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Motor Vehicle Settlement A motor vehicle settlement may be used to pay for property damage, medical bills (current and in the future), lost wages, and even suffering and pain. A personal injury lawyer can assist you in obtaining the evidence required to obtain a reasonable settlement. Economic losses may include medical bills, and up to 80 percent of lost earnings. Non-economic damages like discomfort and pain are determined by adding measurable costs to your injuries. Calculate the value of your claim Many victims of car accidents are interested in the value of their settlement claims. There isn't a set amount, a jury can decide to award a victim compensation for their losses based on the circumstances and the severity of the injuries. Insurance adjusters employ an equation that is to calculate the cost of an expense, such as medical bills and lost wages. The more serious the injury, the higher the award. The assessment of the property damage is the first step in determining the value. This includes the cost of fixing or replacing a damaged car and any personal items like cameras and phones that were damaged in a crash. Future medical bills can also be included in the settlement. To calculate non-economic damages an insurance adjuster will usually begin by calculating the amount of work weeks missed by the victim because of their injuries. This number will be multiplied by a number reflecting the severity of the injuries. A lawyer's presence can make all the difference in your settlement amount. An attorney who is experienced in negotiations for settlements with insurance companies can ensure you get a better settlement than you could have on your own. An attorney can also assist you in gathering the necessary documents for your claim including medical records, receipts and personal statements from witnesses who confirm your account of the events. A hard copy of these documents, especially when you write a demand letter to an insurance company, will help to strengthen your claim. Request motor vehicle accident lawyer greensboro Once you have compiled all the evidence that will be used to prove your claim, such as medical records, lost wage information, and even bills and receipts related to property damage, it's time to make an offer letter. Your personal injury lawyer will mail this letter to the insurance company. It provides the details of your accident and the damages you're seeking to cover your losses. It also contains the demand for compensation relating to non-economic damages like suffering and pain. When you write the demand letter, it is important to compose the letter assuming that the insurance company has no prior knowledge of the accident or your injuries. Your personal injury lawyer will maintain a calm, objective approach. The insurance company might try to evoke an emotional response to convince you to accept an inadequate settlement offer. It is also essential to provide a complete list of your losses in the demand letter, which should include a breakdown of specific expenses as well as a calculation of any damages not economically based. Copies of all relevant documents should be included with the demand letter. While you'll want to include as much information as possible, it is generally recommended to go for the high end in the initial dollar amount that you are seeking to cover your losses. This will allow you to negotiate and settle for an acceptable settlement without having to go through an trial. Make a Counter Offer After the adjuster has reviewed your demand letter and offered an opening offer, you can make counteroffers. When determining the amount to offer in your counteroffer, it is important to keep in mind the general damages you have estimated and any particular damages that are related to the accident. It is also important to include any emotional components that could help your case. For instance the guilt of not being able to attend family gatherings or the burden of taking on responsibility like taking care of children due to your injuries. Once you have decided how high to raise your counteroffer, it is essential to communicate your decision to the adjuster. Your legal representative can help to draft a letter that clearly outlines your decision to reject the insurer's lower settlement offer and explain your reasons for why you deserve a higher amount. If the insurance adjuster does not want to make a satisfactory offer you might have to think about other options, including filing a lawsuit for personal injuries. It is important to keep in mind that a lawsuit may take months or years to complete. Additionally, a lawsuit will require additional resources for both sides to prepare for trial. This is why it is generally preferred to settle in court if possible. Keep track of your claim In the event of a car accident, keeping track of your damages and losses is critical to ensuring that you get an equitable settlement for your car accident. Your lawyer should be able to help you calculate your total losses and determine how much to demand from the insurance company in a demand letter. This is a crucial step as it shows the other party that you are determined to settle your claim. Insurance companies use a formula in order to determine how much they will to pay in settlements following a car accident. The formula typically includes a multiplier, based on your medical expenses and other measurable costs, such as lost income. The multiplier can range from 1.5 to 5 depending on the severity of the injury. The issue with this method is that it does not account for the non-economic losses like suffering and pain. These damages are difficult to quantify and a doctor may not be able to predict the development of future problems several weeks or even months after the accident. Keep copies of all receipts, photographs, financial records, and personal statements as in other documents in the event your car accident case needs to transferred to a court. Documents in your possession will help speed the negotiation process and help you avoid any misunderstandings during negotiations with the insurance company.