How is pain and suffering calculated in a car accident settlement?
Car accident settlement pain and suffering amounts are calculated by multiplying the sum of all economic damages, like medical bills, by a number between 1.5 and 5, depending on the severity of the injuries. Pain and suffering can also be quantified with a daily amount agreed upon by the insurance company.
What is an example of a car accident settlement?
For example, if a person is involved in a car accident and suffers whiplash, a concussion, and a broken arm, their medical bills could total $5,000. Since the injuries are moderate, the insurance company might use a multiplier of 3 and offer a settlement of $15,000 for the pain and suffering component of the lawsuit.
Who pays for my car accident settlement?
In most cases the settlement you are seeking is paid by an insurance company and the policy limits control how much of a settlement they offer. Other factors could involve the newsworthiness of your case, how far along in litigation the case is, and whether you bear any responsibility for the accident or injury.