There is no universal settlement formula. However, insurance companies must determine the value of a claim many times given the millions of car crashes that happen each year in the United States. Unfortunately, in many cases, the amount offered by the insurance company is far below the actual value of a claim. For this reason, anyone hurt in a car wreck should contact a St. Louis car accident lawyer as soon as possible.
Car accidents have two types of damages, special (economic) and general (non-economic). Special damages are financial losses and can include medical costs, repair cost to damaged property, the cost of not working. General damages are often more subjective and include harm that cannot quantifiably be calculated. The calculation takes a qualitative approach. General damages include pain and suffering, lower quality of life, and emotional distress
The general formula is this for the settlement amount is:
Special damages * multiple + lost wages.
Answering these questions can impact the multiplier. If it is determined that other factors contributed to the severity of the injury or recovery timeline, then the multiplier may be lower.
A “multiplier” may seem arbitrary, but there are factors that impact the number selected. Naturally, the person filing a claim will want a higher multiplier, while the adjuster will want a low one to keep expenses as low as possible for the insurance company.
Here are some factors that impact the multiplier chosen:
If you need help determining the value of your claim, a Missouri car accident attorney can provide an estimate and help negotiate for the settlement you deserve. Contact Bruntrager & Billings, P.C. today for a free consultation–at 314-646-0066 or through our online contact form.
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