Calculating the estimated return of a car accident claim is critical to negotiating a fair settlement. Attorneys and insurance claim adjusters use complex formulas arrive at a reasonable numerical value of a claim. Here’s how you can get an idea of what that number is likely to be.
Adding Up Fixed Expenses
The first thing to do in any personal injury case is to add up the fixed expenses. These are also called economic damages. This includes lost wages, medical bills, property damage, and any other expenses with a concrete value. Also, it’s important to ensure that economic damages include future wages that may be lost. Additionally, consider medical expenses after the initial settlement has been accepted.
Calculating Emotional Trauma, Pain, and Suffering
Next, non-economic damages must be calculated. This includes emotional distress, commonly called “pain and suffering.” This figure can be more challenging to determine since there is no established monetary value assigned to these damages. Deciding how much additional compensation should be awarded for emotional trauma is something that attorneys, judges, and insurance adjusters often disagree on.
A formula can be used to help calculate reasonable non-economic damages. This is called a multiplier. It involves the total economic damages multiplied by 2, 3, 4, or 5 in order to increase the value of the claim. This valued is based on how much pain and suffering the accident victim has been subjected to. An accident that involved few emotional damages may only have a multiplier of 2. On the other hand, a serious accident causing the victim to be permanently disabled is likely to have a much higher multiplier of 4 or even 5.
Let an Experienced Legal Team Advocate for You Today
Retaining a seasoned personal injury lawyer is one of the most important things to do after an accident. At the Law Offices of Zink & Lenzi, we will zealously champion for your right to receive the full and fair compensation you deserve after being hurt in an accident. In fact, we can help you negotiate with insurance companies and if needed, proceed to litigation to see that justice is done. Contact us today to learn more about filing a claim by calling 530-895-1234.