Working with a personal injury calculator helps you see how much your accident claims are worth. Below are the top 5 questions people ask about working out the value of their auto insurance settlement.
1. So How Exactly Does the Personal Injury Calculator Work out my Auto Accident Claim?
The most basic approach that is known to be implemented for accident injury claims is:
Pain Multiplier X Medical Charges + Loss of Wages
The “pain multiplier” is a number commonly between 1.5 and 5. This multiplier number is chosen depending on the extent of your auto accident injuries; the more major your injuries, the higher the multiplier.
For example, a minor injury perhaps a sprained neck is more likely to have a lower multiplier (1.5-3). While a far more significant and painful injury, such as a broken leg, would get a bigger multiplier (3-5). The multiplier range may even go to bigger figures (10) for much more serious and permanent injuries.
The next component which is included in the claims formula is your medical costs, also called “special damages.” These payments include the price of your medical treatments, visits to the clinic, ambulance ride, X-Rays, pain supplement etc.
The last thing that is included in your insurance settlement is your loss of income. This refers to the total amount of take-home pay you missed because of your injuries. For example, if you’re injuries caused you to stay at home from work, then your lost total wages would equal your daily pay rate times the amount of work days you had missed.
2. When Should You Begin Using a Personal Injury Calculator?
The most useful time to use the personal injury calculator is at the end of your medical treatment. You should always have your personal injuries thoroughly diagnosed and analyzed before filing an injury claim. This provides you a more accurate estimate of your overall medical expenses that needs to be provided in your final settlement.
3. Who Should Avoid Using the Personal Injury Calculator?
A lot of personal injury claims involve minor injuries that do not need you to immediately hire a high priced lawyer. For these particular claims, you may use the injury calculator to get a basic estimate of what your car accident settlement may be worth.
But the truth is, there are insurance claims which should not be handled without having the help of a skilled injury lawyer. Each of these auto accident claims involve more severe and long-term injuries like irreversible disabilities, lost or severed hands or legs, painful head injuries etc. If you were badly injured, your best course of action is to meet with a lawyer who is knowledgeable about claims similar to your various injuries.
4. How Precise is the Personal Injury Calculator?
The injury calculator doesn’t give you the exact closing settlement, but a first estimate of the amount your injuries are really worth to the insurance companies.
Most people would claim that the injury calculator is too simplistic. That it does not deal with the intricacies and subtleties of an individual’s personal injury claim. Some people are quick to mention Colossus, an advanced software program used by the insurance companies to examine insurance claims.
Having said that, the main advantage of trying the personal injury calculator is not to tell you what will be your exact settlement amount. The most important advantage is to help you recognize how your specific settlement amount will be calculated. The settlement calculator emphasizes that the range of your final settlement amount will be generally based on:
*The severeness of your injuries
*Your overall medical expenses.
*Your financial loss
These are going to be the essential points in your injury settlement irrelevant of which specific software program you use.
5. Should I Use the Personal Injury Calculator?
You will always have the choice of getting a lawyer further down in the claims process. The best advice is to use the settlement calculator to get a quick evaluation of what your car accident claims can be worth.