Settlement amounts are generally calculated by taking into account various economic damages, such as medical expenses, lost wages, and out-of-pocket costs for the injury. However, non-economic factors must also play an important role. Non-economic factors may include pain and suffering and loss of quality of life. The amount of the settlement depends on the type of policy you have.
Having inadequate insurance can affect the amount of compensation you receive. So how do you give a dollar value to this type of loss? That's where the multiplier comes into play. To obtain a dollar figure that can represent the value of general damages, an insurance adjuster will add up all the special medical damages (remember that they are your quantifiable losses) and multiply that total by a number between 1.5 and 5 (that is the multiplier). Your lawyer will work with you to determine the appropriate amount of settlement you should seek.
For compensatory damages, you can only ask for the amount of money you have spent directly. This makes it easy to determine how much money you are owed and how much you should ask for a personal injury settlement.
