If you have been injured in a car accident, you will have plenty of questions. One of the most pressing being how much you will get from your settlement. The “how much” question is not the easiest to answer – even for the most experienced personal injury attorney. No one can give you an exact answer, and any attorney who suggests that he or she can is not being truthful.
While your attorney cannot provide you with an exact value to your claim, he or she can give you a better idea of the potential settlement value – and how much money that you would possibly walk away with if your case is successful.
The Settlement Formula
There is a settlement formula that is used by insurance companies after a car accident to determine the value of a claim. This formula assesses all of the potential damages in a case, such as:
- Past Medical Bills
- Future Medical Bills
- Past Lost Wages
- Future Lost Wages
- Pain and Suffering
In the majority of car accident claims, the greatest harm in an injury case is the pain itself – referring to physical pain. Still, how does one compare personal pain and suffering – with physical and emotional damages – to a dollar amount?
The answer is not as simple as you would think. Instead, it depends on the case itself. In some types of motor vehicle accidents, the insurance company will use a computer program to compute a settlement formula. This is calculated after the insurance claims adjuster adds in details about medical records, and then the computer creates an insurance payout value.
In severe injury cases after a car accident, the computer attempting to calculate a settlement value is highly inaccurate – and inappropriate. That is because these algorithms rarely account for serious injuries, especially those that are life-threatening or long-term.
How Much Settlement Will You Walk Away With?
This is a second question that accident victims will come up with after they have an estimated value for their case. Personal injury settlements have costs – and a victim does not walk away with 100 percent of his or her settlement. This is why it is important to discuss each settlement with your attorney, and inquire about which fees will be removed from the total settlement to reach your net amount. Some costs that may be deducted include:
- Court and Filing Fees
- Attorneys’ Fees
- Case Costs
- Medical Costs (for reimbursing an insurer)
Before you can receive your settlement, all medical liens placed by your health insurance company must be satisfied. Then, your attorney will take out his or her fees, and any other associated fees with the case. After that, the remainder is then forwarded to you.
Again, it is important to remember that no attorney can accurately calculate how much a case will total out in costs at first meeting. However, at the time when he or she presents you with a settlement, your attorney can give you a fairly accurate estimate as to how much you will actually walk away with. By having all of the numbers in front of you, it is easier to decide whether you want to accept or reject the settlement.
Were You Injured? Contact an Atlanta Accident Attorney
If you have been seriously injured in a car accident, talk about settlement options and potential compensation with an expert attorney from Van Sant Law, today. We are here to help you file your claim, and negotiate the best possible settlement for your injuries, lost wages, and more. Schedule your consultation now by calling 404-991-5950, or fill out our online contact form with your legal questions.