There are a wide variety of online calculators to help people determine how much things cost or how much money may be available in certain situations.
For example, there are online calculators that people can use to try to determine what their car accident claim may be worth. You can input the cost of your medical expenses, lost wages and other economic damages and get an instant estimate.
It may seem like using one of these calculators is a great way to learn about the value of your claim. However, there are many problems with online settlement calculators. To begin with, it is not possible for these calculators to provide an accurate estimate of how much compensation may be available. In fact, the number the calculator spits out is likely to be far below what your claim is worth.
If you want to get an accurate understanding of your claim’s value, we strongly recommend working with an experienced attorney. The Cleveland-based auto accident lawyers at Friedman, Domiano and Smith have taken on countless auto accident cases. We know how to determine the full value of all the damages victims have suffered. Our firm is also committed to obtaining maximum compensation for your damages.
No upfront fees. Proven results. Call 216-621-0070.
How do You Use an Online Car Crash Settlement Calculator?
Online settlement calculators claim to give users an accurate value of their claim for compensation. You can input the value of your economic damages and possibly even your non-economic damages. The calculator will then add up the numbers you input to give you a final number.
For example, online calculators ask you to input the amount of wages you lost, the value of your medical bills, the cost to repair your vehicle and an estimate of ongoing medical costs you may incur.
While economic damages can be added up using simple math, calculators often use formulas to calculate the value of non-economic damages, like pain and suffering. However, these damages are subjective so there is no objective way to calculate what they are worth.
For example, the calculator may have you rate your daily pain and suffering. Your rating will be input into a formula and calculated, along with other numbers you provide.
Why Online Settlement Calculators Are Inaccurate
The most important thing to remember about an online calculator is that it is only as accurate as the information you put into it. Injured victims often use these calculators while they are still getting medical treatment and are still incurring other damages. These victims do not yet know the full cost of their medical costs or other damages. They may need ongoing treatment months or years into the future. In other words, it is highly unlikely that a calculator is going to consider the full cost of your damages.
Injured victims do not know how to determine how much treatment they may need in the future, much less the potential cost of that treatment. The cost is a projection because it is impossible to determine precisely how much medical care you will need and the precise cost of that care.
Every injury is unique in some way. Two people can have a similar diagnosis but how they react to treatment can be vastly different. Sometimes an injury affects one person more severely than another, possibly due to genetic risk factors or the age of the victim. An injured victim might have a preexisting condition that makes a car crash injury worse.
Settlement calculators cannot account for the many factors that impact the value of a case. This includes the value of your lost earning capacity. Lost earning capacity refers to your diminished capacity to earn an income because of your disability. The value of your lost earning capacity is based on a variety of factors, and you cannot accurately determine this value with a formula alone. You need to carefully consider your age, earning history, job skills, education and other factors.
The number an online settlement calculator spits out does not carry any authority. In other words, you cannot present that estimate and expect the insurance company will offer you that amount of compensation. While the number the calculator provides is likely to be below the full value of your claim, the number the insurance company gives for your settlement could be even lower.
Online settlement calculators are also not able to do a good job of calculating the value of your pain and suffering and other economic damages. They are probably going to use a formula that does not account for the specific details of your situation.
Why an Attorney Can Provide a More Accurate Number Than a Calculator
Determining the value of a claim is partially about adding up the expenses that victims have incurred because of their injury. For example, you need to add up medical expenses, lost wages and property damage. However, this is only part of the equation. As discussed above, there is also a fair bit of projecting that goes into the value of a claim.
That is why you need an experienced attorney to help you. The attorneys at our firm have been working with car crash victims for decades, determining the losses they have suffered and their value. This includes ongoing damages and non-economic damages that are more difficult to evaluate.
Our attorneys know how to gather detailed evidence to validate damages. For example, we can gather statements from witnesses, friends and family members. We can evaluate medical records and even bring in experts to help us.
We know an injury can affect people differently based on genetic factors, age, preexisting illnesses and other factors. We know how to account for these factors when evaluating a claim.
Contact Us Today to Discuss Your Injury Claim
Car crashes can cause life-changing injuries that affect you physically, emotionally and financially.
During this difficult time, contacting an experienced attorney can be an important step as you look to move forward. An attorney can explain your legal options and deal with the insurance company on your behalf. He or she can negotiate for compensation, gather evidence and prepare to go to court if the insurance company does not make a fair offer.
An initial consultation is free of charge and there are no upfront fees for our services.
Friedman, Domiano and Smith. We are here to help: 216-621-0070.
Comments are now closed