How Insurance Companies Calculate Motorcycle Accident Settlements?

How Insurance Companies Calculate Motorcycle Accident Settlements?

With each passing year, the number of accidents increases by a few percents. The reason is simple: with more people, there are more vehicles and less space on the road. Some countries all over the world are so overpopulated, that driving in their streets is a complete nightmare.

However, in the United States, the roads are still far from being overcrowded. There is still a lot of space for everyone to have a safe and pleasant journey. But, motorcycle accidents still occur. Sometimes, they are a result of someone’s distraction, and in other cases, the result of someone’s negligence.

If you got injured in a motorcycle accident and you wish to learn more about it, speak with Los Angeles motorcycle accident attorney to receive a free case evaluation and a free consultation.

But how do insurance companies calculate motorcycle accident settlements? Is there a special formula, and what is taken into consideration? Keep reading to find out.

Damages Suffered in the Accident

The first thing that is taken into consideration when calculating an injured individual’s settlement is the damage that the individual suffered as a result of the accident. Usually, the damages suffered are placed in a few different categories:

  • Property damages (damages to the vehicle)
  • Physical Injuries suffered as a result
  • Medical costs
  • Pain and suffering
  • Lost wages
  • Lost earning potential
  • Cost of retraining for a new job or occupation

Every single “damage” is calculated separately. Once the total amount of all damages is put together, you can have a vivid picture of how much you should “expect” to receive from your compensation. However, this is not always the case. In the majority of cases, the two parties involved try and settle outside the court. They start the negotiations for the purpose of finding the “middle ground”. The at-fault party’s insurance company will make several, offers, and the plaintiff’s attorney will propose counteroffers until both parties agree to the sum. If that never happens, the case will go to trial, causing additional costs to both parties involved and taking a significantly more time to settle.

In the end, the plaintiff may win the sum that he or she requested, but after paying the attorney and the court fees, he or she will be left with less than what they asked for. That is how it works, unfortunately. And in most cases, the plaintiff would receive more by settling outside of court and would save the most precious resource in the process: time.

Be Reasonable

Remember to always expect a little less than what the realistic sum is. The chances of getting the exact amount that you requested are extremely low, and the chances of settling for a bit less are very high. Always consult with your attorney; if you do not have one, feel free to reach out to Los Angeles motorcycle accident attorneys at JML Law, A Professional Law Corporation. Let attorneys evaluate your case, and suggest the future course for actions. In the end, they will do whatever you decide is best for you and your family. Stay reasonable and be realistic, and you will get exactly what you want.