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Motor Vehicle Settlement A settlement in a motor vehicle could be used to cover medical expenses current and in the future lost wages and even the cost of suffering A personal injury lawyer can help you collect the evidence you need to get an acceptable settlement Economic losses can include medical bills and up to 80 percent of your lost income Noneconomic damages such as discomfort and pain are calculated by adding the cost of your injuries to your injuries Calculate the value of your claim Many victims of car accidents want to know the amount their settlement claim is worth Although there isnt any standard amount a jury can make a decision to award a victim losses depending on the cases circumstances and the severity of the injuries Insurance adjusters employ a formula which is based on quantifiable costs such as medical bills and lost wages The more severe the injury the higher the award Assessing the property damage is the first step to determine the value This includes the cost of repairing or replacing a damaged vehicle and any personal items such as phones and cameras which were destroyed in an accident Settlements could also include future medical bills For noneconomic damages the insurance adjuster will often start with the number of weeks a victim missed from work because of their injuries This figure is then multiplied by the severity of the injury The presence of a lawyer can make all the impact on the amount of your settlement An experienced attorney in negotiating with insurance companies can assist you in obtaining a larger settlement than you could achieve on your own An attorney can assist you gather the necessary documents for your claim including medical records and receipts They can also help you get personal statements from witnesses that support your version of events These documents can prove useful especially when you are writing a letter of demand to the insurance company Demand a letter It is time to compose a demand letter after you have collected all the evidence to support your claim This includes medical records lost wages bills and receipts for property damages and other pertinent documents Your personal injury lawyer will mail this letter to the insurance company It explains the details of your accident as well as the damages you seek to cover your losses It also includes a request for compensation relating to noneconomic injuries such as suffering and pain It is important that you compose the demand letter in a manner that suggests the insurance company did not have any prior knowledge of the accident or injuries motor vehicle accident attorneys santa monica will also employ a calm and objective approach This is because the insurance company might attempt to trigger emotions in order to convince you to accept a low settlement offer In the demand letter it is crucial to mention the totality of your losses including the breakdown and calculation of noneconomic damages Copies of all relevant documents must be included with the demand letter While youll want to include as many details as you can its generally better to shoot high with the initial dollar amount you want for your damages This will allow you to negotiate and settle for a fair settlement without having to go through an trial Make a counter offer After the insurance adjuster has evaluated your demand letter and made an opening offer its time to submit a counteroffer When determining the amount to make in your counteroffer its important to take into consideration the general damages you have calculated and any specific damages arising from your accident It is also important to include any emotional elements that can help your case For example the grief of not attending family events or the burden of taking on obligations like caring for children because of your injuries It is crucial to inform the adjuster of your decision as soon as you decide what amount to increase your counteroffer Your legal representative can help in writing a letter that clearly outlines your reasons for choosing to reject the insurers lower settlement offer and explain the reasons you should be awarded a greater amount If the insurance adjuster refuses to make a satisfactory offer you may need to consider other options such as filing a lawsuit for personal injuries It is important to remember that a lawsuit can require months or years to complete A lawsuit can also require both parties to spend additional funds to prepare for the trial This is why it is usually recommended to settle the case out of court if possible Keep Track of Your Claim It is crucial to keep track of all your damages and losses in order to receive a fair settlement after an accident Your lawyer will be able to calculate the total loss and determine how much money to demand from your insurance company in a written letter of demand This is a crucial step as it shows the other party that you are serious about settling the claim Insurance companies use an equation to determine the amount they will pay for a settlement after an accident The formula typically incorporates a multiplier based on your medical expenses and other costs that are quantifiable such as lost income The multiplier can range from 15 to 5 with the degree of your injuries affecting the amount used The problem with this approach is that it fails to consider the noneconomic damage you suffered which include pain and suffering These damages are difficult to measure and a physician may not be able to predict the future issues that could arise weeks or even months after the accident Keep copies of all receipts and photographs financial records and personal statements as well as other relevant documents in the event that your vehicle accident case has to be transferred to court This information will speed up the negotiation and avoid miscommunications with the insurance company
