When evaluating a car
accident claim insurance providers use various methods. Wage loss as well
medical expenses are among the major factors in the equation in addition to
‘pain and suffering’. The question is how do insurers assign a value to the
pain and suffering component? For the most part, there are two methods by which
the value of your compensation is determined; the per diem method and the multiplier
method and Austin, TX accident lawyers have seen both methods.
Multiplier Method
In the past lawyers
used to multiply the value of actual damages by 3 to get an amount for your
damages. For instance, if your medical expenses were $5,000 and your wage loss
was $2,000 then the lawyer will multiply $7,000 by 3 and demand $21,000 from
the insurer. Seems pretty fair! Even the irrational Michael Moore would agree
to that type of logic. You do not need Will Hunting to figure out that type of
math either.
However, insurers are
now unwilling to concede thrice the amount of actual damages. This is why the
multiplier is decided by a complex calculation done by a software program.
Accident attorneys in Texas point out that this type of calculation has a
tendency to undervalue car accident claims.
The multiplier is based
on three things:
- The graveness of the injuries
- Aggravating circumstances
- The recovery time
This means that a person who suffered
from a fractured femur and had to undergo multiple surgeries will get a higher
multiplier than someone who has sustained minor injuries. This makes sense too!
Multipliers also depend on whether you are partly
to blame for the car accident, in which case, the multiplier will be
lower. No one can argue with that. If you were speeding like the lunatic Walter
White often did, you are not completely innocent.
While selecting the multiplier the
nature of treatment that you receive is also sometimes taken into account.
Austin, TX accident lawyers caution claimants against getting excessive medical
care for minor trauma with the intention of spiking the compensation. Insurance
providers can figure out such a ploy easily and will definitely deny such
claims.
If you have been hit by another driver
and you are laid up in a hospital, you need legal help. You need legal help if
you have been hit by anyone and just your car is wrecked. This is where this
supreme digital tool should enter your world, it is Accident.USAttorneys.com. A screw driver
was designed to screw in or out screws, this website was designed to enable
anyone to find the legal assistance they need.
Per Diem Method
In this method an amount is assigned to
each of the days that you suffered as a result of the injury. For instance, if
the pain from the injury lasted for three months then you must assign value for
each day of pain and then multiply it with the number of days that you have
experienced the pain. So let’s say you assign $200 for each day and you have
experienced pain for three months then you must multiply $200 by 90. In this
case, your accident claim is worth $18,000. However, you must give the jury a solid
reason why you chose the per diem value.
Final Value
The most judicious manner to arrive at a
final amount is to use both the per diem and multiplier methods. For example,
if the per diem method gives you $30,000 and the multiplier method gives your
$18,000, then $24,000 should be a fair amount. If you have suffered
debilitating physical conditions after the accident, or broken bones and
extensive surgeries, you can add certain values to this amount.
If you have suffered
grave or any type of injuries in a car accident, then you have the
right to claim compensation. A Texas accident lawyer can help you in a number
of ways. You can get help with filing, appeals, hearings, and other complex
legal proceedings. Most importantly they assist you during negotiations with
the insurer. A legal professional will ensure that you receive adequate
compensation for your injuries and suffering should you choose to settle out of
court or take your case to trial.
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