Calculating the settlement
for the bodily injuries and the damages caused by an accident is an important step and one that may seem discouraging for many victims. Oftentimes, the amount needs to be estimated as close as possible to the real expenses, past, and future and, if possible, even above that figure. Asking for too little during the first steps of the negotiation could prevent you from changing the amount later.
A settlement calculator
is a very useful tool and many insurance companies also use this type of mechanism to project a compensation amount to their client. One of our Los Angeles personal injury attorneys
can help you calculate the losses and ask for rightful compensations.
How to calculate the value of your claim?
A settlement calculator
is a tool that can be used for all types of accidents, from those that result in minor physical injuries and property damages, like some vehicle accidents, to those complicated cases that require costly medical treatments like spinal cord injuries
Estimating the total value of the compensations is made based on:
- the medical expenses, past, and future;
- the lost wages and any future income that will be lost;
- the property damage.
Damages can also include non-economic ones, like pain and suffering. While it is true that these cannot be based on a receipt for the treatment or an estimate, it is common to use a multiplier to calculate them. This means that the estimated value is multiplied by a preset value, to allow for a just compensation for the emotional trauma. In some cases, victims can bring forward evidence of the psychological treatment, and associated costs, they had to go forward with after the accident.
A damages formula is commonly used by insurance companies when they calculate your settlement
. The insurance claim adjuster will typically add the medical expenses and multiply the by an amount of one and a half and up to five times (in most cases).
How much should your settlement be?
is discussed and negotiated before taking the case to court. The decision to settle or to start a personal injury trial can be a difficult one, especially if in your case you could obtain a larger amount of compensation when a judge and jury evaluate your case. The juries do not have a minimum or maximum amount of compensation amount and this is an advantage for the plaintiff (and a potential loss for the insurance company). Moreover, the judge and jury can also determine that punitive damages
can be awarded. However, even if there is no maximum compensation limit, a special provision can apply in the case of medical malpractice cases.
Plaintiffs might be able to avoid going to court if their case is one that allows for a straightforward negotiation and if they are fully aware of the settlement they are asking for. The losses and compensation formula that encompasses all of the losses described above is essentially a simple addition of all the expenses related to the accident. While some of them will be apparent early on, others will have to be estimated. This can be done with the help of your physician and with the help of one of the Los Angeles personal injury lawyers.
Our team of attorneys can help you throughout the negotiation phase or represent you in court. We work with our clients without asking them to pay for our services early on during the negotiations.