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Motor Vehicle Settlement A settlement in a motor vehicle can be used to pay for property damage, current and future medical expenses loss of wages, suffering and pain. A personal injury attorney can help you collect the evidence needed to secure a reasonable settlement. Medical expenses that amount to as much as the 80% of your income are deemed economic losses. Non-economic damages, such suffering and pain are calculated using an equation which adds quantifiable expenses to the severity of your injuries. Determine the value of your Claim Many car accident victims are interested in knowing how much their settlement claim is worth. Although there isn't any standard amount, a jury may award a victim for their losses based on the circumstances and the severity of the injuries. An insurance adjuster will employ a formula to assess the claim based on the costs that can be quantifiable, such as medical expenses and lost wages. The more severe the injury, the higher the amount. Assessing the property damage is the first step in determine the value. This includes the cost of fixing or replacing a damaged car and any personal items, such as phones and cameras, that were lost in the crash. The future medical bills could also be included in the settlement. To calculate non-economic damages an insurance adjuster is likely to begin by calculating the number of work weeks missed by the victim because of their injury. The figure is then multiplied by the severity of the injury. The presence of a lawyer can make a huge difference in your settlement amount. An attorney with experience in negotiations with insurance companies could help you receive a greater settlement than you could have on your own. An attorney can also assist you in collecting the proper documents for your claim including receipts, medical records, and personal statements from witnesses who support your version of the events. These documents are useful, especially when you are writing a letter of demand to the insurance company. Demand a letter It is now time to draft an official demand letter once you have gathered all documents supporting your claim. This includes medical records, lost wages, receipts and bills for property damages and other pertinent documents. Your personal injury lawyer will write this letter to the insurance company. It explains the details of your injury and the damages you are seeking to compensate you for your losses. It also contains the request for compensation in relation to non-economic losses, like suffering and pain. When composing the demand letter, it is important to compose the letter assuming that the insurance company does not have any prior knowledge of the crash or your injuries. In addition your personal injury lawyer will usually use a tone that is calm and objective. The insurance company may try to create a strong emotional response to convince you to accept an inadequate settlement offer. In the demand letter, it is important to include all your losses, including the breakdown and calculation of non-economic damages. Copies of all relevant documents should be included in the demand letter. It is recommended to include the most complete information you can. However, it is better to start high when you set the initial amount of dollars for damages. This will give you room to negotiate and let you settle for a fair amount without having to go to trial. Make an offer to counter Once the adjuster from the insurance company has examined the demand letter and provided an opening offer, it's time to counteroffer. It is crucial to consider the general damages that you have calculated as well as any damages specific to your accident when deciding what to ask for in counteroffer. In addition, if you have any emotional points which could aid your case, like the suffering and pain of not attending family events or the difficulties in taking on responsibilities such as caring for children because of your injuries, it's vital to incorporate these elements into your counteroffer. motor vehicle accident lawsuit baltimore is important to inform the adjuster of your decision immediately after you decide what amount to increase your counter-offer. Your lawyer can help you write a letter where you clearly state your intent to refuse an insurer's low settlement amount and explain why you deserve much more. If the insurance adjuster does not want to offer a satisfactory price, you might have to think about other options, including filing a personal injury lawsuit. It is important to remember that a lawsuit may take months or even years to complete. In addition it requires additional financial resources for both sides to prepare for trial. It is therefore recommended to settle the case out of court when possible. Keep track of your claim It is crucial to keep an eye on all your damages and losses to receive a fair settlement after an accident. Your lawyer should be able to help you calculate your total losses as well as determine what amount to request from the insurance company in an demand letter. This is an important step, because it demonstrates to the other party you are determined to settle the claim. Insurance companies usually use a formula to determine how much they are willing to pay in a car accident settlement. The formula includes a multiplier that is based on medical costs as well as other quantifiable expenses, like lost income. The multiplier can range from 1.5 to 5 based on the severity of the injury. This method does not consider non-economic damages, such as pain and discomfort. These are difficult to measure and it is difficult for a physician to predict future issues that may arise after a few months or even years after your accident. Keep copies of all receipts and photographs, financial records and personal statements as well as other relevant documents in the event that your car accident case has to be moved to a court case. The possession of this information can speed up the negotiation process and prevent any misunderstandings during negotiations with the insurance company.