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Motor Vehicle Settlement A motor vehicle settlement may be used to pay for property damage medical expenses current and in the future loss of wages and even suffering and pain A personal injury lawyer can help you gather the evidence required to secure a fair settlement Economic losses include your medical bills and as much as 80 percent of lost earnings Noneconomic damages for example pain and suffering are based on a formula which adds quantifiable expenses to the severity of your injuries Determine the Value of Your Claim Many victims of car accidents are interested in the amount of their settlement claim While there is no standard amount a court may decide to award a victim compensation for their losses based on the circumstances and the severity of the injuries An insurance adjuster will employ an equation to determine the value of the claim based on the costs that can be quantifiable including medical expenses and lost wages motor vehicle accident attorney naperville the more the award Assessing the damage to property is the first step in determining the value This includes the cost of fixing or replacing a damaged car and any personal items like cameras and phones that were damaged in an accident Future medical bills can also be included in a settlement To calculate noneconomic damages an insurance adjuster will usually begin by calculating the amount of work weeks that were missed by the victim because of their injury Then this number is multiplied by a number that reflects the severity of the injuries The presence of a lawyer can make a big difference in the amount of your settlement An attorney with experience in negotiating settlements with insurance companies can ensure you receive a higher settlement than you could have on your own An attorney can assist you in collecting the proper documents for your claim including receipts medical records and personal statements from witnesses who support your version of the events These documents can be helpful especially when you are preparing a letter of demand to the insurance company Request a letter It is time to write an appeal letter after you have gathered all documents to support your claim This includes medical documents lost wages bills and receipts for property damage and other pertinent documents This is a letter that is sent to the insurance company by your personal injury lawyer It provides the details of your injury and the damages you are seeking to compensate you for your losses It also includes an application for compensation related to noneconomic damages such as suffering and pain When you write the demand letter when writing the demand letter you must compose the letter assuming that the insurance company does not have any prior knowledge of the crash or your injuries Additionally your personal injury lawyer will usually use a tone that is clear and calm This is because the insurance company might attempt to provoke an emotional response in order to convince you to accept a lower settlement offer It is also important to describe all of your losses in the demand letter which should include an explanation of the specific expenses as well as a computation of any damages that are not economic The demand letter should be supported by copies of all relevant documentation It is recommended to include as much detail as you can However it is preferential to begin high in the beginning when you establish your initial dollar amount for damages This will allow you to negotiate and allow you to settle for a fair amount without having to go to court Make an offer counter to After the adjuster has reviewed your demand letter and offered an opening offer you may make an offer counteroffer When determining how much to offer in your counteroffer its crucial to consider the general damages you have calculated as well as any special damages related to the accident It is also important to include any emotional components that could help your case For instance the pain of missing family gatherings or the difficulty of assuming obligations like caring for children due to your injuries It is essential to inform the adjuster of your decision immediately after you decide the amount you will increase your counteroffer Your legal representative can help create a letter which clearly outlines your reasons for choosing to reject the insurers low settlement offer and explains your reasons for why you deserve a more substantial amount If the insurance adjuster still refuses to make an acceptable offer then you might need look at other options such as filing an injury lawsuit It is crucial to remember that a lawsuit could take months or years to be completed In addition a lawsuit will require additional financial resources for both sides to prepare for trial It is therefore recommended to settle the case out of court when possible Keep track of your claim Tracking your losses and damages is essential to ensure that you get an equitable settlement for your car accident Your lawyer will be able to calculate the total loss and determine the amount you should request from your insurance company in a formal letter of demand This is an important step because it shows the other party that youre serious about settling the claim Insurance companies typically employ a formula to determine they are willing to offer in a car accident settlement The formula typically includes an amount multiplied by the medical expenses you incur and other costs that can be quantifiable like lost income The multiplier could range from 15 to 5 depending on the severity of your injuries influencing the number you choose to use This method does not take into account your noneconomic damages such as pain and discomfort These damages are hard to quantify and a doctor may not be able to anticipate future problems that may develop weeks or even months after the accident Keep copies of all receipts photographs financial records and personal statements as well as other relevant documents in the event your car accident case needs to be transferred to a court This information will speed up the negotiation and avoid misunderstandings with the insurance company
