Were you recently in an accident that resulted in injury due to the involvement of another party? If you experienced a car accident, slip and fall, or other type of personal injury case, you are going to want to make sure you get the proper compensation.
When you are calculating or negotiating your settlement, most insurance companies and injury attorneys rely on a specific formula to get a starting point for settlement.
In order to calculate your settlement, you will want to add up the total cost in medical expenses, property damage, lost earning, future lost income, your estimated future medical expenses, and multiplier for general damages. You may want to consider more than just the economic damage, but also the pain and suffering involved. These are the two categories that are considered in court.
General damages aren’t so easy to quantify. These are the damages caused from pain and suffering. This may include physical discomfort, mental anxiety, stress, or other similar negative effects due to the injury.
An insurance adjuster will add up these “special” medical damages. They will multiply this total number by a number between 1.5 and 5. This is called the multiplier.
This number will be lower or higher depending on the specific facts related to your case. Of course you will argue for a higher multiplier. The adjuster is likely to push for a lower multiplier.
If you are in need of a better understanding of personal injury cases, check out our previous blog posts. If you are in need of legal advice and an attorney to protect you, contact Palacios Law Group!