First Steps Following a Personal Injury Accident
If you are looking to make an injury claim right after a car accident, then you might be wondering what your car accident case is worth. Different methods are used by insurance companies to determine the value of personal injury claims (compensation for any lost wages and medical bills, together with compensation for the pain and suffering caused by the accident). There are two common formulas that are used in calculating the worth of a car accident; the multiplier and daily rate method. Speak with a knowledgeable car accident lawyer to learn more.
This method simply involves multiplying the damage costs (lost wages and medical bills) by a particular number. Most car accident lawyers normally multiply the damages by three to get to a sensible damage amount. However, in recent years, insurance companies are becoming more and more reluctant to multiplying the damage costs by three.
Nowadays, the amount of the actual damages is multiplied via the use of complicated software programs, and the outcome often undervalues your claim. The multiplier used is based on the gravity of the injuries, recovery period, and any other aggravating conditions. This is to say that in more serious car accidents, the multiplier can be 3 or 4, while in the less serious cases the multiplier can drop to 2 or even 1. The multiplier may increase if there are any aggravating conditions such as an intoxicated driver. Such cases make the multiplier go higher. However, if you are in any way to blame for the accident, the multiplier drops.
Daily rate method
Various insurers and car accident lawyers use the daily rate method to determine the value of the suffering and pain aspect of the injury claim at hand. In this particular method, there is a particular amount of money allocated to each week or day that you suffer from an injury caused by the accident.
How is a daily rate chosen? This is a question on the minds of a lot of people. One method is to calculate the income that you would make on average per day if you had not suffered the accident. If, for instance, you normally earn $250 per day, but are unable to go to work because of the injuries, then this could be a reasonable valuation method. Do not just choose any daily rate number; you should have a reason for choosing that figure. This is because you will need to give the judge or a jury a reason for allowing such compensation once your case is taken to court.
Which is the best method to use?
The most systematic and efficient way of valuing your car accident case is by using both methods to get an approximate figure. You should base your expectations on various factors such as the gravity of the injuries you experienced, the resulting treatment and rehabilitation costs, if there were others involved in the accident, if you lost out on pay as a result of not being able to work, and if you trust that you have a strong case. Applying all of these factors will help you in coming up with a reasonable amount for your accident claim.
Seeking out the help of an experienced car accident lawyer is very helpful in determining the value of your claim. Not only will the car accident lawyer present a strong case for you, they will also not rest until you are well compensated for the pain and suffering caused. Simply put, the value of your claim depends on how your case is presented.
Last Updated: 03-24-2017