Being involved in an auto accident leads to many expenses and issues. One of the biggest challenges is to recover your financial compensations (medical expenses, mechanic shop, lost wages). These may factor into the calculation of damages.
If you weren’t liable for the accident, then you can file a car accident claim and collect a settlement. Filing the claim is one thing, but how much will you collect is another thing. Every case is different and things depend on the severity of your injuries. Getting help from a car accident attorney would be the best thing if you’re in a situation like this. Ask Your New Mexico car accident attorney to with the calculation of a car accident settlement.
This calculation isn’t hard at all. To do this, you’ll need to collect all the records of the financial losses you had and simply add them up. Here you can include any financial losses that are tied to the accident (medical care expenses, physical therapy, lost wages, transportation expenses, and property damage).
If you had severe injuries, you can include future losses such as loss of earning potential and future medical expenses.
Non-economic damages are a little challenging for calculation because it’s hard to put a monetary figure to your pain and suffering. You will have to come up with an amount you believe is suitable to compensate for your trauma, pain, and suffering.
The New Mexico courts will evaluate your pain and suffering, trauma and distress, and mental anguish that resulted from the car accident. Your case is different from anyone else’s and may qualify for thousands of dollars in pain and suffering damages (this is mainly if sustained severe or permanent injuries).
The insurance company will consider the seriousness of your injuries as well as your financial losses before they come up with an amount. They will use a multiplier and multiply it by your financial losses. If you don’t agree with their calculations, you don’t have to accept that offer. This is when your attorney will negotiate. In most cases, there will be three to four negotiations, before the insurance company offers a settlement that is large enough to cover your medical bills and other fees.
The negotiation process may be stressful if you’re doing this on your own. Many people fear that they might not get a better offer and often end up accepting the first one. To avoid this and to avoid ending up with a low settlement, get help from your attorney. They wouldn’t accept any low settlement.
The 3 x Multiplier Formula
There isn’t a fixed 3x multiplier formula for measuring damages in a personal injury case.
It’s common for injury victims to get their medical bills, multiply them by three, and then add on the lost wages. This isn’t an exact way to calculate the damages. Here are a few examples of common types of injury cases.
An injured car accident victim who has a back injury has therapy for two months, they have medical expenses around $3000. This number multiplied by 3 results in an amount of $12,000. If the injured victim has a couple of fractured ribs and extremely painful injury, they won’t have too many medical expenses, since there is nothing much to be done in this case.
Even though the person has extreme pain, they have nothing else to do but wait to heal. Their medical bills may be as low as $1000. It’s not correct to multiply this amount by 3 and settle for $3000. This case is far more worthy than that.
Schedule of Injuries Formula
Injury victims believe that there is a schedule for damages. This originates from claims for workers’ compensation claims, which must have rigid schedules for injuries that set precise amounts for damages.
In workers’ compensation cases, the injuries are calculated by looking at a list of potential injuries which gives the value of every type of claim. This doesn’t include a claim for pain and suffering or punitive damages (these claims are denied in worker compensation situations).
Doing this on your own may be a risky move. Calculating these types of settlement although simple, may get tricky, so it’s best if you have legal assistance.
If your accident took place in New Mexico and you need a skilled attorney to help you with your case, contact FBD Law. Our team is experienced, dedicated, and skilled. We’ll do our best to help you get the claim you deserve.