Sticking with our earlier example, the core value of Bryce's case is $30,000. Naturally, the adjuster usually places a much lower value on the claim when compared to what the accident victim thinks his or her claim is worth. Your use of this website constitutes acceptance of the Terms of Use, Supplemental Terms, Privacy Policy and Cookie Policy. To apply this to a typical scenario, let’s assume that the total of your medical expenses and lost wages from the car accident is $5,000. To calculate how much an car accident case is worth, you add out of pocket medical bills (and liens), pain, suffering and lost wages. Using a formula would not capture the details of each individual person’s case. The four BASE FORMULA values you going to come up with are: 2. When determining a value for your claim, what the insurance company is really trying to do is to predict what a jury might award you if your car accident case goes to trial. Every injury claim is different. You are free to negotiate with the insurance company, or even file a lawsuit against the negligent party as a means of contesting the value of the claim. ... It’s important to know that the pain and suffering calculator formula isn’t the exact figure you will get from your settlement. The attorney listings on this site are paid attorney advertising. It takes weeks, if not months, to incur medical expenses that large. The multiplier for more serious injuries, such as broken bones or herniated disks, is 3 to 5 times the amount of medical bills. How Insurance Companies Calculate Car Accident Settlements When it comes to calculating settlements, the insurance industry does not have a precise mathematical formula about how insurance companies calculate car accident settlements because each case is different. This calculator is intended to provide a rough starting estimate of compensable damages in a car accident claim, and is not a substitute for legal advice. This FindLaw article covers the factors to consider before you sign a car accident settlement agreement form. How Much Is the Average Settlement for a Car Accident? The statistics the insurance companies compile allow the companies to determine average values for particular types of claims. If you’ve been injured in a car accident, it’s natural to wonder about the value of your injury claim. October 1, 2008 S.H. mean level value = $35,000 (3.5 x $10,000), premium level value = $40,000 (4 x $10,000), whether the plaintiff will be permanently scarred or disfigured, whether the plaintiff is likely to make a full recovery, whether the plaintiff complied with the prescribed course of medical treatment, the degree of emotional distress suffered by the plaintiff, and. On the other hand, if your medical expenses are much higher -- let's say $50,000 -- the insurance company knows that this number probably represents an extended hospital stay, or maybe a treatment regimen of dozens of physical rehabilitation sessions. Do Not Sell My Personal Information, 3.5 is the multiplier for the mean value, and. Try out the calculator below to compare both methods (and see the explanations below for details on each method). It's not easy to pin a dollar amount on general damages. The calculator is based on real experience. That's where the Baldyga Auto Accident Settlement Evaluation (BASE) formula comes in. If the adjuster were to multiply … X $2,379.10 = $4,758.20 * The " LOW VALUE " is $4,758.20. There is no easy equation that always produces the correct answer. Damages Multiplier. Was your injury completely new as a result of the car accident, or did the car accident merely aggravate a condition for which you were already being treated? There’s no special formula to calculate the perfect amount. A number of other variables also play a role in determining the value of a personal injury claim: Many more variables also affect the value of the claim, including your age, previous medical condition, and the specific circumstances of the car accident such as vehicle speeds. The value of a claim is dependent upon dozens, if not hundreds, of individual factors. As for the “factor” mentioned above, it is the multiplier that the insurance adjuster often uses in combination with the amount of your special damages. Again, there is no simple answer, and it depends upon the individual facts and circumstances of your particular car accident. The first step in using the BASE formula is to total up the plaintiff’s quantifiable or provable damages, and factor that number in with the multipliers listed above. Next, you reduce this total value by your percentage of fault. As discussed above, any method used to calculate a settlement amount is imprecise because it requires far more information to determine an accurate estimate than car accident settlement calculators are capable of collecting. See here. You cannot calculate personal injury damages on your own, which is you need to consult a qualified attorney after suffering an accident to follow a proper auto accident settlement formula. Knowing the value of your injuries will allow you to try to negotiate a fair and reasonable settlement as opposed to having to go to court. As the person who is injured, it is useful to have an online car accident claim calculator to determine what your accident … To apply this to a typical scenario, let’s assume that the total of your medical expenses and lost wages from the car accident is $5,000. Here, the formula would come up with a value of $7,000 for this claim. These relevant variables may vary depending upon the facts and circumstances of the case, but generally include: Of the four BASE value levels, the core value level is the starting point under the BASE formula. However, a variety of factors go into deciding the average settlement for a car accident. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The variables discussed in the previous section will either move Bryce up to mean ($35,000) or premium ($40,000) value, or bump him down to the low value ($20,000). Accident Lawyers. The emphasis here is on the word “estimate.” In evaluating any personal injury claim, this is just a starting point for the adjuster, and is not determinative of any final value. The value of an accident claim varies depending on whether you’re talking to the accident victim or to an insurance adjuster. Learn more about How an Attorney Can Help with Your Car Accident Claim. Furthermore, based on the facts of your accident, the estimate produced here could be higher or lower than the actual amount you may receive when filing your claim. Was your treatment excessive? However, it is quite rare for any given claim to fit the exact profile of an average claim. The effects of being injured by a drunk driver can range from vehicle damage to serious or permanent injuries and even death. the plaintiff’s age, occupation, and marital status. So, here's what the settlement formula might look like for a car accident involving minor injuries: $1,500 in medical special damages. I am 40 years old and was in a car accident a year ago in May. 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