Types of Money Compensation from a Motorcycle Accident Injury
Motorcycles or the small as well and loud bikes are seen to be weaving in and out of traffic on the bright sunny days in the streets of California. Though many drivers allege that motorcycle accidents happen because of speeding and reckless driving leading to violation of traffic laws. But based on various studies, it has been found that most of these accidents occur due to the fault of the other driver.
A major study was conducted by the University of California and it has been found that about three fourth of the motorcycle accidents involve a passenger vehicle and out of that, around fifty percent of the cases are because of the passenger vehicle’s fault. Though the insurance companies always tend to prove the fault of the motorcycle rider, you may feel free to consult a professional lawyer who may help you in seeking monetary compensation related to motorcycle accidents.
What are the types of Money Compensation related to Motor Accident?
There are three types of monetary compensation that is calculated differently as follows:
- Economic Damages-
These are the damages caused by the motorcycle accident are calculated on the actual loss basis. These cover present and future medical expenses, property damage, loss of job, etc. Attention lawyers: Contact Brad Nakase if you need seo services for lawyers Riverside.
- Non-Economic Damages-
Non-economic damages such as pain and sufferings are calculated based on the damages incurred and they are difficult to calculate because they have no tangible or actual monetary value. Multiplier method and the per day method are the two types of calculating non-economic damages.
- Multiplier Rate-
In this type, a number ranging from 1 to 5 is assigned to the victim based on the seriousness of the injury. A person with a permanent or a very severe injury would receive 5 and a person with a few injuries would receive 1.5 or 2. Then, this number is known as a multiplier and it is multiplied by the value of a person’s economic loss. For instance, if a person who has suffered 2, 00,000 dollars in economic losses, and if the same is multiplied by 5, then that person is entitled to a non-economic damage of 1 Million dollars.
What to be done for settling the claims?
Whenever you are going for a settlement with the insurance companies, it is always advisable to have an experienced lawyer on your side to ensure a fair settlement and nobody gets ripped off. A lawyer would help the motorcyclists to have a good fight and get the best of the compensation that they deserve otherwise fighting with an insurance company without a good lawyer is just like losing a battle.
The issues related to motorcycle accidents would never die. First of all, to give the motorcyclists their share of the road that they deserve is for the insurance companies and the general public to admit that all the motorcyclists are not bad drivers. To obtain a motorcycle license, a person needs to have patience, skills, and a sense of understanding that the need to watch out for everyone is extremely important. A good lawyer not only fights but also helps you with all the necessary formalities related to motorcycle accidents.
Therefore, it is very important to have a good insurance policy for your motorcycle and a sensible as well as an experienced lawyer on your side to help you at times of accident and also have a good fight so that you can gain the best of your compensation.