What is the fair settlement formula? Is there a settlement calculator?

What is a Settlement Calculator?

settlement calculatorThere are a number of settlement calculators on the internet. People often go looking for these settlement calculators and settlement formulas after they have been injured in an accident and are trying to determine how much money to request from the insurance company or to find out of the insurance company has made a fair offer in their case.

Who is Behind Settlement Calculators?

Many, if not most, of the settlement calculators on the internet were created by insurance companies. They are part of a misinformation campaign that is designed to lower your expectations and decrease the amount of money they pay out for injury settlements.

The Real Truth About Settlement Calculators

The truth is there is no formula for determining the value of a car accident or personal injury claim. The circumstances of every accident are different. Every person and their injuries are different. The impact injuries have on one's life is different from person to person. The amount of time that it takes to heal from an injury is different for everyone. And pain and suffering is different for every person.

How do you put a value on a life?   You can't.

Are you average?   No.

Are you just like everyone else?   No.

Don't be calculated by an inaccurate formula. You are not their number.

Common Settlement Formulas

While researching your personal injury case, you may encounter websites and other informational materials claiming to be able to use a special formula to calculate the value of your case. An example of these formulas might look something like this:

3 X Medical Costs + Lost Income = Fair Settlement Value
Pain Multiplier X Medical Bills + Lost Income = Fair Settlement Value
(Medical Costs + Lost Income) x 2 = Fair Settlement Value

Don't allow yourself to be tricked by the insurance adjustors into believing these simple formulas.

There is absolutely nothing simple about determining a fair settlement value in injury accident claims. If you have been injured in an accident you would be well advised to seek the help of a qualified personal injury attorney. Only an experienced and qualified personal injury attorney, who has settled hundreds of cases, can help you determine the fair value of an injury claim.

These formulas often set unrealistic expectations for victims about the nature of the case. Again, the only way to get a realistic and accurate idea of the value of a personal injury claim is to consult with an attorney who has experience representing victims of accidents like the one you have suffered from. 

MORE IMPORTANT INFORMATION:  What Is My Accident Case Worth? Determining The Settlement Value of Your Personal Injury Accident Claim



Photo Credit:
 Settlement Calculator by Mischelle Davis / Davis Law Group is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Chris Davis
Award-winning personal injury attorney and founder of Davis Law Group, P.S. in Seattle, Washington.