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Uninsured/Underisured Motorist Coverage
Types and Sources of Insurance Coverage
Property Damage and Diminished Value Claims
Insurance Claim Process
Personal Injury Lawsuit
Recoverable Personal Injury Damages
Factors that Affect Personal Injury Case Value
A personal injury settlement is typically comprised of past and future medical expenses, past and future lost wages, and past and future pain and suffering damages. Thus, by adding these damages you can arrive at a potential settlement value. However, it is not that simple. While calculating economic damages is relatively straightforward, pain and suffering damages are entirely personal and difficult to quantify. Insurance companies use different approaches in calculating pain and suffering damages.
Some insurance companies use a multiplier formula to arrive at the settlement amount – economic damages (medical expenses and lost wages) are multiplied by a number usually between 1.5 and 5. The multiplier number depends on a number of factors, such as the seriousness of the injuries, the projected recovery, liability, etc. For example, minor injuries would get a multiplier of 1.5 or 2, while serious and long-lasting injuries would get a multiplier closer to 5. The multiplier may even be as great as 10 in some severe injury cases.
Other insurance companies use computer programs which are based on statistical averages and jury verdicts to calculate a settlement value. The most commonly used computer program is Colossus. Colossus uses a point system, which assigns values to special and general damages by analyzing various factors in a claim, such as the age of the injured person, where the injury occurred, the nature of the injuries, etc.
Regardless of which method the insurance company is using to estimate a settlement value, in most cases we are able to substantially increase the formula produced amount. If you would like to have your case evaluated by an experienced Florida personal injury attorney, call our office now for a free non-obligation consultation. You owe us nothing unless we win your case, and in most cases we are able to substantially reduce our personal injury contingency fees to save you hundreds or even thousands of dollars.