Calculating Claim Value With Car Accident Injury Lawyer Las Vegas
After an accident, some people may choose to handle the insurance claim themselves after a minor collision. However, most people decide to hire a personal injury lawyer whether they have a minor or major collision. And the most ideal option is to consult with an attorney even after a minor collision, because you may be unaware about calculating the car accident claim value. You may receive less compensation than what you’re supposed to get. And an attorney can protect you from the insurance company tactics by handling all the communication and negotiation to help you get the best compensation possible for your claim. People tend to believe that valuing a claim is as simple as adding up medical bills and property damage to your car; however, the intangible loss that accident victims suffer is not easily quantifiable. Here is a guide from Las Vegas Car Accident Lawyer on calculating accident claims.
Information To Determine An Estimate for Vehicle Damage- The compensation received for the damage to your car is pretty straightforward and does not cause many issues between the victim and the insurance company. These are some of the details that lawyers and insurance companies use to place the value on the damages of your vehicle. It includes the initial value of your car, the condition of your car at the time of the accident, amount of depreciation, mileage, and the cost of replacement parts.
Elements Insurance Adjuster Uses To Value a Car Accident Claim- After a car accident, the liable driver’s insurance company pays for injuries up to the policy limit. And both economic and non-economic damages make up for the total value of the claim. Economic damages include medical treatment costs, lost wages, future medical treatment costs, and future lost wages. The non-economic damages include physical pain suffering, anguish, and other emotional damages. And the insurance carrier relies on different methods to calculate the total value of the cost claim.
The first method is using the multiplier method to calculate pain and suffering, this formula is the complete total of economic damages, referred to as special damages multiplied by a particular number referred to as the multiplier. A multiplier is typically a number between one to five, but it can also be greater. The multiplier formula is a part of the broader damage formula that insurance companies use to calculate the value of car accident claims. Once they calculate the pain and suffering, they add up the other damages as well and the total amount is the starting point of the negotiation.
Are The Car Accident Claim Calculator Accurate?
We can find a wide range of car accident claim calculator, but any method used to calculate the settlement amount is only an estimate. However, complete accuracy is impossible because the car insurance settlement calculator cannot collect all the information needed to determine the accurate estimate. If you try three different car accident claim calculator, you will likely get three different amounts that are nowhere close. And the accuracy of the car accident insurance claim calculator is dependent on the information the calculator allows you to put.
The ideal option to calculate your car accident claim value is to let a Car Accident Injury Lawyer Las Vegas who has extensive training do their job.