Methods Used in Calculating the Amount of Settlement in Auto Accident Claims

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A lawyer explainingIn an auto accident case, there exist two forms of damages the injured person can claim. Special damages are those that are easily calculable, which includes lost income and medical bills. General damages refer to the claimant’s suffering and pain after the accident.

The Law Offices of John D. Halepaska notes that the exact amount of damages they will award you depends on the specifics of your case. An auto accident injury attorney from a Denver law firm can, however, help you get fair compensation for your injuries.

Here are the different methods used by attorneys and insurance firms to calculate your settlement.

The Multiplier Method

This method totals up all the expenses incurred as a result of the auto accident and multiplies the result by a figure between 1.5 and 5 known as the multiplier. The method assumes that the eventual figure correctly reflects your extent of suffering and pain from the accident.

Various factors, such as the impact of the crash on your life’s quality, your extent of fault and the likelihood and time needed for your recovery, influence the multiplier.

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The ‘Per Diem’ Method

This is also called a daily rate method. This method requires the claimant to pick a compensation cost for each day they have injuries and then multiply this cost by how many days they have been hurt. Your daily earning is the basis for the compensation cost.

The Estimation Method

This method considers all the factors surrounding your accident and lumps them into a ballpark figure. You, however, will get a higher figure in this method if you have documentation of your expenses. These include prescription receipts, doctor’s bills and other costs related to the injury.

Putting an exact figure on your suffering and pain is impossible. These methods, however, seek to give you as fair an amount as possible to ease your pain and suffering. It is possible to negotiate your settlement amount with the help of a good attorney should you find it unfair.