When you get hurt in an accident, the insurance companies get right to work calculating just how much your claim might be worth. However, the number they arrive at might not necessarily be what they offer you. That’s why it’s important to know how car accident settlements are calculated and when you should seek out the assistance of a Monmouth County car accident lawyer.
What Factors Can Affect Car Accident Settlements?
When calculating car accident settlements, insurance adjusters can look at a wide range of factors to figure out how much your claim should be worth. Some important considerations include:
- How severe your injuries are
- How long you’ll take to recover
- Whether you missed work due to your injuries
- How much pain and suffering you have experienced, according to medical professionals
- How much evidence there is that their insured driver caused the crash
This is why it is important to get medical care right away after an accident, so you can begin building a case and showing why you deserve a settlement right away. An adjuster will look at these factors and begin calculating a settlement using what’s called the “multiplier method.” They will need to add together:
- Your medical expenses
- Your medical expenses multiplied by a number between one and five
- Your lost income
The number chosen represents how much pain and suffering the insurer thinks you suffered. So let’s say you have $6,000 in medical bills. The adjuster thinks that two is the appropriate multiple and you have lost $2,000 in income. That adds up to $20,000.
Can Lawyers Help Drivers Secure Larger Car Accident Settlements?
It’s important to note that this $20,000 is not necessarily what the insurance company will offer you. They are going to try and get out of this situation for as little money as possible. If the offer received is too low and they won’t negotiate, a lawyer from our firm may be able to help you build a case and fight for more robust compensation.
Can I Sue If I Was Partly At Fault For the Accident?
You can still sue for damages if you were partly to blame for the accident. People who contribute to the accident can still secure car accident settlements, but they are reduced to match the driver’s fault. So if you are 10% at fault for the accident, you will receive 90% of a settlement.
How Long Do I Have to Sue?
If you do decide to sue, you have a limited time to act. New Jersey gives you two years to pursue damages. Act any later than that and your case is likely to be thrown out, no matter how convincing it is.
Schedule a Consultation With Our Team
If you have been injured in an accident and the insurance company is not giving you a serious offer, we might be able to help. Contact Falcon Law Firm and schedule a free consultation. We can take a look at your case and tell you more about your legal options.
