Motor Vehicle Settlement
A settlement in a motor vehicle could be used to cover medical bills (current and future) and lost wages and even the cost of suffering. A personal injury lawyer can assist you gather the evidence to get an equitable settlement.
Medical bills and up 80percent of your loss of income are deemed economic losses. Non-economic damages like pain and discomfort are determined by adding measurable costs to your injuries.
Assess the Value of Your Claim
Many victims of car accidents want to know the amount their settlement claim is worth. There is no standard amount that a judge can decide, but it will depend on the specifics of the case and severity. An insurance adjuster will employ a formula to assess the claim based on the quantifiable cost, such as medical expenses and lost wages, and the more severe injuries, the more the award.
Assessing the property damage is the first step in determine the value. This includes the cost of repairing or replacing a damaged vehicle and any personal items, like cameras and phones that were damaged in the crash. Settlements can include future medical expenses.
To determine non-economic damages an insurance adjuster would typically begin by calculating the number of work weeks missed by the victim due to their injury. This number will then be multiplied by a number reflecting the severity of the injuries.
A lawyer can make the difference to the amount you receive. An attorney with experience in negotiations with insurance companies can ensure you receive a higher settlement than you could on your own. An attorney can also assist in obtaining the appropriate documents for your claim such as receipts, medical records and personal statements from witnesses who back your account of events. These documents are useful particularly when preparing a letter of demand to the insurance company.
Request a letter
It is time to write a demand letter after you have gathered all evidence to support your claim. This includes medical records, lost wages, bills and receipts for property damages and other pertinent documents. Your personal injury lawyer will send this letter to the insurance company. It contains the details of the accident and the damages that you are seeking to cover the losses. It also contains a claim for compensation for non-economic injuries like pain and discomfort.
When motor vehicle accident attorney boston write the demand letter it is essential to write under the assumption that the insurance company has no prior knowledge of the accident or your injuries. Your personal injury lawyer will also maintain a calm, objective style. This is because the insurance company might attempt to trigger emotions in order to convince you to accept a low settlement offer.
In the demand letter, it is important to include the totality of your losses, including a breakdown and calculation of non-economic damages. All relevant documents should be included in the demand letter. It is recommended to include as much detail as you can. However, it is better to start off with a higher level when you decide on your initial dollar amount for damages. This will give you room to negotiate and let you settle for an acceptable amount without needing to go to court.
Make a counter offer
After the adjuster has reviewed your demand letter and made an opening proposal, you can make counteroffers. It is crucial to take into consideration the general damages that you have calculated along with any damages specific to your accident when determining what you should ask for in a counteroffer. It is also important to include any emotional factors which could aid your case. For example the hurt of missing family events or the burden of taking on responsibilities such as caring for children as a result of your injuries.
It is important to inform the adjuster of your decision as soon as you decide how much to raise your counteroffer. Your lawyer can help you draft a letter in which you clearly state your intent to reject an insurer's low settlement amount and state why you deserve much more.
If the insurance adjuster is unable to accept a reasonable offer, you may need to look at other options, such as filing a lawsuit for personal injury. However, it's crucial to keep in mind that a lawsuit could take months or even years to complete. A lawsuit can also require both parties to invest additional money in order to prepare for the trial. It is therefore better to settle outside of court, when possible.
Keep Track of Your Claim
The ability to track your damages and losses is vital to ensure you get a fair settlement for your car accident. Your lawyer should be able to help you calculate your total losses as well as determine the amount you'll need from the insurance company in demand letters. This is a crucial step because it signals to the other party that you are determined to settle your claim.
Insurance companies usually use a formula to determine how they are willing to offer in a car accident settlement. The formula uses a multiplier that is determined by medical costs and other quantifiable expenses, such as lost income. The multiplier could range from 1.5 to 5 depending on the severity of your injuries impacting the number you choose to use.
This method does not take into account your non-economic losses, like discomfort and pain. They aren't easy to quantify, and it can be difficult for a doctor to predict the future problems that could develop after a few months or even years after your accident.
Keep copies of all receipts and photographs, financial records, and personal statements as well as other relevant documents in the event your car accident needs to be transferred to court. This documentation can help to speed up negotiations and avoid any miscommunications with the insurance company.