Calculating the compensations one is entitled to after a personal injury caused by an accident is important in order to determine a value that can cover all of the expenses that would never have been incurred if it were not for the unfortunate event. A personal injury calculator is usually the first tool that victims can use to estimate their amount to receive.
What expenses are included in a compensation estimate?
A personal injury calculator is an useful tool that can help victims estimate their compensation amount. It is important to try and estimate the value of the damages as accurately as possible because, in most cases, the insurance company will try to minimize the claim.
The expenses you should include are the following:
- medical expenses: the value of the medical bills immediately after the accident as well as an estimate of the future medical care required by the victim;
- lost earnings: the value of the income lost during the recovery period after the accident;
- property damage: the costs of vehicle or motorcycle damage or other types of property damage;
- pain and suffering: an estimated amount for emotional distress after the accident.
By knowing the value of your claim, you will be able to handle the negotiation phase and refrain from settling for an amount that does not reflect the true value of your losses.
How can victims adjust their settlement value?
The value of the settlement will differ according to the accident’s impact on the victim’s life. It is common for the compensation amount to be a large one when the victim has suffered life-altering injuries such as disfigurement, the loss of a limb or paralysis. When this happens, victims can receive important amounts for the loss of enjoyment of life.
In most cases, insurance companies will use a multiplier to adjust the settlement value according to the severity of the injuries. The settlement amount (the value of the quantifiable damages) will be multiplied by an appropriate number in order to determine the final compensation.
In some cases, the estimated compensations can be reduced if the victim is also found at fault for the accident.
A personal injury calculator, although useful for an initial calculation, is not a substitute for legal counsel. Victims who have been involved in personal injury accidents can consider reaching out to an attorney.