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Facts & Understanding of Car Accident Settlements Calculators

Facts & Understanding of Car Accident Settlements Calculators

Every day there are accidents taking place all over Canada. And after having an accident, the matter goes to a negotiation for the car accident settlement. The first step is to calculate the amount of money that you have to give away in the present and the future for the accident to go for negotiation. You can use car accident settlements calculators to calculate it.

Injury lawyers and insurance companies have a systematic technique for any personal or car accident injury settlements. A car accident settlement calculator converts your non-economic losses to an economic figure and calculates the compensation.

If you want to know more about the personal or car accident settlement calculator, then you are in the right place. Because in this article, we will provide all the information about this settlement calculator.

Personal Injury Settlement Calculator

The personal injury settlement calculator is a multiplier for any personal or car accident injury settlement. This multiplier has some criteria to estimate your loss and calculate a total amount of settlement. You will require a lawyer to make a proper calculation of the settlement value.

The criteria for calculating the injury settlement are given below.

Medical Expenses

In medical expenses, you have to provide the input of your medical bills. But that does not have to be paid bills. You can be going through pain for which you didn’t take medical help or pay anything but the pain is still real and existing. To convert your pain into a financial term, you will require a lawyer unless you have ideas about this process.

For example, if you had an accident and you had a simple injury on your finger. The damage does not require much medical attention but in your job need your fingers working for writing information. Hence you have to take rest at home until the pain goes away and your finger recovers.

In this period, it is natural to suffer from mental stress as your workload will be increasing, and you may have to take unpaid leave. In this situation, your ongoing pain and suffering deserve compensation.

Property Damages

Property damages are only applicable to car accidents. Here you will add the money that you will spend to recover the damages of your car. But if you are injured by a car while walking by the street, then no property is damaged, but you may have physical injuries.

That is why without a car accident, you have to keep the slot of property damage at 0. The property damage will help you to restore your car to its old form. A car repair body shop and insurance adjustment will determine the value of property damage.

Lost Income

In this slot, you will put the amount of money for missing works. If you had an accident for which you became injured, you would not be able to work in this case. Missing out on working days means missing income.

Hence you have to count how many days you are missing work and calculate the amount of money. In case of any bonus earning or extra income, you can also add that amount of money to the lost income slot. The car accident settlements calculator will make the process so much easier and time-saving.

Future Losses of Income

For injuries from a car accident, you may require additional checkups in the future, even after recovery, and for that, you may end up missing work. In that case, you deserve compensation for any future losses for missing work. You may also fail to attend your current job for any case of inability. You have to determine value to provide proper input and get your compensation.

Estimated Future Medical Expenses

Future medical expenses include your ongoing medical expenses. For example, you need an ongoing treatment like physiotherapy, regular checkups, or staying in the hospital for a particular time; then, you need this.

There are cases when people get traumatized from an accident in that case, and you can appeal to future medical expenses.

The Multiplier for General Damages

In this slot, you will provide an overall value of your total pain and suffering. The longer you suffer, the higher number you have to provide. For this input, you don’t put the value in the currency. You have to rate it from 1 to 5 to provide an idea of your pain and suffering. This will automatically add value to the total estimation of your settlement amount.

Economic Damages

This section will have the total amount of money you provided in the slots above for only economic damages. In short, here you will get the sum of the value of all economic damages. This will include your car damages, medical fees, and losses of additional income. Here is the result of the financial damages that will appear in total.

Non-Economic Damages for Pain and Suffering

In this slot, you will get the Non-Economic value of the compensation in economic terms. Here the value will appear in currencies and adds up with the economic damage and provide a wholesome value. The car accident settlements calculator does the calculation and conversion all.

Total Estimation

Here the final value of your estimation will appear. The total sum, along with the pain and suffering rating and the conversion, will appear in total estimation. That will be the final amount of compensation that you will demand for the accident’s losses.

Consult with a Lawyer

Consultation with a lawyer for the settlement is essential. There are many factors for which consultation is necessary. You may not get the settlement you deserve. Or there can be a mistake in your calculation. There are specialized injury lawyers who only deals with cases of injury settlements from accidents and other causes.

Final Word

The law and enforcement exist to provide us justice against any injustice done to us. For any issues regarding the law where you need justice, contact a lawyer to get the proper justice. And in case of calculating the settlement amount of a car accident injury, it is the same.

And now that you have the essential information about the car accident settlements calculator, do not be afraid of claiming what you deserve.

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