If you have been in a car accident, you will look to receive a car accident injury settlement to compensate you for your injuries and other damages. In order for you to receive the maximum amount of compensation in that settlement, you need to determine the amount of compensation you should be asking for, how the insurance company will determine the amount of compensation they will offer, and what factors could strengthen your case to getting the amount or near the amount you are requesting
Determining the Settlement Value You Should Be Asking for
There are 2 main ways to establish the settlement value of your injury case.
- Multiple of specials – You will combine medical bills, lost income, and pain and suffering to arrive at your settlement amount. Many insurance adjusters will add up the medical bills and lost income (known as “special damages” or “specials”) and multiply them by a factor of 1.5 to 4 to arrive at a settlement value.
- Per diem – This system is used to calculate pain and suffering by attributing a “per diem” value to it (which can be by day, week, month, etc.). It is then added to your “specials” total to arrive at the full compensation value you should be requesting for your injuries. This can only be applied to states that do not have no-fault systems (which allow you to ask for compensation for pain and suffering).
Negotiating with the Insurance Company
The insurance company will counter with its initial settlement offer, which is often based on a settlement range that is computed by a software program called “Colossus.” This software program takes the basic facts about the accident, the location of the accident, your medical records, and the lawyer involved in the case and computes a settlement range.
The insurance company will want to pay out the lowest amount possible. To give you the best chance to obtain the highest amount possible, you need to show that “outside factors” favor your case and that it would be in the company’s best interest to pay the amount of compensation you are asking for and not have it go to court, where a greater amount than you’re asking for could be awarded to you.
The more documented and credible information you present regarding the accident and the witness testimonies will certainly improve your chances of receiving full compensation for your car accident injuries. Additionally, if you know or suspect the defendant who caused the accident to have a poor driving record, mentioning this to the insurance company will likely cause them to be more willing to give the amount you are requesting, as the defendant’s driving record would be revealed in a trial, damaging their case and strengthening yours.
Attaining Legal Help
Obtaining full compensation in a car accident injury settlement can be a tricky and complicated matter, especially for a layperson. An established and experienced personal injury attorney in the state where the accident took place will know what state laws specifically apply to your case and present the strongest possible case to give you the greatest chance of receiving full compensation for your car accident injuries.
