Components of the Multiplier Method Used for the Calculation of Car Accident Settlements

a car accidentIf you have been hurt in an auto accident, getting fair compensation is vital to get you on the path to recovery and rebuild your daily life. There are different methods currently used to determine the fair amount of compensation for your case. The standard ones include the per diem, multiplier, and damages calculation methods.

Feldman & Lee PS says that more often than not, your chosen auto accident law firm in Marysville will use the multiplier method since this is the standard for most insurers. In this method, your special damages are added up and multiplied by a specific number. Here are the basic components of the multiplier calculation method.

Medical Expenses

These include all the costs you have used for the treatment of injuries and medical conditions arising from your car accident. Medical expenses cover diagnostic lab and imaging tests, surgeries, physiotherapy, ambulances, mobility aids, and sometimes future medical costs. It will help if you have all your receipts to prove the medical expenses you have incurred.

Lost Income

This amount includes all the wages you have missed due to off days resulting from your injury. Lost income also comprises lost job interviews and opportunities or freelance jobs for those in informal employment. Most states base the lost income amount on their regions’ prevailing wages for the victim’s trade and expertise if he or she is not formally employed.

Pain and Suffering Multiplier

This is designed to compensate you for the emotional pain you have suffered following your accident. The aggregate of your medical expenses and lost income is multiplied by a set number. This number known as the multiplier generally ranges from 1.5 to 5.

Insurers will generally employ various methods to negate or minimize your accident’s settlement. You might not fully understand how the elements mentioned above will be used to determine your compensation. This makes it imperative to hire a competent attorney to help you handle your case.