When it is time to send a request for money to the insurance company, you need to know how much to ask for, as you wouldn't want to arbitrarily pick a random number and hope that you receive it. Every insurance company has their own formula by which they value accident / injury claims. The Lassen Law Firm, Philadelphia car accident lawyers, has dealt with most of the insurance companies in Pennsylvania at one time or another, and understands their internal systems. We will break down the formula for you.
The Formula > Medical Damages +Lost Wages + General Damages = Your Settlement
Medical Damages: This would include all your hospital bills, doctor bills, and therapy bills. After the adjuster adds up this number, he/she would then calculate the lost wages.
Lost Wages: The adjuster will add up all of your lost wages. Then, he/she would then move on to general damage calculation.
General Damages: (The tough part) Monetary losses: pain & suffering; emotional damages; permanent disability; lower quality of living. These can be temporary or permanent.
The insurance adjuster will then start in with a series of complex calculations. He/she would begin with the gross medical bills and use a multiplier which is based on how serious your injuries are. If there were minor injuries, the adjuster would multiply the bills by 2-5. If the injuries were serious, the adjuster would multiply the bills by 6-10. The adjuster would then take this sum and reduce it according to the percentage of fault of the victim.
Fault: The adjuster will calculate your fault percentage and deduct this number from the preceding sum. If you were going to get $1,000,000.00 and you were 30% at fault, the settlement would be $700,000.00.
Role of the Philadelphia car accident attorney: You would obviously need to retain a car accident lawyer to negotiate a settlement. A major insurance company in Pennsylvania only pays unrepresented victims 11% on average of what a victim who is represented by a lawyer would obtain. The reason is that there is no threat of a lawsuit if you do not have a lawyer.
Last: Choosing a car accident attorney in Philadelphia: You would want to retain a Philadelphia car accident lawyer with a low contingency fee. The Lassen Law Firm, Philadelphia car accident attorneys, only deducts a 29% fee, not the standard 40-45% like the other firms.