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Is there a formula used to determine a car accident settlement?

On Behalf of | Dec 22, 2014 | Car Accidents

If you were injured in a car accident and are looking for an attorney, you’ve probably wondered how much your case is worth. In just about every free consultation I give, I’m asked about the “case value” and how I determine an acceptable settlement range. Here’s the truth: there is no magic formula because each case is unique.

That answer might be unexciting, but it proves a point all injury victims should know. Each person can react differently to the same crash, which means that the medical treatment and the injury’s effect on day-to-day life will differ case by case. In addition, any time lost from work has to be accounted for in the case value. All of these factors have to be weighed before a value can be given.

Once you’ve completed treatment, your personal injury attorney will order your medical records and bills and investigate the possibility of any long-term treatment you may need. If you missed any time off from work, your attorney will ask your employer to fill out a Wage Loss Verification form to help recover any lost salary due to the crash. Your attorney will also ask you to describe how the injuries have affected your daily life. Once your attorney has all of this information, your attorney will explain other factors involved in your claim, such as the county the crash was in, the reputation of the at-fault driver’s insurance company, and any other important crash details. While there is no formula, attorneys can label and evaluate your unique losses before making a demand.

Most insurance companies also don’t have a generic formula used in all car accident cases. These insurers will investigate the crash, as well as any medical information provided by your attorney, before coming up with their own range of value. Of course, the insurance company will start off on the low-end of that range when making an offer, so don’t be discouraged after that first phone call.

Since there is no “magic formula” to determine a case’s worth, you should contact a personal injury attorney in order to start the investigation of your claim and help uncover all of your case’s unique factors as soon as possible.

Law Offices of Mathys & Schneid continues to handle all types of personal injury cases involving car accidents, truck and motorcycle accidents, medical malpractice, defective products, permanent injuries, wrongful death and other unfortunate circumstances in DuPage, Cook, Kane, Will and Kendall Counties and through the Naperville – Chicago area.