims for the pain and suffering they have suffered as a result of the accident. An insurance company will use a special calculation known as a damage formula to determine how much your personal injury claim is worth. While these calculations include both minor and serious injuries, if you suffered a serious injury or became permanently disabled, it's especially important to consult an attorney who understands personal injury compensation calculations. The library has several resources that you may find useful in evaluating your situation and calculating damages, including “How to Win Your Personal Injury Claim” from Nolo Press, which includes a very detailed chapter on how to determine the value of your injury claim, as well as tips for negotiating a settlement with the defendant.
According to one study, the average time between injury and compensation is 11.2 months, although some received compensation in less than two months. This is partly because many agreements are kept private because of confidentiality agreements, but there's another reason as well. The lawyer will also recommend not accepting the first offer, since the agreements are based on subjective figures and can be negotiated. An experienced personal injury attorney can accurately determine the value of your case and calculate a correct insurance settlement.
To avoid getting caught up in an unfair settlement that doesn't meet your needs, you should contact the personal injury attorneys at Staver Accident Injury Lawyers, P. Instead, you should seek advice from a personal injury attorney to accurately determine the value of your case and calculate the right insurance settlement.