How to Calculate How Much Is Owed To You after a Crash

Information may not be reliable

How to Calculate How Much Is Owed To You after a Crash

It is considered a good and smart decision to get a car accident attorney after a car accident. At times to save up on lawyer's fees, you may want to represent yourself and following up on the insurance claims. This is a good idea if the accident was minor.

Should you chose to handle the claim on your own, you need to carry out enough research and consult the relevant bodies so that you can get to know the best way to proceed with your claim.

Read on to find out how insurance companies and lawyers calculate claims, the different kinds of methods they use so that you can know how to handle your car accident compensation. See NJ personal injury lawyer

The Information You Need To Make a Compensation Estimate

Generally, the compensation is normally the total of the amount it will take to repair your car and your hospital bills including medications that are as a result of the crash. 

While calculating the value of the damage made to your vehicle, you should put into consideration the initial value of the vehicle, the condition it was at the time of the crash, the depreciation value, and the mileage.

Do not forget to look or the exact cost of the parts that need replacing and the exact cost of the repairs. Making an assumption or approximation can lead to a low quotation

Unlike car spare parts and the cost of repairs, injuries are more challenging to calculate because there is no market value for a lost limb or any other kind of injury. The effects of the injury will also depend on the victim.

Take for example, an elderly woman losing a limb and a young athlete suffering the same fate after an accident, the athlete will definitely experience more emotional, financial, psychological pain and suffering than the elderly woman because the athlete’s ability to make a living will be compromised and he/she will have to change their life completely.

When our lawyer has collected all the important information, they then use a given formula to calculate the value of the claim. The most common formulas used in car accident compensation claims are the per diem and the multiplier method.

How Insurance Handlers Determine the Claim Or Settlement Value They Offer

After an accident, the at-fault insurance company is required by law to pay for the victims costs which include:

• Pain and suffering

• Medical bills and any other medical-related expense

• Permanent disability or disfigurement

• Lost wages from work and lost income

• Emotional damages

• Car repairs or replacement

If one is not claiming any pain and suffering, then all that is calculated are the medical and repair bills, but if everything is being claimed the insurance will provide another compensation added to the cost of medical bills, lost wages and vehicles repairs or replacement. <a href="https://www.servetheinjured.com/new-jersey-towns-counties/">New Jersey locations we serve</a>