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Getting a settlement from an auto accident?

Is there a certain formula for figuring out a settlement offer? One person told me that it is usually 3x the medical bills. I'm sure it probably depends on how severe the injuries are, but in this case they were minor. My pregnant wife and I were struck from behind by another truck well stopped at a stop sign. We did visit the hospital to check on the baby, but no major injuries were sustained. We have about $1500 in medical bills before insurance and about $110 after. The car has already been paid for to get fixed and is no longer an issue. The insurance company offered us $2500; which is way more than what we owe in medical bills. But, what if something else is wrong with me, my wife, or our baby that can't be forseen. Should we ask for more or should we just consider ourselves lucky to get this much? And, if so what are the steps for negoitating a settlement?

Public Comments

1. So, if you are out $110 and they offered $2500, that is far more than 3 times. Keep in mind your health insurance is already recovering what they have paid from the other insurance company, so you are not entitled to that. Any unknown medical problems would have surfaced in the last 6 months. Don't be greedy, I say take the money and put it behind you.
2. There is no specific formula, however, insurers and attorneys generally use the total medical bills as a starting point in negotiating settlements. Typically, the insurer will try to settle for 1-2x meds, while an attorney will try to get 3-5x meds. Based on your scenario, it seems like you probably had soft tissue injuries, so there shouldn't be any long term effects. Frankly, I'm surprised the company offered you that much so soon. You could try for more and take the $2500 if they won't budge. You may want to talk to a lawyer, just keep in mind that while a lawyer's involvement may increase the ultimate settlement, your net may be the same or less due to fees and costs. Also, your health insurer may be legally entitled to expect you to repay them out of any settlement. Good luck.
3. If you don't have health problems within 3 months of your accident, problems that you do develop are not likely the result of the accident. At this point, you couldn't even prove that any problems the baby had could be specific to the accident. Personally, I would just settle for the offer.