Many accidents happen on a daily basis. Injured victims are left thinking about the compensation they can get for the accident. No matter what kind of car accident it is, the first step to negotiating a settlement for a car accident or personal injury claim is to calculate a reasonable amount of money. Most insurance companies rely on a car accident pay-out calculator to get to a point for settlement.

What is a car accident settlement calculator?
A car accident pay-out calculator helps an attorney figure out how much monetary compensation a plaintiff should ask for in case of an accident. This calculator helps the legal team to manage all the demands and offers in one place if more than one person is involved in the accident. The best calculator makes it easy for you to track payment requests, offers, and expenses.

How does a car accident pay-out calculator work?
The car accident pay-out calculator works on a formula that employs a multiplier and your health expenses so that you can come up with an estimate of non-economic damages. This figure is later added to your economic losses like prescription bills, lost income, and property damage. This amount is later added to get a dollar amount from which you can negotiate.

Confirming with the lawyer
For determining a settlement amount for a personal injury case, a lot of factors are involved. First, you should talk to your lawyer to work out the details of your case before you come up with any settlement demands.

Adjusting your settlement target if you are at fault
If you are the reason behind the accident, you’ll have to reduce the target settlement amount. Depending upon which state in the country you live in, your attorney will tell you what percentage of fault will be reduced from the total amount.

Accident settlement calculator
The goal of this calculator is to give you an estimate of the value of your accident claim. This includes accidents by cars, trucks, commercial vehicles, motorcycles, and other moving vehicles. Heads that are considered while figuring out the estimates include-

• Damages- in car accidents, the elements included are causation, duty, breach, and damages. You need to consider if the other party had a duty to you which was breached by it. If that holds true, you can move on to the next section, damages. You also need to consider economic and non-economic damages.
• Injury- Injury is considered any physical ailment like broken bones, head injuries, back injuries, etc. This term injury can be used to encompass all of your damages. If the liability is proven, and you are actually injured by the other party, you can use the settlement calculator to get the value for your injury.
• Determining fault- If you were a little bit at fault during the accident, you could recover from the other party. You need to understand that depending upon the fault issues, your recovery can be limited. The calculator can only be used if the other party’s liability is proved.

Calculating car accidents settlements
If you wish to calculate car accident settlements, you need to work on a lot of variables. You need facts like where did the accident occur, when it occurred, the vehicles involved, traffic violations, etc. the calculator then incorporates economic and non-economic damages, as mentioned above.

Economic damages include vehicle damages, prescription bills, lost wages, and diagnostic tests. On the other hand, non-economic damages are difficult to convert into dollars. They sometimes overlap with the levels of impairment. Some non-economic damages include pain, suffering, diminished quality of life, emotional distress, etc. while calculating the non-economic damages, the calculator uses the multiplier method. In this method, the tangible injuries and damages are put on a scale of 1 to 1.5., based on their severity and duration. The economic damages are then multiplied by the assessment figure so that the value of the non-economic damages is figured out.

Sometimes, the per diem method is also used, where the daily value of the plaintiff’s suffering, pain, and other non-economic damages are worked out.

If you use the accident calculator, it won’t help you form an attorney-client relationship. Each case is different and variable. If everything was so easy, why would people hire accident lawyers or defense lawyers? So, it can be said that a car accident pay-out calculator only gives you a rough estimate of what you can expect from the other party. It gives you an approximate idea of the value of your settlement. The law firm can use the calculator in a better manner and help you with your accident case.