A car accident settlement calculator is a computer program that can be used to estimate the value of your case. It takes into account all the major components of your claim, including the damage to your vehicle, lost income, and medical costs. The results are used by the insurance adjuster to negotiate a satisfactory amount. However, the actual value of your claim will vary depending on the facts of your case. Getting the right value is important if you want to get the most out of your claim.
(Looking for a Car Accident Lawyer? Contact us Today! Click here: Montag traffic collision lawyers)
To determine the right value for your car accident claim, your lawyer will first determine the specific damages you have suffered. This can be done through several methods, such as calculating special damages, assessing economic losses, and calculating the pain and suffering caused by the accident.
One of the most common ways to calculate the value of a car accident claim is to use a multiplication method. In this method, your attorney multiplies the numbers you enter to estimate the total dollar value of your claim. Depending on the nature of the injury, the multiplier may be as small as one or as large as five.
Another approach involves using a per diem formula. While this is a more accurate way to calculate the value of your car accident claim, it’s also more time-consuming. Insurance companies will often use a computer program to perform the calculation. But, while the computer can produce a range of possible payouts, it can’t tell you if the actual amount of compensation you’ll receive will be fair. Luckily, a good attorney can make a huge difference in your settlement.
The multiplier method is the most common. Using this method, your attorney will multiply the special damages you have received by the general or non-economic damages you have suffered. If you’ve suffered serious injuries, the multiplier will likely be larger, especially if you have experienced aggravated circumstances.
The per diem method is another method commonly used by attorneys. They will take into account the time that you have taken off work due to an injury. Typically, the insurer will deduct the time you’ve spent at work from the amount of income you’ve lost. The multiplier that is calculated from this method is usually about one-half to three times the actual amount of money you’ve earned.
Taking a case to trial is not an inexpensive endeavor. As such, it’s in the best interest of the insurance company to pay as little as possible. Therefore, they will usually attempt to settle for a lowball figure. That said, if you have an experienced attorney on your side, you should be able to avoid the hassle of a trial altogether.
The auto accident settlement calculator is a complicated process, and the most accurate results will depend on the facts of your particular case. Nevertheless, a good car accident attorney will be able to explain it to you in detail and will be able to recommend an appropriate method for determining the worth of your claim.