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Cash

How to Determine the Car Accident Injury Settlement Amount?

A car accident injury can have devastating effects on not just the life of the victim but also the close family members. Medical treatments for recovery from the car injury are just the tip of the iceberg. Loss of wages, rehabilitation, stress, and disruptions in the daily life of the family members are all the consequences of a car injury.

Fortunately, you can file a car accident injury case by contacting a personal injury attorney in California. The settlement amount will help you to ease the financial burden that results due to the car accident injury. Several factors are considered when attempting to quantify a car accident injury claim.

The two common methods that are used to calculate the car injury settlement amount include:

Daily Rate Method

One method to determine the car accident injury claim is the daily rate method. The method involves determining the dollar amount for every day the victim had to live with the pain. Generally, the actual daily earnings are used to arrive at the daily rate used for compensation.

A simple example can further clarify how to determine the car accident injury settlement amount using the daily rate method. Suppose, the yearly income of an individual is $50,000, which when divided by the yearly working days (250) is $200 per day. Now, let’s suppose the victim had suffered pain due to the injury for six months or nearly 180 days. Multiplying the daily rate of $200 by 180 days gives the figure of $36,000.

Multiplier Method

Another approach to calculating the car accident injury settlement amount is to multiply the economic losses by a multiplier. The multiplier for car accident injury cases is typically between 1.5 and 5. The multiplier can be higher or lower and is selected based on the different factors, such as the impact on the daily life, fault of the other party, and loss wages.

Insurance companies generally use the multiplier method to arrive at the auto accident injury liability. Obviously, they tend to use a lower multiplier to arrive at the car accident injury settlement amount.

Keep in mind that the above methods are not suitable for long-term or permanent injuries. The settlement amount for such cases is usually based on verdicts of related worker compensation cases in your area. This information is only available to personal injury attorneys who have subscribed to expensive external services.

You should speak with an experienced personal injury lawyer if you have been injured in a car accident in California. For more information about the car accident injury claim process, you should contact Albert E. Hirst – Workers’ Compensation Lawyer by dialing (909) 885-7190. We can handle all the legwork for you acting as your advocate throughout the process, and ensure that you receive the maximum possible compensation for the injuries.