How To Calculate A Fair Settlement After An Accident For Your Insurance Demand Letter

After you have been in an accident, you are going to have to work with your insurance company to get the compensation that you deserve following your accident. When you are involved in an extensive accident where you suffered injuries to both yourself and your property, you need to make sure that you are happy with the entire settlement. Here is how you calculate your expenses to determine if you are being offered a fair settlement.

#1 Medical Expenses

The first expense that you need to calculate is your medical expenses that you incurred due to the accident. Start by calculating your medical expenses from the day of the accident going forward. Gather the bills for your ambulance transportation to the hospital and your emergency care. Then, get together all the bills for the follow up treatment that you had to get. If you have to fulfill prescriptions or pick up supplies to assist with your recovery process, make sure that you kept all of these receipts. Talk to your doctor and make sure that your recovery process is complete. If it is not, have your doctor write out the treatment that you will need.

#2 Income Lost

The second expense that you need to calculate is all of the income that you lost due to the accident. Figure out all the days that you had to take off of work, and calculate the amount that you would have made if you had been able to work during the days that you had to take off due to your accident and recovery process. If you had to take off any days of work for follow-up appointments, even if you only had to take off half-days, be sure to include those as well.

#3 Long-Term Care

The third expense you need to calculate is your long-term care. If your injury is going to require additional care into the future, you need to make sure that you are compensated for all future medical expenses as well as future lost income. Work with your doctor to figure out the future medical care you will require and what it will cost.

#4 Vehicle Repair Costs

Fourth, figure out what it is going to cost to get your vehicle repaired if you have not already done so. Make sure that you add in all of the cosmetic work as well as the mechanical work that your vehicle needs to be in top condition. If your vehicle is totaled, include the cost to purchase a comparable vehicle. You should also include the cost of renting a vehicle while yours is in the shop; this expense can add up very quickly. 

#5 Pain & Suffering

Finally, figure out how much pain and suffering compensation that you deserve. If you were able to recover relatively quickly, the pain and suffering may be low. If your accident impaired your life for an extensive period of time, then you deserve more for the pain and suffering that you went through. 

For more information, contact local professionals like Dunnigan & Messier P.C.