If you were injured in a crash and looking to seek compensation for related injuries, a car accident calculator is an excellent place to start your legal journey. By utilizing this tool, you’ll automatically obtain a better understanding of the total damages sustained and its direct impact on your financial wellbeing. Because there are several factors involved in computing a settlement amount, this calculation will serve as a foundation. It’s important to mention that insurance companies, personal injury lawyers, and judiciary counsel can use their own formulas to establish the precedent for your personal injury lawsuit. That means, adding up the estimated losses doesn’t always equate to the compensation you’ll receive.
In addition, you might not be able to initially calculate all the expenses related to your personal injury claim. This is especially the case if your accident injuries require ongoing medical attention and further treatment in the future. With that said, the car accident calculator remains a vital tool for providing the basis of the costs you have incurred, future losses down the road, and any physical discomfort or emotional distress that are compensable as a result of your accident.
There’s no exact formula on how to approximate a person’s physical or emotional distress. Each case is highly personal. Therefore, insurers and personal injury lawyers often use the multiplier method, using a scale between 1.5 and 5, to determine an individual’s non-economic damages. Higher multipliers of 4 or 5 are most typically designated for severe injuries, such as brain injuries or wrongful death of a loved one.
To estimate the appropriate compensation for your damages, you must weigh each and every category of a personal injury claim which fall under two types of damages:
Economic damages account for medical costs, future medical expenses, loss of income due to missed work, and property damage of the vehicle. These damages are easier to compute because they are directly related to substantive financial losses of the injured party.
Non-economic damages, in comparison to economic losses, are much more difficult to estimate. They involve any “pain and suffering”, including the psychological, mental or emotional cost of your accident. Examples include anxiety, stress, reduced quality of life and other adverse effects stemming from your car accident.
After you sum up the total economic and non-economic damages using the calculator tool above, you should have a reasonable amount that will justify giving up your legal claim. In general, it’s critical to remember that the type and severity of your injuries will have the greatest impact on your claim’s value. Insurers will take this information into account when determining a fair payout for the inflicted party, regardless of who is at fault for the accident.
Every car accident case is different
Although the car accident calculator is a valuable asset to have, it’s important to note that every case is unique. Some fly-by-night insurance companies will not use the same formula, meaning your payout could be less than expected. In some scenarios, they will fail to divulge whether or not they used a formula at all to calculate your damages. Due to this uncertainty, it’s crucial to have an experienced personal injury attorney handling your case.
Because Florida is a no-fault state, drivers can typically have their claims paid quickly after an accident takes place. Any expenses related to medical bills, loss of income, and pain and suffering are eligible for compensation. To make certain you receive the highest payout for your case, hire a reputable car accident lawyer to help you reach a fair settlement. Our team at Porcaro Law specializes in personal injury claims, winning over 15 million in recovered damages for our clients in Boca Raton, Boynton Beach, Delray Beach, Fort Lauderdale, Miami, Pompano Beach, and West Palm Beach, Florida.
Need some assistance with your case? Request a free case review online or contact our office at (561) 450-9355 to discuss your legal options. We work on a contingency fee basis, thus you don’t pay unless we win!
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