Learn from Marietta car accident lawyer, Benjamin Von Schuch about whether the value of a car accident case.
If you double the medical bills from an accident case does it equal the settlement value?
Not anymore. In the past, settling a car accident case was really that simple. Lawyers would just take the medical bills and expect a settlement of double or triple the medical bills. Unfortunately this practice ended about 15 – 20 years ago when the insurance companies discovered they were settling smaller injury cases for too much and getting hammered on bigger injury cases at jury trial. They simply were not very good at valuing cases.
Now a days the case valuation process is a much more difficult process. There are no more formulas. When we are valuing cases, we are really trying to predict what the case would be worth at the end of a jury trial. Lawyers do this by looking at the injuries, permanent disability, ongoing treatment, the impact this may have made on your life, earning potential and consider past jury verdicts.
Insurance companies value injury cases by using a database that track verdicts, types of injuries, your lawyer and your doctor to estimate a value. The problem with their database valuation is they assume all injuries are the same and everyone is impacted the same. This is not a very fair way to value cases and is the leading reason why some cases end up going to trial.
If you are wondering why the lawyer you choose would have an impact on the insurance companies valuation process, you will not be surprised after reading this section. Some lawyers never go to trial and settle every case not matter what the offer. Some of these lawyers are also involved in referral schemes with doctors that over treat patients thus increasing medical bills. The insurance companies knows who these lawyers are, they are blacklisted in the database. The insurance company knows it can deny claims or offer low-ball settlements to these lawyers because they will not take the case to trial. This is actually one of the biggest impacts on your potential settlement.