QuestionQUESTION: I was struck on the rear bumper. The operator of the vehicle stated that they did not slow quick enough and was traveling between 20 and 25 mph on impact. I suffered a torn rotator cuff and I had a grade 1 spondololisthesis before the collision now I have a grade 2. I went for 3 months of pt and message therapy, medical bills over $14000. Do you have any ideal how to calculate a settlement for the injuries?
ANSWER: Hello John,
In cases of serious, permanent injury, it is usually advisable to seek the services of a qualified personal injury attorney. Bear in mind, however, that the attorney will take at least 30% of the settlement. Aside from his expertise, the presence of a qualified attorney sends a strong message that the insurance company needs to offer a fair claim settlement or they could be faced with a lawsuit. The reality is, unfortunately, that insurance companies too frequently lowball claimants who are acting on their own behalf.
Settlements are difficult to calculate because their are so many variables. As a general rule, calculate as follows.
There are 2 types of losses, economic losses and non-economic losses. Economic losses are relatively easy to calculate as they represent medical expenses, lost income, and other direct causes. If you live in a PIP state, many of these losses are included under that coverage and would be offset, or subtracted from a final settlement.
Non-economic damages are more difficult to calculate, as they are based on pain and suffering and impact on lifestyle. As a very general rule, calculate your economic damages and multiply that by 2 to 5 to determine the non-economic damages.
Again, this is very ball park. If you have suffered beyond the standard, the settlement may not be sufficient.
Beware of lowballing. If the settlement offer seems too low, consider an attorney.
Hopes this helps. I wish you well.
Jane Pytel
http://SolutionsForYourInsuranceClaim.com
http://FloridaAutoInsuranceCentral.com
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QUESTION: Hello Jane,
Thanks again for your help. My next question is how to I determine on the economic damages, what to multiply by? Between 2 to 5.
Answer Hello again, John,
The multiplier ... that indeed is the problem! It should reflect the seriousness of your damages and how your loss impacted your life and your lifestyle. Can you still enjoy what you enjoyed before? Can you work? What are your limitations as a result of the loss?
Those are the types of questions you must consider in your calculations. The greater the loss, the greater the multiplier.
But again, this is rough. If you have suffered major damages, you should probably seek the advice of an attorney. Also, you should be aware of the liability coverage for the at fault driver. If he has, say, $10,000 coverage and you have suffered $50,000 of damage, your only recourse is through your own Uninsured/Underinsured Motorist coverage - if you have it!
And with UM, you might seriously need an attorney.
Hopes this helps.
Jane Pytel
http://SolutionsForYourInsuranceClaim.com
http://FloridaAutoInsuranceCentral.com
