If you have been injured in a car accident, or any type of accident which was not your fault, you may possibly have the basis for a personal injury claim. One thing that will be important to determine is the approximate amount you would accept in a settlement offer in you case. Most insurance companies and injury attorneys use a set formula to begin the process of settlement talks. This formula is used for many types of lawsuit and cases: a bodily injury claim in a car accident case, a slip and fall injury, a motorcycle accident or any of a number of other personal injury cases.
Knowing what to expect ahead of time can be a great assistance in determining the value of your possible personal injury lawsuit settlement claim. The factors involved in setting an acceptable monetary figure are a combination of your medical expenses which were incurred due to the accident, money for your pain and suffering and also include other economic losses, such as medical bills, property damage, and lost wages due to the inability to work. Insurance companies and lawyers use a basic formula to determine a settlement amount. The following can help you determine an approximate settlement figure for your negotiations.
This example is for informational purposes only. You should consult with an attorney for a full financial and legal analysis of your particular case.
Calculate Your Car Accident Settlement
1. Medical Expenses
Add up all of your medical expenses, even if you haven’t paid them all yet.
2. Property Damage
This is often used for automotive damage in a car accident case.
3. Lost Earnings
If you were unable to work due to your injuries, calculate the amount you would have earned if you had worked.
4. Future Lost Income
If you anticipate you will be missing additional time from work due to ongoing medical treatment, rehabilitation or if you are unable to continue working at your current job estimate the loss wages.
5. Estimated Future Medical Expenses
Estimate the cost if you think you will require ongoing medical treatment for your injuries.
General Damages for Pain and Suffering
A multiplier is used to estimate your general damages for your pain and suffering. The range is from 1.5, which represents the least serious, to 5, for a more serious, long-lasting and painful injury.
Estimated Settlement $__________
To determine if you do have a viable Car Accident settlement claim, contact a qualified car accident attorney to assist you with an evaluation of your case. Your auto accident lawyer will be able to help determine current and future damages you may be entitled to. Don’t delay, time is of the essence. After emergency medical care, an appointment with your attorney is the best thing you can do to help with your car accident lawsuit.