How is a Car Accident Settlement Calculated

September 28, 2023 | By Hancock Injury Attorney
How is a Car Accident Settlement Calculated

Following a car accident, life can be expensive and challenging for some time. Medical bills may pile up, depending on the severity of your injuries. On top of that, you may lose income from missing work. Also, your injuries may cause you to experience limitations and pain that wear on you - both physically and mentally.

If the other driver was responsible for causing the car accident, then you may be able to file a personal injury claim against them. By pursuing a claim, you could get compensation for your related injuries, medical bills, and other losses. But, without consulting an attorney, you have no way of knowing how much compensation you can expect to get in a settlement.

While each accident and injury is different, car accident attorneys have accepted methods of calculating losses to ensure their clients receive the justice they deserve. Reach out to a trusted Tampa car accident lawyer today.

Don’t Trust The Insurance Company’s Calculations

Insurance adjusters calculate losses with the insurance company’s best interest in mind, not the car accident victim’s. Insurance adjusters often try to settle claims quickly and for the lowest possible amount. So, it’s crucial to approach their settlement calculations with caution and skepticism.

Insurance companies typically use formulas, guidelines, or software programs to estimate the value of your claim. However, these methods may not account for the specific details of your case. As a result, you may get an undervalued or unfair settlement.

Never assume that an insurance company’s calculations are accurate. Also, never accept a settlement without first seeking legal consultation.

Your Attorney’s Calculations

Consult with an experienced car accident attorney to ensure a fair assessment of your losses. We can evaluate your case and assess the full extent of your damages, including:

  • Medical expenses
  • Property damage
  • Lost wages
  • Pain and suffering
  • Future anticipated expenses
  • Permanent disabilities or disfigurement

We will then negotiate on your behalf with the insurance company for the full settlement amount we believe you deserve.

Our attorneys can help protect your rights, navigate the complexities of insurance claims, gather necessary evidence, and provide guidance throughout the process. By having an advocate on your side, you can work towards receiving the compensation you rightfully deserve.

Valuing Your Losses

Economic losses are easy to calculate. They may include medical bills, lost income, and other out-of-pocket expenses. Our legal team can collect your bills, receipts, and other financial documents to prove the economic losses you need reimbursement for. If you anticipate future medical bills and lost earnings, we can use experts to project these losses.

Non-economic damages are more difficult to quantify. They’re the intangible losses you experience, including pain and suffering.

There are different methods of calculating these damages, including the following:

  • Per diem method - Assigning a dollar amount to every day you experienced pain and suffering due to your injuries
  • Multiplier method - Taking your total economic damages and multiplying them based on the severity of your injuries (1 is a minor injury, 5 is a catastrophic injury)

Consult With Our Tampa Car Accident Attorneys Today

At Hancock Injury Attorneys, we have the ability to accurately calculate your losses to know what you should expect in a settlement. Contact us for a free consultation as soon as possible.