Car accidents can be devastating, irrespective of how you choose to look at them. They often leave victims with psychological and emotional trauma. Not to mention the financial stress of having to repair so many damaged vehicle parts. In such times, you’d want financial relief you can lay your hands on. This is where car accident settlements come into play.
Unfortunately, though, it’s not so easy to calculate how much settlement you can earn, and that’s why articles like this one exist.
If you’ve ever been involved in an auto accident or even braced yourself for the possibility, knowing how to calculate your settlement can help you. Today, we’ll try to break everything down for you so that you can know what to expect from insurance companies in different scenarios. Let’s go!
Understanding Car Accident Settlement Calculations
Let’s face the fact – it can be tough deciding a fair settlement for an auto accident, especially since every detail must be considered. We’re talking about a process that reviews the wreckage on your car and attempts to price your suffering – because justice has its currency.
The main issue with car accident settlements is that while its calculation makes sense sometimes, there are times it’ll leave you more confused. At such times, you need someone who can take the time to explain every detail to you. This is where a car accident attorney comes in. They typically understand how car settlement calculations work. But you should also know a thing or two – don’t you think so?
Special vs. General Damages in Settlement Calculations
Enough of the legal jargon – let’s explain in a way you’ll understand. There are two types of damages that significantly influence how a car accident case will play out – general and special. Special damages are the culmination of the receipts you’re stacking up as a result of the accident. They’re typically easy to calculate because they’re actual costs from things like lost wages and medical bills. You’re told to count your expenses, so you have to do it to the very last cent.
On the other hand, general damages are not as straightforward, since they don’t come with their barcodes. It’s like attaching a price to intangible things like pain and suffering. Giving numbers to these costs can be very tricky, but it has to be done to achieve fair compensation.
Explaining The Multiplier Method
Firstly, what’s the multiplier method? Well, you can look at it as a fancy term used for calculating those tangible economic losses and adding context to them with multipliers ranging from 1.5 to 5 even more in cases that want it. It recognizes that some injuries are cut too deep for band-aids or bank transfers.
Car accident settlements are too big to be classified as mere numbers imputed half heartedly into a computer. They are real stories of car accident victims getting compensation for the things they lost during unexpected moments in their local roads. So, it’s important to check where a multiplier is applicable before using it.
Factors That Can Influence Your Car Accident Settlement Amount
You don’t expect us to talk about car accident settlement without mentioning important factors that can influence it, do you? Well, there are so many factors that can influence settlement calculations and we’ll review some of them here.
- The severity of injury: there’s no factor more deserving to be at the top of our list than this one. More severe injuries typically require extensive medical care and rehabilitation. Some may even lead to permanent or long-term disability. So you see, it’ll definitely impact what a victim will typically demand for compensation.
- Medical expenses: like injury severity, medical expenses can also critically impact how your car accident settlement is calculated. It is a culmination of costs like hospital bills, surgeries, emergency care, physical therapy, medications, and all other future treatments directly related to the accident. However, note that you’ll need to have the right documentation for all these expenses to maximize settlements.
- Lost wages: depending on the severity of your injury, it can either prevent you from working or impact your productivity level. In essence, it can cause you to lose income now and in the future. The insurance firm will evaluate all your lost wages and compensate you for any impact on your quality of life.
- Pain and suffering: This is a broad term that refers to any physical pain or emotional stress you suffer as a result of an accident. Although it is mostly a subjective measure, it still significantly influences what you’ll get as a settlement. This is where you’ll consider factors like the duration of suffering, the extent of pain, and the impact of the accident on the quality of your life.
- Property damage: This factor covers what you would spend in replacing or repairing damaged parts of your vehicle. It also covers the repair of any other personal properties that may have been damaged as a result of the accident. Note that you’ll be required to submit detailed estimates and receipts to ensure adequate compensation for your loss.
Understanding Cat Accident Settlement Offers and Negotiations
Most times, the first settlement offer you’ll get from an insurance company would make you shudder (not exactly in a good way). This is mostly because adjusters begin with offers that favor their bottom line. You shouldn’t be scared, though, especially if you know how to negotiate.
It takes special skills to know when to accept the company’s offer and even when not to. An experienced lawyer will stand by you to ensure you’re not exploited in any way.
However, to find a common ground, you should also understand the insurer’s point of view and how they calculate car accident settlement amounts.
Coleman Law Group Can Help You
Understanding the process involved in car accident settlement calculation can turn a potentially chaotic situation into one that’s manageable. But you’re not a legal expert, so it may be quite difficult to understand all the legal jargon involved.
This is why you’ll want a trained car insurance lawyer who can handle everything the insurance company will throw at you. The experts at Coleman Law Group can help you handle it all, from negotiation to advice and recommendations. Contact us now, let’s get started!
