Most car accidents happen before you even realize what has just happened. They happen in a split second and leave you confused. There are various individual processes involved in one single legal claim. While the details of each claim differ from the other, the general accident injury settlement process is the same.
Some of the common questions of car accident victims are: “How much money can we receive?” and “How is a settlement calculated?” The answer is not very straightforward. An experienced attorney from the Redkey Gordon law firm. An attorney cannot tell you for sure how much you are going to get, but they can give you a close estimate.
Steps involved in a car accident settlement
- Investigation.
The first step is investigating the case. During this process, the potentially liable parties are listed out and investigated while evidence is also collected along the procedure.
- Consultations with experts.
The opinions of various types of accident experts, such as medical professionals, car accident experts, civil engineers, mechanical engineers, etc., are taken through the process. Their opinions help to uncover the truth and facts that an attorney cannot infer.
- Reviewing insurance policies.
First, you have to review the insurance coverage of the at-fault to determine whether they have enough funds to cover your damages. If they do not, you may have to use your own insurance.
- Negotiations.
Simply filing a claim is not enough. The insurance party is not on your side and won’t give you the money just like that. It requires a long and rigorous negotiation by a legal expert.
- Going to trial.
If negotiations do not work, that is, they do not accept their mistake or give you what you demand, you can take your case to court.
Is there a formula to calculate damages?
A method known as the multiplier method is used to calculate damages. However, in order to understand the method, you must know what kind of damages you are entitled to after an accident. Car accident damages are generally divided into two types– economic (special) and non-economic (general) damages.
Economic damages are easier to calculate as they have a certain monetary value. These include medical bills, lost wages, property damages, etc. On the other hand, non-economic damages do not have an economic value and are more subjective. They include loss of companionship, pain and suffering, loss of enjoyment of life, etc.
Now, the multiple method goes something like this:
- Find out the total medical bills.
- Select a multiplier between 0 and 5 based on the victim’s suffering and multiply the medical bills.
- Add other special damages, such as lost wages and loss of future earning capacity to the obtained number.
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