While there are a number of factors that can affect how much you receive in your car accident settlement, you can calculate an estimate of what you will receive.
Damages are separated into two categories: economic and non-economic damages. Economic damages are those that can be calculated based on expenses that you have incurred since the accident, such as medical bills or lost income. The next type of damages are non-economic damages, which include pain and suffering. Because pain and suffering cannot be calculated using metrics, it will be up to the arguments and evidence presented by your attorney to convince the insurance company that you have suffered greatly due to the accident.
After you have been involved in a car accident, your claim will be filed with the insurance company and a claims adjuster will be assigned to your case. This person is going to assess the damage to your vehicle, any valuables that were in the car, and review the medical documents that you provide. An amount of money will be offered to you in order to dissuade you from filing a legal claim. But it may not be enough.
There are a number of expenses that are calculated when determining how much compensation you’ll receive. They are:
- Medical expenses: the total expenses from your emergency and follow-up care as related to your injury from the accident
- Property damage: the worth of your car or the amount that will be needed to repair your vehicle.
- Lost income: If you have been out of work due to a car accident, then your wages for that time that you have already missed will be calculated in your settlement. If you have already returned to work, then the number will be based on the amount of time that you missed.
- Lost future income: However, if your injuries are still preventing you from returning to work, then you could be compensated for the amount you would have earned had you not been involved in the accident. You may be out of work for several months, or you may permanently be unable to work at your former employment.
While there is no single formula that adjusters use, there are some guidelines that can help make a better estimate of what you will receive.
After the total combined costs from above are calculated, they are then multiplied between either 1.5 or 5 in order to estimate the damages you will receive. This multiplier is based on the amount of pain and suffering that you have undergone. The more extreme the pain and suffering, the higher the multiplier. In cases where someone was killed in the accident, the multiplier can be as high as 10.
You need an experienced attorney, such as car accident lawyer Pendergrass, who will guide you through the process, instruct you on what to say, advise you on what documents and evidence you need to provide, and, most importantly, have the compassion that you need during this difficult time. Don’t risk representing yourself and being taken advantage of by the insurance companies. Call a lawyer instead.