motor vehicle accident Vehicle Settlement
A settlement for a motor vehicle accident attorney vehicle may include property damage, medical bills (current and future) loss of wages, and even pain and suffering. A personal injury lawyer can help you collect the evidence needed to secure an appropriate settlement.
Economic losses include medical bills and up to 80 percent of the lost income. Other damages, like pain and suffering are calculated using an equation that adds quantifiable costs to the severity of your injuries.
Calculate the value of your claim
Many victims of car accidents want to know how much their settlement claim is worth. While there is no standard amount, a jury can decide to award a victim compensation for their losses depending on the case’s circumstances and the severity of the injuries. An insurance adjuster will employ an equation to determine the value of the claim based on the quantifiable cost including medical expenses and lost wages. The more severe the injury, the higher the amount.
The first step in determining the value of a motor vehicle settlement is to determine the amount of property damage. This includes the cost to repair or replace the damaged vehicle, as well as any personal belongings like phones and digital cameras that were lost in the crash. Settlements can include future medical bills.
For non-economic damages The insurance adjuster typically starts with the number of weeks the victim was off work because of their injuries. Then, this number is multiplied by a number that reflects the severity of the injuries.
The presence of a lawyer can make all the difference to the amount you receive. An attorney who is experienced in negotiation of settlements with insurance companies can help you receive a higher settlement than you could on your own. An attorney can also help in obtaining the appropriate evidence for your claim, including medical records, receipts, and personal declarations from witnesses who affirm your version of the events. These documents can be helpful particularly when preparing a letter of demand to the insurance company.
Send a Demand Letter
After you have collected all the documentation that will be used to back your claim, such as medical records, lost wage information, and bills and receipts for property damage, it’s time to draft a demand letter. This is a letter that is sent to the insurance company by your personal injury attorney. It includes the details of the accident and the damages you want to cover the losses. It also contains a claim for compensation for non-economic damages like discomfort and pain.
It is important that you write the demand letter as if the insurance company had no prior knowledge of the accident or injuries. Additionally your personal injury lawyer typically uses a style that is neutral and calm. This is because insurance companies may attempt to provoke an emotional response to convince you to accept a lower settlement offer.
In the demand letter, it is important to include all your losses, including a breakdown and calculation of non-economic damages. The demand letter should be accompanied by copies of all relevant documentation. While you want to include as many details as you can, it is generally recommended to go for the high end with the initial dollar amount you want to cover your losses. This will allow you to negotiate and enable you to settle for an amount that is fair without having to go to trial.
Make an offer counter-offer
After the insurance adjuster has reviewed the demand letter and provided an opening offer, it is time to offer a counteroffer. When determining the amount to request in your counteroffer, it is crucial to consider the general damages you’ve calculated and any special damages that arise from your accident. It is also crucial to include any emotional elements that may help your case. For instance the guilt of not being able to attend family gatherings or the burden of taking on the responsibility of caring for children because of your injuries.
It is important to inform the adjuster of your decision as soon as you decide how much you want to increase your counteroffer. Your lawyer can help compose a letter that you clearly outline your decision to reject an insurer’s low settlement amount and state the reason why you should be paid more.
If the insurance adjuster does not want to make a satisfactory offer you may need to look at other options, including filing a personal injury lawsuit. However, it is important to keep in mind that a lawsuit could take months or even years for completion. In addition, a lawsuit will require additional financial resources for both parties to prepare for trial. It is therefore recommended to settle outside of court whenever possible.
Keep on top of your claim
It is important to keep the track of all your damages and losses to receive a fair settlement following an accident. Your lawyer should be able to help you calculate your total losses as well as determine how much to demand from the insurance company in the form of a demand letter. This is an important step because it shows the other party that you are committed to settling your claim.
Insurance companies use an equation to determine the amount they are willing to pay in settlements following a car accident. The formula includes a multiplier that is based on medical costs and other costs that can be quantifiable like lost income. The multiplier can range from 1.5 to 5 based on the severity of the injury.
The issue with this method is that it does not consider the non-economic damage you suffered like suffering and pain. These damages are hard to quantify and a physician may not be able to predict future issues that may arise weeks or even months following the accident.
Keep copies of all receipts and photographs, financial records, and personal statements as and other relevant documents in case your car accident case has to be moved to a court case. The possession of this information will help speed the negotiation process and prevent any misunderstandings during negotiations with the insurance company.
