Unfortunately, a car accident can alter the course of your life, as you may sustain injuries that last forever. Though nothing can change what happened, ensuring you recover compensation for the injuries you’ve endured can help reduce financial stress. If you have suffered injuries in a car accident, it’s vital to understand how insurance adjuster will calculate car accident settlements to receive a fair amount for the damages you’ve suffered. The following blog explores what you should know about this process and why connecting with Baltimore County car accident attorneys is critical to receiving compensation.
What Compensation Can I Recover After a Crash?
In order to understand how your compensation is calculated, you’ll need to understand the damages or financial funds you are entitled to receive following a collision. Generally, there are two categories – economic and non-economic. It’s important to note that, in car accidents, punitive damages are rarely awarded.
Economic, or special damages, refer to any calculable, financial stress someone has endured due to a collision. These include past and future medical expenses, lost capacity to work, or damage to your property.
You can also seek non-economic or general damages. These are more subjective, as they represent non-tangible losses. For example, you may suffer a loss of enjoyment of life, disfigurement, pain and suffering, or humiliation because of the injuries you’ve sustained.
Is There a Method to Calculate Car Accident Settlements?
Though it can seem challenging to calculate, there are generally two methods used by insurance companies to determine a settlement amount. The first is known as the multiplier method. Essentially, this takes the economic damages you’ve suffered and multiplies that amount by a factor number, usually 1 through 5. This number represents the severity of your injuries. The total number after multiplication is added to the economic damage to determine your estimated settlement.
However, if your injuries are less serious, the per diem method may be more effective. Generally, this takes a certain amount of funds per day, multiplied by the number of days it takes you to reach maximum medical recovery. For example, if you are awarded $200 per day for the 60 days it takes you to fully recover from the injuries you’ve endured, you’ll be awarded $12,000.
You should also understand that it’s unlikely that the insurance adjuster will offer you the maximum amount of compensation you are entitled to. As such, you’ll likely need to negotiate with the adjuster to receive the funds you deserve. However, this can be difficult to do without an experienced attorney.
If hurt in a car accident, the Law Offices of Markey & Orsi can fight for the compensation you deserve. We understand how devastating these accidents can be. As such, our dedicated team will work tirelessly to help you receive a fair settlement amount. Contact us today to learn more.
