One of the most common questions bicycle accident victims have is how much they can expect to receive in a settlement. Determining the value of a settlement is a difficult process since there are many key factors that go into determining the final amount.
With a little math and an understanding of how settlements work, we can help you calculate an estimate of your possible bicycle accident settlement value.
How Bicycle Accident Settlement Calculators Work
Bicycle accident calculators work by adding up the value of all of the claims that you can determine values for and subtracting any costs that can reduce the amount of compensation that you can receive in that settlement.
This is easier when it comes to economic damage, which has a fixed cost to them. Non-economic damages can make the final amount harder to calculate as their values are estimates.
Basic Function
A bicycle accident settlement calculator uses a set of algorithms to calculate how much you can receive in compensation based on the information you can provide. Once you enter your information, the calculator provides you with an estimated range for the amount of compensation that you can expect.
Data Input
The bicycle accident settlement calculator needs some basic information to provide you with a settlement estimate. Simply enter the value of each type of claim into the current field and let the calculator do the work.
Limitations of Calculators
While a settlement estimate can provide useful insight, it’s important to remember that it’s just an approximation. Calculators can only give you an idea of potential compensation and are not a guarantee of what you may ultimately receive. The results from this calculator should not be considered legal advice.
If you want a more accurate estimate or need legal support for your case, seek legal advice from a qualified personal injury attorney.
Factors Considered by a Settlement Calculator
Settlement calculators focus mainly on the economic damages with fixed costs that you can provide while including estimates for non-economic damages that we can collect data about and estimate their value.
Medical Bills
Medical expenses factor into settlement calculations in two ways: past medical expenses and future medical bills. After the accident, any visit to a medical provider that generates a bill that you have to pay has a fixed cost and can be added to the settlement total.
However, you may need ongoing care, such as physical rehabilitation, surgeries, or ongoing care from a specialist. These future medical expenses have to be estimated and factored into the settlement to make sure that you receive enough to cover those expenses.
Lost Wages
Missing work can impact your ability to pay bills, which can also affect how much you receive in a settlement. If you miss a considerable amount of work, that lost income can be claimed. If you cannot return to work at the time of the settlement, then your lawyer can file claims for future lost income.
Pain and Suffering
Pain and suffering is the most well-known non-economic damage claim that you can file. It addresses the emotional damage of being in an accident. There is not a fixed cost associated with it, but your lawyer can demonstrate the impact that the accident has had on your mental and emotional well-being, which can be compensated for.
Liability and Fault
In states that apply comparative negligence in settlement calculations, compensation can be reduced based on your level of fault. Comparative negligence assigns a percentage of fault to each party involved in the accident.
For example, if you’re found 20% at fault for crossing outside of a crosswalk, and the other driver is 80% at fault, your compensation would be reduced by 20%.
It’s important to discuss your case with an experienced attorney to understand how fault may be assigned in your situation and how it could impact your settlement.
Permanent Impairment or Disability
You can file a personal injury claim for permanent impairment or disability if you are no longer able to work. The bicycle accident calculator can take that into account by including claims for lost income, emotional distress, and other potential damages.
Benefits of Using a Calculator for Bicycle Accidents
Using a bicycle accident settlement calculator is an effective way to help you evaluate possible settlement offers.
In many cases, insurance companies and liable parties want to offer you low settlements to minimize their costs. Knowing what your damages and the associated costs are can help you ensure that you are offered fair compensation.
The best way to protect yourself from low settlement offers is by consulting an experienced bicycle accident attorney. They can assess your case and help you pursue a fair settlement.
Purpose of Settlements
Personal injury law allows the victim of a bicycle accident to file claims to recover compensation for costs like medical bills and other damages.
Rather than letting the case go to trial, the other party can offer you a settlement, which is an agreement to resolve the case out of court. Usually, a settlement is an agreement to stop and not pursue further legal action against the liable party in exchange for compensation.
Settlements can be beneficial to both sides. Victims have the chance to negotiate a settlement amount that they are comfortable with while receiving the funds sooner than they would after a trial. For the liable party, the case ends before more information becomes public knowledge, and they can often negotiate a lower compensation overall.
Factors Affecting Bicycle Accident Claim Settlement Value
Bicycle accident claims can vary widely in value. This is because there are specific factors in each case that affect the value of claims. These are a few of the most important factors in bicycle accidents that affect the value of a potential settlement.
Injuries
The type and severity of injuries have a big impact on the value of accident claims. For example, a few cuts or bruises can lead to a trip to the emergency room, but broken bones or a concussion can lead to an extended stay in the ER and follow-up appointments with your doctor. The higher your medical bills are, the more you can add to your claim for compensation.
Liability
Who is liable, or legally responsible, for an accident can make a difference in compensation claims as well.
If you are in an accident with a driver with no insurance, then you are not likely to receive a lot of compensation for your claims. If you are in an accident with a commercial truck where the trucking company is responsible, then your claims can be larger and are more likely to be paid. The trucking company has the resources to make you a bigger settlement offer.
Type of Claim
Some claims are worth more than others. Medical bills are the most common type of claim and can be expensive. However, a claim to replace an expensive bicycle, riding equipment, or phone that was destroyed in the accident can easily be over $1,000.
The value of a claim often revolves around the cost of the damage related to it. However, there is a class of damages that is not directly tied to the damage costs. These are called non-economic damages and focus on intangible damages like emotional distress.
Insurance Coverage
The level of insurance coverage that the liable party carries matters as well. A driver with no insurance won’t have many resources to pay you a fair settlement, but a driver with more comprehensive insurance can pay substantially more based on their insurance plan.
Comparative Negligence
Depending on which state your accident is in, you may have to calculate the effects of comparative negligence. In states with comparative negligence laws, fault is shared between the parties based on who is more responsible for the accident.
If the court finds that you are 50% or more responsible for the accident, then you may not receive compensation if the case goes to trial. The liable party may have little incentive to settle.
The Importance of Legal Representation
Having skilled legal representation is an important part of protecting yourself after a bicycle accident. Not only can your lawyer manage bicycle accident claims, but they can also review settlement offers to ensure that you receive fair compensation. We can also negotiate with your insurance company and manage your case while you are focused on recovering.
Accurate Evaluation
Many of the factors that determine the value of bicycle accident settlements require experience and professional insight to estimate accurately. That is why discussing your bicycle accident case with our law firm can give you the most accurate estimate. We can provide more detailed information on the value of personal injury claims based on their previous experience.
Negotiation and Advocacy
One of the most important things your lawyer will do is negotiate and advocate on your behalf. Insurance companies and other parties may try to offer you the lowest possible settlement with little regard for the true cost of your recovery. You need a dedicated advocate who will fight for your rights and ensure you receive the compensation you deserve.
Litigation and Trial
If your case doesn’t settle out of court, your lawyer may need to take it to trial. It’s essential to choose an attorney with a proven track record of successfully handling cases involving bicycle accident injuries through trial.
This ensures they have the experience and resources to see your case through, rather than pressuring you into accepting a settlement that doesn’t fully meet your needs.
Contact a Bicycle Accident Lawyer for Your Claim!
Recovering from a bike accident can be challenging, but you don’t have to go through it alone. Hiring a personal injury lawyer with experience in bicycle accident cases can provide the legal support you need to pursue the compensation you deserve. At Rosenfeld Injury Lawyers, we specialize in bicycle accident claims and other personal injury cases.
This settlement calculator is just the first step toward understanding your potential compensation. Take the next step by reaching out to us through our contact form or calling toll-free at (888) 424-5757. We’re here to guide you through this difficult time and fight for your rights every step of the way.