Motor Vehicle Settlement
A motor vehicle settlement may be used to pay for property damage, medical bills (current and future), lost wages, and even suffering and pain. A personal injury lawyer can assist you in obtaining the evidence needed to secure an appropriate settlement.
Economic losses include medical bills as well as up to 80% of lost income. Non-economic damages, such pain and suffering are calculated using a formula which adds quantifiable expenses to the severity of your injuries.
Determine the value of your Claim
Many car accident victims want to know how much their settlement claim is worth. There isn't a set amount that a judge can give, but it does depend on the circumstances of the case as well as the severity. Insurance adjusters will use a formula to calculate the cost of an expense including medical bills and lost wages. The more serious the injury is, the more money will be awarded.
The assessment of the property damage is the first step in finding out the value. This includes the cost of repairing or replace a damaged vehicle and other personal items like phones and digital cameras lost in the crash. Future medical bills can also be included in a settlement.
For non-economic damages, the insurance adjuster will often start with the number of weeks that the victim was absent from work because of their injuries. This figure will then be multiplied by a figure that is representative of the severity of the injuries.
A lawyer's presence can make a significant impact on the amount of your settlement. An attorney with experience in negotiating with insurance providers will help you secure more money than you could achieve on your own. An attorney can also assist you in collecting the proper documents for your claim including medical records, receipts and personal declarations from witnesses who affirm your account of events. These documents can be helpful particularly when preparing a letter of demand to the insurance company.
Create a Demand letter
It is now time to draft a demand letter after you have collected all the documents supporting your claim. This includes medical documents, lost wages, bills and receipts for property damages and other pertinent documents. Your personal injury lawyer will mail this letter to the insurance company. It includes the details of your accident and the damages that you seek to cover the losses. It also contains the claim for compensation for non-economic damages like discomfort and pain.
It is important that you write the demand letter as if the insurance company had no prior knowledge of the accident or injuries. Your personal injury lawyer should use a calm and objective style. The insurance company could try to evoke an emotional response to convince you to accept an inadequate settlement offer.
In the demand letter it is important to include all your losses, which includes the breakdown and calculation of non-economic damages. Copies of all relevant documents should be provided with the demand letter. While you should include as much information as you can, it is generally best to go high with the initial amount you're seeking for your damages. This will allow you to negotiate and let you settle for an amount that is fair without having to go to trial.
Make an offer counter to
After the adjuster has looked over your demand letter and offered an opening offer, you are able to make a counteroffer. When determining the amount to make in your counteroffer, it is important to keep in mind the general damages you've calculated and any specific damages arising from your accident. In addition, if you have any emotional issues which could aid your case, like the suffering and pain of not attending family events or the difficulties in taking on responsibilities like caring for your children because of your injuries, it's essential to incorporate these aspects into your counteroffer.
It is important to inform the adjuster of your decision at the time you decide how much you want to increase your counteroffer. A lawyer can help you write a letter where you clearly outline your decision to refuse an insurer's low settlement amount and then explain why you deserve more.
If the insurance adjuster still refuses to make a satisfactory offer You may have look at other options such as filing a personal injury lawsuit. It is important to keep in mind that a lawsuit could require months or years to be completed. A lawsuit may also require both parties to pay additional funds to prepare for the trial. Therefore, it is preferential to settle the case out of court when possible.
Keep Track of Your Claim
Keeping track of your losses and damages is critical to ensuring that you receive an equitable settlement for your car accident. motor vehicle accident lawyer farmington hills can to calculate the total loss and figure out the amount you should request from your insurance company in a letter of demand. This is a crucial step, as it shows the other party that you are committed to settling your claim.
Insurance companies use a formula in order to determine the amount they are willing pay for a settlement after a car accident. The formula uses an amount multiplier based on medical costs as well as other costs that can be quantifiable like lost income. The multiplier ranges from 1.5 to 5 depending on the severity of the injury.
The problem with this approach is that it doesn't take into account non-economic damages that include suffering and pain. These damages are difficult to quantify and a doctor might not be able to anticipate the future issues that could arise in the weeks or even months following the accident.
It is also essential to keep both physical and digital copies of all receipts, photographs and financial records, personal statements and other relevant documents in the event you need to move your car accident case to a lawsuit. This documentation can help to speed up negotiations and avoid any miscommunications with the insurance company.