Is There A Formula For Calculating Car Accident Settlements?

Is There A Formula For Calculating Car Accident Settlements?If you have just been involved in a car accident, with all the amounting expenses related to car accidents, you could be wondering: Is there a formula for calculating a car accident settlement? The short answer is not really; there is no way to know exactly what you will get from a settlement. It is possible to calculate a vague number for what your settlement might bring you, which includes adding up all of your expenses and taking into consideration what you could use to negotiate. There are many different factors for estimating what your case will be worth, and is the best way to answer the question “Is there a formula for calculating car accident settlements?” These factors can be divided into two major groups: economic and non-economic damages. Economic damages can be fairly easy to calculate with documentation proving the expenses legitimacy. These kinds of expenses usually include present and future medical bills, lost income, and damages to your property such as a totaled car.  These expenses can be estimated or added up based on documentation, and can serve as the best basis for what your settlement will amount to. The harder things to calculate fall into the non-economic group. These expenses include pain and suffering by anyone involved in the car accident, emotional impact of the car accident, and loss of interest in personal endeavors resulting from injuries or mental trauma from the accident.  The settlement figures for non-economic expenses can vary greatly from state to state; meaning research should be done to figure out what your states policies are in regards to non-economic expenses resulting from a car accident. Again, in general the answer to is there a formula for calculating car accidents is not for an exact amount, but it can be indefinitely summed based on provable expenses with an option to negotiate for non-economic expenses such as mental distress. When trying to prove the legitimacy of your non-economic expenses, one must prove the negligence of the other party regarding their actions during driving. Examples of these negligible actions can be following to closely, texting or talking while driving, driving to fast, or failing to abide to traffic laws. If negligence can be proven on the other party’s behalf, accruing compensation for your non-economic hardships can be easier.  More factors to consider when asking is there a formula for calculating car accident settlements is what kind of damage was ensued upon your vehicle or body. If they were minimal damages, the chances of being able to negotiate for a higher settlement is slim. If you live in a no-fault state, non-economic damages such as pain and suffering will not be accounted into the final settlement by insurance companies.  Some no-fault states include D.C., New York, Florida, and New Jersey. A full list of no-fault states can be found in a simple online search for “no-fault states car accidents”. Figuring out is there a formula for car accidents settlements isn’t a simple task, but collecting the paperwork to prove your expenses is the best place to start.

Close Menu