When you have been involved in an accident and have sustained serious bodily injury or financial loss, an insurance settlement calculator can be extremely beneficial. A personal injury settlement calculator provides victims with an easy and precise way to compute suitable amounts for settlements that they are entitled.
If the catastrophic event resulted in a large amount of financial burden, you will want to consult with a leading legal eagle. They will have a judicious, in-depth knowledge about insurance settlements, which can be extremely beneficial when it comes time to talk about settlement negotiations with a major insurance company. One of their main priorities, is to make certain clients receive a satisfying offer that is in appropriate amounts.
Yes, they are the one’s who have inside knowledge as negligence law counselors, and they can also advise injured victims on suggested legal strategies that will help to ensure they recover fair and just amounts on insurance settlement taxable compensation. When an unexpected automobile mishap has occurred, for example, that resulted in a large amount of medical and hospital bills, paying for these charges can be very difficult on the average person.
The idea is that with the use of a calculator, injured victims have a much better chance of receiving compensation amounts they deserve. This provides them with the means of being able to cover the prescription medications, medical equipment, doctor visits, and other medical damages they have suffered. And guess what, a licensed member of the bar is the closest thing you will get to that venerable tool. What does an attorney look for? Following the insurance settlement guidelines for computing compensation amounts that victims rightfully deserve is a great way to save a large amount of valuable time in the long run.
To list a few of the elements that are taken into consideration when these settlement calculators are used include the following:
- Medical expenses that may be needed in the future
- All current medical expenses
- Wages that have been lost due to the injuries suffered
- The process and length of time that may be required for rehabilitation
- Present and future pain and suffering
- The possible need for prosthetics
- Loss of quality of life
- Wages that may be lost in the future
- Loss of consortium
- Disability factors
- Loss of services
- Disability that may be involved in the future
- Current and future impairment
When it comes to the value of a personal injury case, many lawyers choose to withhold this information from their clients, and they have good reasons for doing this. The biggest reason is in hopes that expectations of the client will remain reasonable. Another reason is to prevent misinterpretations from occurring where the client believes the worth of the case is the guaranteed amount they will receive. This is an unnecessary problem that can quickly cause issues between a personal injury attorney and their clients. Below is a formula used which helps to provide clients with an understandable explanation of how case values are often determined, and it is in no way meant to be misunderstood as a guaranty for what they can expect in the future. As a pragmatic attorney, I can say without a doubt, that you can only use this as a guide, not as gospel!
The settlement for a case is equivalent to the prospect of recovery on liability and damages.
This figure is then multiplied by the case’s total value, minus any costs that must be suffered to acquire the total value.
Likelihood of Liability Recovery
The chances of a client’s (plaintiff) case being strong enough for a jury to be convinced that compensation is owed by the defendant for their actions is the most important factor of determining case value. It is impossible for a lawyer to know the actions a jury will take, so coming up with this value takes some guesswork. Experienced trial lawyers have the ability to determine a percent chance that a jury will find in favor of the plaintiff. This is a tough determination for someone with a personal bias or non-attorney to make. This is simply because putting oneself in the jury’s position, and having only a minimal amount of factual information along with no interest in the case outcome is difficult.
Likelihood of Recovery on Damages
The formula for determining damages is based on a spectrum (or scale) instead of a set amount. This variable is determined by the chances that the maximum value will be provided by the jury. Since guesswork is involved, it is often more accurate to consider a verdict that is low, medium, and high. Often, there are examples in the DAR, in Verdicts and Settlements. These can also often be retrieved using Westlaw, or Lexisnexis. It is not uncommon for clients to feel their loss is valued higher than when they evaluate someone else’s loss that is similar. This frequently results in expectations of their case being valued more than it actually is. Lawyers having a high level of knowledge and can often provide clients with a maximum recovery amount that is realistic. They can also inform them of the likelihood that this amount will be provided by a jury when the case goes to trial.
Total Value of a Case
This number reflects the greatest amount that the attorney reasonably anticipates will be awarded by the jury.
The impact that incurred expenses may ultimately have on the overall value of a case must be taken into consideration by potential clients. A minor motor vehicle accident, where expert witnesses are not required, is not nearly as expensive as a case involving medical malpractice that requires several expert witnesses that are highly-paid. Expenses such as this are deducted from the value of a case, as they are the client’s responsibility.
When the person harmed has no fault in the incident and the party they are filing a claim against is completely liable, other elements will come into play. One of these elements will be the insurance coverage limits of the at-fault party’s policy. In some situations the person who has been hurt may be able to eligible for a Personal Injury Paid claim, depending on your personal injury coverage. The factors that normally play a role in this type of settlement will be medical expenses, loss of wages due to being unable to work, the age and mental capacity of the individual. The claim may also include in the claim emotional effects as a result of the incident causing harm, such as depression and anxiety.
The calculation formula that is used in cases where the victim has no liability in the claim is done in one of several ways depending on the injuries that were sustained as a result of the liable party’s actions.
Minor to moderate injuries
- Special damages x 1.5 + past and future loss of income as a direct result of the injuries.
- Special damages x 5 + past and future loss of earnings due to the injuries suffered.
- Special damages x 10 + past and future loss of income as I will a result of the injuries sustained.
When the person who has been harmed is at least partially responsible, the settlement will be lowered by the percentage that they contributed to the mishap. In the event the claimant is 30 percent responsible in the accident, the settlement from the insurance company will have this 30 percent subtracted from the awarded amount in the settlement, as opposed to recovering the full amount.
Obtaining an exact recovery amount from the calculations of the formula on the value of a personal injury case, is not really important. There really is not a personal injury calculator. There are experienced lawyers who simply MAX the value of your claim. What is of more importance, is the “formula”, provides the client with the opportunity to engage in a more thorough conversation with an experienced personal injury attorney regarding the value of their case. It is time to consider consulting with another attorney if the one you have selected is unable to confidentially and confidently discuss these important issues with you. If an unfortunate situation has caused you or a family member to suffer serious injuries resulting in damages listed above, an experienced professional can help supply you with an estimation of expected payoff.