When you’ve been injured in an accident and are thinking of filing a personal injury claim, it’s natural to have questions. Some of the most common questions we receive have to do with how much a claim is worth and how the value of a claim is calculated.
Before engaging an attorney, you might try to deal with the insurance company yourself. In order to receive a fair settlement, you’ll first need an accurate estimate of the compensation you’re entitled to. You may have come across a tool known as an “injury claim calculator” in your research. While this tool can provide a very general estimate of your losses, it is unlikely to accurately measure the true value of any individual claim.
How An Injury Claim Calculator Works
Injury claim calculators use a simple formula to determine compensatory damages in personal injury cases. Insurance adjusters also use computer programs to process claims, although the formulas they use are company secrets. Many of the major insurance companies are believed to use a computer software program called Colossus.
Both injury claim calculators and insurance company software rely on inputs that include the claimant’s:
- Medical treatment
- Property damage
- Lost earnings
- Degree of pain and suffering
- Lifestyle-related impacts
Sometimes, claims calculations use the so-called multiplier method. The multiplier method takes the number of economic damages (i.e., medical bills, property damage, and lost wages) and multiplies it by a factor of 1.5 – 5 to value a claimant’s pain and suffering. The multiplier might be as high as 6 – 10 for severe injury cases.
The Problem With Claim Calculators
Using any type of formula to calculate injury compensation is unlikely to result in an accurate figure. Every person is unique, and every injury is different. Computer programs that rely on simple inputs cannot account for real-world complexities, such as a person’s career, lifestyle, and future outlook.
For example, it is not fair to compare an office worker who suffers a broken leg in a car accident with a professional athlete who suffers a broken leg in a car accident. Even if their medical bills are the same, their long-term outcomes are likely to be very different. The office worker could probably return to work after recovering from the injury. In the meantime, they might be able to work remotely or handle a light-duty job. But for the athlete, a broken leg could sideline them for an extended period. It could also alter the career and their life, causing a high degree of psychological distress.
The same is true of personal property. Two people could have the same model car from the same year, and both could have the car declared a total loss after an accident. But due to factors like the car’s mileage, current condition, and aftermarket additions, the values of the two cars could be significantly different.
Talk to a Lawyer For Free About Your Case
An injury claim calculator can be a helpful starting point for assessing your injury compensation, but it’s not a substitute for speaking to a lawyer.
Personal injury lawyers have specific training about how to calculate the maximum value of your claim. They look at the individual circumstances of your case and use their professional knowledge, including expert help when needed, to measure your losses and demand full payment.
At Morgan & Morgan, you’re not just a number. We treat every client like a member of the family and handle their cases personally. Fill out a no-cost case evaluation form to speak with an injury attorney today.