Car accident is an unfortunate and disturbing event. Everyone thinks about how much the event has cost after the injuries. The first thing that comes to mind is how to claim the settlement for this and what would be the value of this damage.
Insurance is that compensation that is your right in the situation. Before you take assistance from Atlanta car accident attorney, take an estimate of how much you will get. There are a number of things that define the amount that will be accommodated. Keeping the history of car accidents in consideration, insurance companies have made a formula that calculates the value.
The analysis of that has made it easy to calculate an average amount for certain types of claims. Though, it would be different for individual cases as it depends on a number of conditions.
Insurance companies have built a common factor to multiply with the special damages. It is a little difficult to make them believe but it is a fact. You should know about the special damages. They include financial loss in an accident, injuries that ask for medical expenses and the lost wages due to accident or not being able to do the work. Also, physical and mental suffering due to this financial loss.
In such special damage cases the adjuster uses a factor as multiple to get an estimate of the amount. There is no such exact number that can give the correct answer but at give an idea of the claim. The multiplier of 2 or 3 is used for the purpose. For example, suppose that someone has lost $5000 in a car dealer. As per multiplier the claim can be about $10,000. If the adjuster uses a 4 factor that it might be $20,000 roughly. The idea of coming up with this concept of multiplier and why this multiplying with factor 2, 3 or 4 give an estimate of the total amount of the claim based on the historical track record.
From years, the claims of car accidents, their trails and decisions have been come up with this that a multiplier can really predict the settlement. Insurance companies have complied the data from each case and found it.
What Decides a Specific Multiplier?
There is no exact answer for this question. It depends on individual circumstances and conditions. If we have an overview of it, generally, the lower medical bill or lower damage means a lower multiplier. It is because the multiplier is used to compensate the mental and physical suffering. If the pain and injuries cost $500 then the suggested multiplier can be 2. It means the injury will not last longer and you might have to visit the hospital once.
While, if the medical expenses are high, such as, $50,000 the multiplier would be high. As the amount indicates that the person has stayed at hospital, caused a lasting or severe injury and hence a high mental and physical suffering.
But there are also some other circumstances like car type, speed, area of incident, age and other individual circumstances.