Determining the Worth of a Personal Injury Claim
While it is impossible to predict an exact monetary figure when determining how much a personal injury claim is worth, a formula used by insurance claim adjusters will help a plaintiff calculate an amount that may prove useful when negotiations begin.
Understanding what injuries a defendant is liable for is extremely important. A plaintiff may seek compensation for a number of damages, including medical expenses, property damage, lost income and non-monetary damages such as pain and suffering. Because there is not a price tag on pain and suffering, which includes emotional damages, a formula is required to determine the amount of a claim.
Insurance company adjusters add total medical expenses to lost income and multiply this figure by a number between 1.5 and 5. The multiplier varies on the seriousness of the injury. Injuries that cause permanent damage, lead to long-term treatment with lengthy recovery periods or are more painful require a higher multiplier. Adjusters will use multipliers as high as 10 when extremely severe injuries are involved.
Once the plaintiff adds in the potential costs of a long court battle and an expensive legal team, he is ready to predict the value of his claim.
-- Article Courtesy of InjuryBoard.com
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