There is no magic method of calculating how much an insurance company will pay for your injuries. In addition to the medical expenses, loss of income, and change of life circumstances, there are often other more nuanced issues that come into play during our negotiations.
How “Valuable” Are You To Those Around You?
For example, I once had a client whose injuries were not considered “severe” by the insurance adjuster but the client was the sole care provider for an adult child who was suffering from a terminal illness. As a result of the injuries, the client struggled significantly to care for the adult child. Additionally, due to ongoing doctor appointments, the client missed out on hours and weeks of time during the last period of the adult child’s life.
Clearly, that time was priceless. Hence, the value of that case was outside of the bell curve for soft tissue injury valuation. The insurance company could see that they were at risk for an excess judgment if this story was presented before a jury so they compensated our client appropriately.
While this is a clear example of a client’s “value” as a caretaker, many of our clients share this same role. They might be the only source of income or they are the stay home parent and have no other help. These important roles are factored into the value of case by the insurance companies because they know a jury will understand your “loss” is more than just your physical injuries.
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Are There Formulas To Figure Out Value Of Injuries?
Not really. If you search enough on the internet, you will find law firms that offer oversimplified methods of calculating the value of your injury. That is mostly done for clickbait.
However, there are some general rules of thumb when considering an appropriate settlement for an injury.
Again, we look at the seriousness of the injury and the permanency of the injury as well as any long term consequences to income. Where the injury is soft tissue and the loss of income is brief, attorneys often expect the compensation to be somewhere near 1.5 to 3 times the amount of the expenses (medical bills etc.). Where injuries are permanent and severe, that multiplier might be closer to 5 times the costs.
However, all of the multiplier concepts must be considered within the confines of the available insurance policies. Many drivers carry minimal insurance ($25,000) so, even if your bills are $500,000, there is only $25,000 worth of insurance to recover. So, unless Bill Gates is the person who hit you, you are unlikely to get additional proceeds beyond the insurance money.
If you are concerned about getting the fair recovery you deserve or are struggling with understanding available insurance policies, give our office a call. We have locations in Kitsap County and Thurston County for your convenience and we offer free consultations so there is no cost to you. Call today. We are available 7 days a week. (360) 792-1000
