The multiplier method is widely used to evaluate pain and suffering. It involves adding up your economic damages and multiplying them by a variable. The most common approach is to add up the medical bills related to an accident and multiply them by a number between 1.5 on the low end and 4 or 5 on the high end. Insurance companies love using software algorithms, such as Colossus, to calculate the value of pain and suffering.
For example, they might call it their “pain and suffering calculator.” The problem is that the estimates provided by any type of software algorithm preferred by an insurance company will almost certainly make you a “cheap” offer that you definitely shouldn't accept. However, you can use it for negotiations as a starting point, not as an end point. Below is an abbreviated list of some of the factors that juries, attorneys, and insurance companies frequently consider when determining the value of a pain and suffering claim. The more serious the injuries, the greater the multiplier that is assigned and the greater the reward for pain and suffering.
The most common and accessible method for calculating damages for pain and suffering is known as the multiplier method. To begin, take the total amount of monetary damages that are due to you. This includes medical bills and lost wages. Then multiply that number by a number between 1.5 and 5, depending on the severity of your pain and suffering. The number you arrive at with this equation is the value of your pain and suffering.
