Calculating a settlement claim after an auto accident is not easy. There are a number of expenses that should be calculated and it can get tedious, especially if the accident has left you in a weak and feeble physical or mental condition. In such instances, you can ask for assistance from legal firms or legal representatives such as lawyers or the Los Angeles truck accident attorney.
How to determine the settlement after an auto accident?
- Calculate all the expenses incurred as a result of the accident. Make sure that you include all the medical bills and also the anticipated future bills. It is the biggest contributing factor to determine an accident settlement. Get a copy of the medical bills from your doctor or the hospital and in case you require continued medical services, get a written statement.
- Calculate the total amount spent as a result of the accident. To validate this claim, you will have to produce some proof like a note from your doctor stating that you were unable to work.
- If applicable, calculate the decrease in your future earnings that might occur as a result of this accident. In case you cannot perform the duties at your current job because you have been seriously injured, then in your settlement request, you can include future wage losses as well.
- To your calculations, add the expenses incurred for repairing your vehicle. Ask the auto shop that is working on your vehicle to prepare a repair estimate. Your insurance company will give you the approximate worth of your car, but get a second opinion from different sources. By law, insurance companies are obliged to quote a fair price, but this does not happen always. The price they are willing to give might be way below the market standards.
- To estimate the net worth of your settlement, add all the above amounts. To determine the amount that has to be paid to a victim as general damages like pain, suffering and mental anguish, insurance adjusters make use of a formula. Multiply your total by 5, if it is a serious accident. Multiply it by 10, if it is grave.
You can either calculate this by yourself or get the help of legal representatives, lawyers or specialized attorneys such as the Los Angeles truck accident attorney to estimate your insurance claim.