The Insurance Settlement Calculator: Myth or Reality
Is it 1, 2, or 3 times the medical bills plus lost wages? Or is it some other formula?
People injured in car truck motorcycle or other personal injuries need to know the value of their case. I am often asked what is the settlement calculator formula. Is it 1, 2, or 3 times the medical bills plus lost wages? Or is it some other formula?
There is no formula. However a reasonable range can be determined. But first your case has to be mature enough so your doctor can predict with certainty whether you have a permanent injury or not. It's the nature and extent of the injury and the length of time your injury will last that helps determine the compensation that should be paid. You also have to look at the amount of pain and suffering you have gone through as well as how your daily activities have been impacted. The question is what ultimately would a jury award. You want to calculate a high end and a low end, and then look at a number somewhere in the mid-range for settlement. (See also How insurance companies calculate a settlement offer for a car accident).
Responsibility for the Accident
The first question is responsibility firmly established. If everyone agrees that it is then you look at 100% damages. However if the responsibility for your injury is in question then the value of the case may be discounted since there is a chance you may get nothing or your verdict could be lessened if you are partially at fault.
Your own actions and behavior will be evaluated. Did you follow the proper first steps after a car accident. Did you follow the doctors advice. Have you exaggerated anything. if your credibility is hurt your case is hurt in terms of monetary value.
Experienced attorneys know what cases similar to yours have resolved for on their cases as well as other that they have access to by research. The two biggest mistakes you can make are :
- asking for too much and
- asking for two little.
That's why you should consider hiring a personal injury lawyer if you have a significant injury.