How to Use a Multiplier for Calculating the CompensationsUpdated on Saturday 25th February 2017
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The multiplier method is frequently used by insurance companies when calculating the monetary value of your claim. The medical costs are multiplied by a value of one and a half times to five or six times more. However, some cases require such an extensive amount of medical care that a five times multiplier is still not enough. These can be severe brain injuries or those to the spinal cord.
A victim who is overwhelmed by the medical costs, which are often just a part of the overall costs related to the accident, can use a settlement calculator. This tool is useful when trying to find out how much your claim should be worth. The multiplier method is used for medical expenses but the calculator provided by our Los Angeles personal injury attorneys can help you estimate the total value of your settlement.
Personal injury cases with high multipliers
Most personal injury claims are not calculated using a multiplier higher than five. While you could be tempted to consider that your case is worthy of an outstanding amount, the insurance claim adjuster will know just how much the company is willing to pay in cases that are similar to yours. Negotiating with the insurance company is an important step and you should start with an amount that is in your favor as well as realistic. Our Los Angeles personal injury lawyers can help evaluate your case beforehand so that you can know exactly how to ask for the compensations.
Multipliers higher than five are used in those accidents when the recovery period is extensive, the other party’s negligence is total, the injuries are dramatic like in catastrophic accidents and when the victim will clearly have recurrent problems, both physical and psychological because of the accident.
The total costs of the accident
While it is true that the medical costs are often the most significant ones, other expenses are to be taken into consideration. Most settlement calculators will base a final amount on more than the amount spent on medical care.
The overall costs that you should consider include: medical care, any future medical expenses, lost earnings, any future income that will be lost as a result of the accident and lastly the property damage: for example the motorcycle or car that were damaged or totaled in the accident or your home in case of fire and burn injuries.
A personal injury attorney is able to help you calculate the right amount while you still have time to focus on what matters most: you and your recovery after the accident.
You can contact our Los Angeles personal injury attorneys for more information about how we can help you.