You may wonder how much an insurance company will pay for your injuries if you are in a car accident. An online calculator that calculates the settlement for car accidents is one resource you might find useful. However, is the information produced by these calculators correct? This article will explain how these calculators work as well as how to use them.
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Estimates only
There are no car accident settlement calculators online that produce numbers with any authority. There is also no standard system that all car accident settlement calculators use. These systems let you input information to allow the calculators to calculate estimates based on historical payouts and other authoritative data.
Calculating the car accident settlement will be accurate depends on the information you provide. The calculator also uses information to calculate different types of damage. It can also take into account the unique circumstances of your case.
Car Value
Numerous calculators will ask you to provide details about your vehicle and the extent of damage that it sustained in an accident. Calculators will calculate the car’s value based on its initial value, condition, mileage, and other factors.
The cost estimate for repairing or replacing a vehicle by the calculator may not include the cost of specific parts or, in some cases, just the average repair costs for vehicles with damage to the front.
Injuries Value
Similar to the calculation of vehicle damage, the valuation of injury is often based on reference to charts that determine dollar amounts for particular types of injuries. These charts are often based on average payouts for similar injury cases. These estimates are problematic because body parts are more difficult than car parts and cannot be traded or replaced in the marketplace.
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Depending on who is injured, injuries can have very different effects. A young professional dancer, or athlete might lose a leg. This could cause severe financial, emotional and psychological problems. Even though the same injury could be very serious for a retired computer programmer as well, their valuations are likely to differ because of how they impact the earning potential of both parties.
Multipliers
It can be difficult to estimate property damage and medical expenses, but it is easier to estimate other grounds for recovery like pain and suffering. As with physical injuries and property damage, pain and suffering can vary greatly depending on the person and their circumstances. A couple of multipliers are used by most car accident settlement calculators to eliminate this uncertainty. A multiplier is usually between 1.5 and 5 and it is applied to another line-item. Usually, medical expenses are included.
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This is because a more severe injury is likely to cause more pain and suffering. The pain and suffering multiplier is more important than any other aspect in car accident settlement calculations. It should be viewed with caution and taken into consideration your specific situation.
Conclusion
Because they are inaccurate, car accident settlement calculators cannot be relied upon. Many calculators don’t have enough information to accurately determine the value of your claim. They can be used to provide general estimates.
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Contact an attorney today to get help with your car accident settlement
An attorney’s advice can often be more accurate than a calculator for calculating the car accident settlement. A lawyer can answer questions and provide information that is more specific and detailed than any calculator. You may be familiar with the local courts and insurance companies, which can help you get more accurate estimates. To learn more, contact a local motor vehicle accident lawyer.
