The Hoffmann Law Firm, L.L.C. Articles How Much is my Injury Claim Worth After an Auto Accident?

How Much is my Injury Claim Worth After an Auto Accident?

By Christopher Hoffmann  Apr. 16, 2019 6:38p

If you are considering making a personal injury claim in Missouri, then you may be wondering how much your case is worth. The short answer is that the final sum you will be awarded as compensation drastically depends on your case. Various factors will be considered, such as the extent of injuries and the subsequent medical bills, the degree of negligence involved, and other such things.

A St. Louis personal injury attorney is the most effective way of getting a general ballpark of how much your case is worth. If you reach out to them to discuss your situation, they can use their experience to calculate a sum, and even negotiate on your behalf to make sure you get what you are legally entitled to.

But there are two main methods most insurance companies or lawyers use to calculate the value of the damages.

1. Calculating the Daily Rate

With this method, the insurance adjuster or your lawyer will consider a daily sum of compensation. The sum is explained by taking the amount of money you would normally earn each day if you were able to go to work and the additional medical costs. The final compensation would be the per diem sum multiplied by the number of days yourlost wages.

So, if your per diem is established at $300, and your total period of missing work is 5 months, then the final sum of compensation would be somewhere around $45,000.

2. Using the Multiplier Method

A more common method many lawyers recommend is taking the total amount of losses (wages and medical costs) and multiply it by a certain number, commonly 3, as it is considered a reasonable amount to cover all damages. If you have a total cost of $7,000, you may be awarded $21,000 in compensation.

As you can imagine, this method can be harder to be accepted by insurance adjustor, as they may argue the number used as a multiplier is unjustified. As a result, it is common at this time for your lawyer and the insurance company to begin a negotiation period to establish the final sum.

While the insurance company will try to reduce the compensation sum as much as they can, your St. Louis auto accident lawyer can ensure your rights are protected. They will argue that the degree of your suffering warrants the multiplier number chosen, and bring the necessary evidence to back up this claim.

What Are Your Next Steps?

The insurance company won’t exactly tell you how they reached the final amount they are offering, but you can rest assured that is in no means the final amount. An experienced St. Louis car accident attorney can fight on your behalf and help get you what you are legally entitled to. If you have been injured in a car accident, give us a call 24/7 at (314) 361-4242 for a FREE consultation.

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