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Motor Vehicle Settlement A settlement in a motor vehicle could be used to cover medical bills (current and future) as well as lost wages and even the cost of suffering. A personal injury lawyer can help you collect the evidence necessary to secure an acceptable settlement. Economic losses can include medical bills and as much as 80 percent of lost earnings. Non-economic damages such as pain and discomfort are determined by adding measurable costs to your injuries. Calculate the value of your claim Many victims of car accidents want to know what their settlement claim is worth. Although there isn't a standard amount, a judge can make a decision to award a victim losses depending on the case's circumstances and the severity of the injuries. An insurance adjuster will use a formula to assess the claim based on quantifiable costs, such as medical expenses and lost wages, and the more severe the injury, the greater the amount. Assessing the property damage is the first step in determining the value. This includes the cost to repair or replace a damaged vehicle and other personal items like phones and digital cameras that were destroyed in the crash. Settlements may also cover future medical expenses. To determine non-economic damages, an insurance adjuster will typically begin by calculating how many of weeks of work missed by the victim due to their injury. This figure is then multiplied by the severity of the injury. Having a lawyer can make a big impact on the amount of your settlement. An attorney who is experienced in negotiating with insurance companies can help you receive an amount that is higher than you could achieve on your own. An attorney can also help in obtaining the appropriate documents for your claim including medical records, receipts and personal statements from witnesses who support your version of events. The possession of hard copies of these documents, especially when you mail a demand letter to the insurance company, can be a great help in proving your claim. Request a letter It is time to write an demand letter once you have gathered all documents supporting your claim. This includes medical documents, lost wages, bills and receipts for property damages and other relevant documents. Your personal injury lawyer will mail this letter to the insurance company. It explains the specifics of your accident and the damages you're seeking to compensate you for your losses. It also includes a claim for compensation for non-economic damages such as discomfort and pain. It is crucial to write the demand letter as if the insurance company had no prior knowledge of the accident or injuries. Your personal injury lawyer will also maintain a calm, objective approach. The insurance company might try to trigger an emotional response in order to convince you to accept a lower settlement offer. motor vehicle accident attorney downey is also crucial to provide a complete list of your losses in the demand letter, which should include a breakdown of specific expenses and a calculation of any damages not economically based. All relevant documents should be included in the demand letter. While you want to include as many details as you can, it is generally recommended to go overboard with the initial dollar amount you want for your damages. This will enable you to negotiate and reach a fair settlement without needing to go through an appeal. Make an Offer Counter to After the adjuster has analyzed your demand letter and made an opening offer, you may make an offer counter-offer. When determining what you should offer in your counteroffer, it is important to keep in mind the general damages you've calculated and any specific damages arising from your accident. It is also essential to include any emotional components that can help your case. For example the hurt of missing family events or the difficulties of taking on obligations like caring for children as a result of your injuries. It is essential to notify the adjuster of your decision when you have decided how much to raise your counter-offer. Your legal representative can assist to draft a letter that clearly states your intention to decline the insurer's settlement offer and explain the reasons why you deserve a more substantial amount. If the insurance adjuster refuses to offer an acceptable settlement, you may need look at other options such as filing an injury lawsuit. But, it is important to remember that a lawsuit can take months or even years to be completed. A lawsuit will also require both parties to pay additional money to prepare for the trial. It is therefore better to settle outside of court, whenever possible. Keep the track of your claim It is crucial to keep the track of all your damages and losses in order to receive a fair settlement following an accident in the car. Your lawyer should be able to assist you in calculating your total losses and determine the amount you'll need from the insurance company in a demand letter. This is an important step, as it shows the other party that you're committed to settling your claim. Insurance companies employ a formula in order to determine how much they are willing pay for a settlement after a car accident. The formula includes an increase multiplier dependent on medical expenses and other costs that can be quantifiable like lost income. The multiplier can range from 1.5 to 5 based on the severity of the injury. The issue with this method is that it doesn't account for your non-economic damages like suffering and pain. These damages are difficult to quantify and a physician may not be able predict the future issues that could arise several weeks or even months after the accident. Keep copies of all receipts and photographs, financial records, and personal statements, as and other relevant documents in the event that your car accident needs to be moved to a court case. This documentation can help speed up the negotiation and avoid miscommunications with the insurance company.