Following a motorcycle accident in which you were not at fault, you must determine how much your damages are worth. Some aspects of your claim are easier to calculate than others. If you are planning to file an insurance claim or lawsuit, here is what you need to know about calculating the value of your claim.
Is There a Difference Between a Settlement and Trial Value?
There is a significant difference between what you are attempting to collect in a settlement versus what you hope to win in a trial. Court cases can be more expensive than negotiating with the insurance company. Going to court is also riskier since you could lose the case and forfeit your right to receive any sort of compensation. As a result, the amount you would ask for if heading to court would be higher than if you settled.
If you are attempting to negotiate with the insurance company, you need to first consider how much you think you could win in court and the likelihood that you would win. Once you have those figures, you can reduce the estimated trial winnings by the likelihood of winning percentage to determine your settlement amount.
For instance, if you believe that your case could be settled for $100,000, but you only have a 50 percent chance of winning, settling your claim for around $50,000 would make sense. If the insurance company believes that there is a good chance you could win your case, settling for $50,000 would be the best option for it.
What Damages Can You Claim?
You most likely know that you can ask for damages, such as the cost of your motorcycle, medical expenses, and pain and suffering. What you might not know is there are many other smaller damages you can figure into your claim's value.
For instance, you can factor in travel expenses to and from the doctor and your attorney's office in your claim. You can also include any expenses incurred from making calls related to your case.
If you have had trouble performing daily living tasks, such as not being able to wash your car and having to pay someone else to do it, you can even factor in those expenses.
It is important to note that you will need to provide proof of all the expenses you are claiming. Keep a log with the receipts and the dates and times the expenses were incurred. Visit http://www.scherlinelaw.com to learn more.