While there is no single formula that applies universally, a common approach to estimating the amount of a settlement in personal injury cases involves adding up special damages (medical expenses, lost wages, etc. An insurance adjuster or the plaintiff's attorney generally identifies the appropriate multiplier based on each individual case). To determine the potential value of a settlement, they first combine total medical expenses to date, projected future medical expenses, lost wages to date, and loss of projected future income. 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 about the formula you 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. Calculating these damages requires gathering all bills, receipts, and estimates related to the injury and anticipated future expenses. The Epstein Law Firm advises clients to thoroughly document all economic losses to ensure that no aspect of their claim is overlooked.
The total value of the settlement is the sum of all past, present and future damages. Here's a breakdown of the formula that considers both damages in detail. A standard formula for calculating compensation for injury 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. 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. Insurance adjusters use personal injury compensation calculators to determine how much you'll receive for medical expenses, devastating pain and suffering, emotional distress (such as mental distress), and loss of income related to your car accident case or other accident claim. 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. To avoid getting caught up in an unfair settlement that doesn't meet your needs, you should contact the auto insurance attorneys at Staver Accident Injury Lawyers, P.