Claim Worth Of A Motorcycle Accident
Motorcycle riders who have been in an accident may wonder the worth of their motorcycle accident claim. Elements that influence the claims value will be detailed below.
Damages and Liability Factors
Damages and liability must be assessed when considering the value of a motorcycle collision case. If it was found that no one was at-fault, maybe because there was no negligence, or because there is no evidence to support the claim, then the supposed ‘at-fault’ driver doesn’t not have to pay anything to the plaintiff.
If the damages and injuries imposed are more significant, then the value of the claim that can be compensated for those damages goes up. The less severe they are; the less value is put into the claim.
If a motorcycle driver was hit from the back, the liability is very obvious in this case because rear-end collisions usually speak for themselves. If no injuries or property damages were endured, then there is no value for a claim to be made; there is no case. The biker might just be able to get a small amount of compensation only for the trouble.
The opposite of that example would be if the motorcycle driver had suffered extensive damages and injuries, but the other driver was not at-fault. In fact, it may have been the driver’s own fault that caused the accident. In this case, the outcome would be the same. Since the driver was not at-fault, the person claiming would not be entitled to receive any awards because the insurance companies do not have to pay if their insurer was not negligent. The motorcycle driver might get away with just a small sum.
Trial Value and Settlement Value Differences
Settlement and trial value are the two ways a claim for a motorcycle collision is valued. What the claimant expects to settle for is what a settlement value would be. In contrast to the trial value, which is what is expected to win at trial. The settlement value is always lower because cases want to be settled before going to court due to the fear of possibly losing.
If the plaintiff believes they only have a 15% chance in winning their claim, but believe if they did win, they would be granted $100, 000, then it would be wise to settle for a little less than 15% of the total $100,000, which would be less than $15,000. In other words, the plaintiff would calculate their expected winning value and multiply it by a little less than the percentage of chance at winning the case he or she has.
Calculating the Damages
Damages exist in two forms: those damages have a formula to calculate, and those damages that do not have a formula to calculate, also referred to as “general damages”, and “specific damages”.
Calculating to the dollar can be done through specific damages such as, value of the property, future loss wages, medical fees, etc. While subjective to the jury and, or judge, are the general damages that do not have a number connected to them. These damages can range from loss of companionship, mental anguish, loss of services, and more. These damages have no formula to calculate. Most of the time the value given is based off of the jury’s sentiment or own personal experiences.
The Calculation of Loss Wages
This task is simple because the plaintiff only needs to add what was lost in the past from them being out of work such as, employment benefits and loss in earnings.
Future Calculation of Loss Wages
This task is not as simple as past losses, because most likely there would be a requirement of an economic expert to show the capacity of future wage loss.
A biker could have been making $50,000 a year, but after the accident were only able to get a part-time job that provided them with an income of $20,000. Their future loss wages would be the difference of what they used to earn, and what they are now earning after the accident. They would have a $30,000 future earning loss every year for the remainder of the time they are expected to work. Federal governments are the ones who decide the amount of years that a person is expected to work, based on their race, age, sex, and more. The hard aspect about calculating the loss is not knowing how much the $30,000 would be worth in the present when forecasted in the future. This is why the requirement of an economist expert is vital. Always paramount to seek out a Miami motorcycle accident lawyer.