Here are a few things you need to understand right off the bat:
- There is no such thing as an accurate personal injury settlement calculator. There is no simple formula to determine the value of a personal injury claim. Every case is different, and your attorney will need so many more details than you could ever plug into a calculator.
- It is impossible to accurately calculate the value of your claim right after an accident. If you have been hurt, you have a long road ahead of you. You have no idea how many doctor visits you will have, how much time you will need to miss from work, what your pain level will be like in a few months, or how your injury will affect your quality of life down the line. Only time will reveal what your injury is costing you.
- There is no specific formula or multiplier that can be applied to your medical bills in order to determine a personal injury settlement. This used to be a way to calculate a personal injury settlement, but it is now out of date. You may still see old references to it online when you search for “insurance company settlement formula,” but know that is no longer the case.
So, you’re probably still wondering: “How much is my case worth?”
That is one of the most common questions the personal injury attorneys at Stokes Stemle, LLC, get asked. We generally have the same answer, and that answer is not a monetary figure.
Every single personal injury case is different. The value of each personal injury case depends on several factors, including:
- Insurance coverage
- Number of injured parties
- Severity of injuries
LIABILITY: How Did the Wreck Occur and Who Was Responsible?
Our work begins by determining who is liable for compensating you after a crash. Once we determine who was responsible, we will dig deeper into the circumstances.
The events and facts surrounding your accident absolutely matter and can affect the value of your claim. An example of this would be a regular fender bender on Southern Boulevard that was simply an accident versus someone who was drinking and driving then ran a red light and collided with another vehicle on the corner of Vaughn and Taylor Road.
Some behaviors are just not accepted, and a jury will often take the causes of the collision into consideration when awarding damages to someone for pain and suffering.
INSURANCE COVERAGE: What Are the Policy Limits?
Insurance claims are bound by the policy limits outlined within the insurance policy. So, for example:
- An individual is injured in a car accident caused by another party.
- The at-fault party has policy limits of $100,000 on his or her insurance policy.
- The maximum recovery under that policy would be $100,000, despite the severity of injuries, clear liability, and the number of victims.
- However, the recovery amount could be higher if the injured party has underinsured motorist coverage (UIM) under his or her own insurance policy.
The attorneys at Stokes Stemle, LLC, are experienced in examining policies of third-party insurers in order to maximize settlement proceeds for our clients. In Alabama, the mandatory minimum is $25,000 per person and a total of $50,000 per accident (25/50). That is just the minimum liability. Insurance policies start there and go up to $1,000,000 or more.