The following is an auto accident settlement formula that insurance companies and attorneys may rely on:
- Calculation of your current and future medical expenses
- Multiplication of your total medical expenses by a factor of between 1 and 5 (which provides the monetary value of your non-economic losses like pain and suffering)
- Addition of your economic losses onto the cost of your pain and suffering
With these steps, you will have:
- A monetary value for your non-economic losses
- A total monetary value for your economic losses
- A target value for your settlement
Specific personal injury attorneys may or may not use this auto accident settlement formula.
Why is a settlement formula necessary?
Motor vehicle accidents vary drastically in their circumstances. Victims suffer in different ways, and a settlement formula provides a standard approach to settling cases.
With such formulas, attorneys, insurance companies, victims, and defendants can:
- Have a basic understanding of what a fair settlement is
- Have a ballpark range of settlement amounts
- Potentially agree upon a settlement that compensates the victim fairly
Settlement formulas are an accepted method for reaching financial agreements.
What types of losses do settlement formulas cover?
As mentioned, certain settlement formulas hinge upon the cost of your medical care. Medical treatment for an auto accident can include:
- Emergency surgery
- Emergency wound care
- Other emergency department care
- Follow-up appointments with doctors
- A regimen of medications
- Physical rehabilitation
- Specialty medical equipment
A lawsuit or insurance claim may cover these expenses. Your medical costs may also determine the value of your non-economic damages, which can include:
- Physical pain
- Psychological pain
- Treatment for psychological pain
- Lost quality of life
- The loss of a loved one
- Loss of physical and cognitive abilities
- Loss of professional fulfillment
Economic damages may be added onto the value of your lawsuit. These damages can include:
- Lost income
- Lost earning power
- Damage to your vehicle (and the cost of repairs)
- The cost of temporary transportation
- Lost performance bonuses
- Lost 401k contributions
A settlement formula will cover every loss from your accident.
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What forms of compensation you may receive
There are three general forms that compensation can take:
- Insurance compensation
- A pre-trial settlement
- A judgment
A judgment generally requires that you go to trial. This outcome is less likely than a settlement, as the American Bar Association (ABA) explains.
Why our firm seeks settlements
Our team may settle your case because you receive a fair compensation offer. In fact, we will not settle unless the offer is fair.
Settlements are generally a quicker resolution than a trial. They may also come with fewer court costs and headaches. That said, our team is completely comfortable going to trial if your case requires us to.
Why should you hire one of our lawyers for an auto accident case?
Our firm will fight for your rights and fair compensation. Whether we are dealing with insurance companies or attorneys, we pursue every cent available. Here are some of the duties that our team will handle for you:
Completing the settlement formula
Even with a formula in hand, calculating a target settlement can be a complex process. In order to complete the formula, our team may:
- Reach out to your doctors
- Learn the specific nature of your injuries
- Obtain records of medical expenses
- Hire experts to project future medical expenses
- Obtain your employment records (to determine lost income)
- Hire experts to determine the cost of your pain and suffering
- Complete the math required to execute the formula
- Hire professionals to check our math
As you can tell, there are many moving parts to manage.
Completion of paperwork
Paperwork is a crucial aspect of any lawsuit or insurance claim. Our team will ensure that:
- We create all necessary documents.
- We file all documents on time.
- We file all documents with the proper parties.
- All paperwork is drafted and filed out properly and in a legally compliant manner.
The smallest detail on a piece of paperwork could derail your claim or case. Our firm has professional standards and safeguards to ensure all paperwork is immaculate.
Deadlines are a key consideration for your case. O.C.G.A. § 9-3-33 generally provides you two years to file a personal injury lawsuit. Deadlines may also apply to wrongful death cases and insurance claims. We oversee all deadlines to ensure that your case remains eligible.
Defending you from insurance companies and attorneys
Do not underestimate the potential threat of attorneys and insurance companies. They have training and experience when it comes to auto accidents. Remember that these parties do not represent you—in fact, they may have strong reasons to act against your interests.
A lawyer from our team will protect you by:
- Handling direct interactions with attorneys and insurance companies
- Reviewing any statements and paperwork that you submit to these parties
- Guiding you in all case-related matters
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Call Kaine Law for your free consultation
There is no cost or obligations to the call. Call Kaine Law today at (404) 214-2001 for a 100% free case review. We provide the No Fee Guarantee, which means that you pay us nothing unless we win your case.