The formula is often reported to be the value of Property Damage plus value of Bodily Injury (amount of medical bills) multiplied by two then add the amount of Lost Wages. However this is simply not true. There is no magic formula that will determine the value of a case. The value usually depends on a number of different factors. Usually the most determinative factor is the nature, extent and severity of your injuries.
Other factors that may influence value: (1) liability dispute – are there other parties who are potentially at fault? (2) the amount of insurance available, (3) frequency and duration of medical treatment, (4) past and future medical expenses, (5) the existence of other compensatory losses, like lost wages or permanent loss in earning capacity, (6) disability and disfigurement (7) past and future pain, suffering, and mental anguish, and (8) cost of property damage.
There may be many other factors that may determine value in your particular case. That is why it is usually in your best interest to hire an advocate on your behalf – someone to discover and argue all of your damages based on the facts of your case.