Calculating the amount of the settlement
is an important phase for any plaintiff who hopes to regain all of the losses that have been brought upon him by a personal injury accident. Most insurance companies use a formula to calculate your damages.
Our Los Angeles personal injury attorneys
offer you a quick method for calculating your settlement. Our calculator
can be used to find out how much you can ask for during the negotiation period and/or during trial according to:
- the medical care expenses;
- the future medical treatments;
- lost wages during the recovery period;
- future lost income (if applicable);
- damages: property, vehicle, possessions, etc.
How to calculate physical injuries
Using a settlement calculator to find out how much money you’ve lost after an accident is very straightforward. In most cases, the medical expenses (present and future) will be the most significant. You can use the data you already have and talk to your treating physician in order to determine an estimate of the future costs associated with the injury.
The property damage and lost earnings can be easily estimated based on what you already know: how much an item cost and how much money you will lose while not being able to work. You can also include the expenses associated with fixing your car after a vehicle accident
. One of our Los Angeles personal injury lawyers
can help you calculate economic damages.
Most insurance companies use a multiplier to calculate general damages, as those described above. This means that they use the available bills to calculate an amount and then a formula which multiplies them from 1.5 to 5% in most cases, depending on the severity of the injuries and losses. One of our Los Angeles personal injury lawyers can help you calculate economic damages. Our lawyers can help you understand how insurance companies use these general multipliers and calculate an amount that will fit with the insurance company’s compensation formula.
The insurance company will use the following formula to calculate the total compensation awarded to the victim: the simple multiplication of the general damages and the value of the general damages multiplier. The number obtained in this manner represents the value of the claim, so long as there are no punitive damages
How to calculate emotional pain
While calculating your economic damages
is based on simply adding up several expenses, calculating emotional pain and distress, also known as non-economic damages, is a more subjective process. Depending on their nature and severity, certain accidents can leave a victim traumatized for life. Post-traumatic stress
can occur in various cases and the victim might have to spend years under treatment in order to fully recuperate after a traumatic event. You may be awarded compensations for pain and suffering, emotional distress, loss of enjoyment of life and even loss of companionship.
One of our Los Angeles personal injury attorneys
can evaluate your case and, based on your evolution after the accident, gather the necessary evidence to prove how your quality of life has changed since the accident.
The method to calculate emotional damages used by most insurance companies will also include a multiplier. Because emotional pain cannot be calculated as easily as adding up the bills, the company will use the total sum of the bills and expenses to which it will add a multiplier, which will vary according to the suffering the victim endures after the accident. You can also use the multiplier method to make an estimate of the emotional damages you are entitled to.
The personal injury calculator is a very useful tool that can help you form a clear image of what you have lost and how much you can ask for. A good tip on negotiating compensations is to have a clear settlement amount in mind when negotiating with the insurance company and/or the defendant.
A personal injury lawyer can help you during the negotiations. Maintaining a firm position on your claims will help you obtain a settlement that will allow you to reorganize your life after an accident.