If you were recently injured in a significant truck accident, you could use a truck settlement calculator to get an idea of how much your claim is worth. You can also consult a truck accident attorney who can review your claim and estimate your claim’s value.
You may have already attempted to file a claim with your insurance. It is common for accidents to be settled this way. After receiving an inadequate offer, you might not know what to do when the insurance offer is too low.
What Is a Reasonable Amount for a Truck Accident Settlement?
A reasonable amount of compensation makes you feel whole again. Getting to the point of a settlement for any personal injury is about one thing—what is a fair amount to cover your accident damages? Calculating a total for your doctor bills and property damage is one amount. Still, when you add in non-economic damages, like pain and suffering, a settlement could become quite large depending upon the nature and extent of injuries.
The defendant can appeal excessive awards. In Ohio, a court can review awards for non-economic damages to ensure fairness and that all legal guidelines are followed (Ohio Revised Code Section 2315.19).
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How Are Non-Economic Damages Estimated?
In Ohio, three methods are used to calculate non-economic damages to be settled. Non-economic damages cover pain and suffering, which do not come with a specific price tag. Pain and suffering can vary from excruciating physical pain to severe discomfort, or it could mean mental distress, anxiety, or post-traumatic stress disorder (PTSD). In Ohio, lawyers and insurance companies generally accept one of three methods of estimating this loss.
Multiplier Method
This commonly used method takes the total of your economic damages and multiplies it by a number between one and five. The judge and insurer usually agree on what this number should be, and the severity of your injuries could determine that figure.
The following may be considered when determining the multiplier factor for your case:
- How severe are your injuries?
- Will you be able to recover fully?
- How will your injuries impact your future?
- What have been similar settlement results?
Daily Rate Method
This method is based on a per diem. You get a specific amount for each day you live with your pain and suffering. Sometimes, the value is based on your daily earnings. This amount will be multiplied by the days you have endured pain.
Ohio Limits – Maximum
Another method for approaching insurers about the amount for your non-economic damages is to make it simple and ask for the maximum amount. The maximum amount for pain and suffering in Ohio is $250,000, per Ohio Revised Code Section 2315.18.
Settlement Calculator – Fill in the Blank
A settlement calculator can help you estimate the value of your truck accident claim. If you are like most people, you prefer simple, straightforward answers. For the first step, add your totals for the following areas of your claim.
- Property damage
- Medical bills
- Lost wages
- Future medical bills
- Loss earning potential
- Funeral costs
When you add these totals up, you will get an estimate of the number of economic damages involved with your claim. Using the multiplier method, take the total and multiply it times three. This new number should give you an estimate for your non-economic damages.
Add total number one to the second total, and that is the amount your claim may be worth.
You don’t know if your multiplier will be a one, a two, or a five. If you genuinely feel that the accident has resulted in a significant loss of enjoyment in life or the ability to pursue your dreams, don’t be afraid to say so. How the loss impacts your life is not a judgment call for others to make. Speak up about how the accident has changed or affected your life.
Who Can I Call to Get Started on My Ohio Truck Accident Claim?
Now that you have seen your estimate let’s get started. You can reach out anytime to our team at the Fitch Law Firm LLC to begin filing your truck accident case. We can go over your accident with you and ensure you have not missed any damages you can claim. Our primary concern is you, the victim. Let us help; we can relieve some of the stress you are going through.
We offer a no-obligation review to all potential clients. If your injuries are severe, let us come to you. We can come to your office or home to discuss your case. You can rest assured our compassionate attorneys understand what you are going through. We can also stand up and fight—even the largest insurance companies—to ensure we protect your rights as we seek a fair settlement for you. Call us today to get started.