Most lawyers will tell you that the first step in determining what a reasonable settlement might be in a personal injury claim, such as an auto accident, is calculating a reasonable amount of money you might accept to give up your claim. Insurance companies and attorneys rely on a specific formula to get a starting point for settlement negotiations. A common formula uses a multiplier plus your medical expenses to calculate an estimate of your non-economic losses, such as pain and suffering. This amount is added to your economics losses, such as medical bills, property damage and lost income, to give you an amount from which you can negotiate.
A settlement calculator takes into account:
