lost wages for self-employed individual

[cschiu]

What is the name of your state? California.

i was involved in a MVC back in late december. i broadsided another individual who did not yield from a stop sign and pulled into moving traffic. the polic report is fully in my favor and the other insurance company has seemingly indirectly taken responsibility for the accident.

the car is totaled. i broke my left hand in the collision, bruised my head, and suffered some minor back injury.

my main questions are, how much can i expect for pain and suffering payments? i've been told it will be anywhere from 1.5 to 3x my medical bills. is this realistic? and also, can i request compensation for lost wages when i am a self-employed mortgage broker whose only income is 1099 income?

finally what if i am not happy with the settlement they offer me? what recourse do i have?

thank you in advance for the free advice.

[JETX]

Originally Posted by cschiu

how much can i expect for pain and suffering payments? i've been told it will be anywhere from 1.5 to 3x my medical bills. is this realistic?

No. With the 'bean counters' and actuaries running businesses, the old days of using multipliers is gone.

and also, can i request compensation for lost wages when i am a self-employed mortgage broker whose only income is 1099 income?

Of course you can. But be prepared to have to PROVE your lost income by submittal of last years income tax, etc.

finally what if i am not happy with the settlement they offer me? what recourse do i have?

You can hire an attorney and/or file a lawsuit.

[cschiu]

thank you for the prompt reply.

i spoke to a friend of mine who is an ex-adjuster and he said that yes, using multipliers is no longer de facto, but IS in fact a relevant guage to how much i can expect to receive as compensation. i hope somebody may be able to confirm this for me so that i will know what is and isn't a honest offer.

re: 1099 income, if i provide previous year's 1099-MISCs will that be enough for them to compensate me? or will i need to prove in addition to that that wages were lost specifically because of the injury?

[seniorjudge]

Q: re: 1099 income, if i provide previous year's 1099-MISCs will that be enough for them to compensate me? or will i need to prove in addition to that that wages were lost specifically because of the injury?

A: What did your ex-adjuster friend say? Also, ask the insurance company your questions.

[cschiu]

my friend said that i would have to prove direct loss resulting from my broken hand. i.e., i lost a deal because i couldn't show up for a business meeting, etc. but he says it might be different with another company. i thought it might be good to get some answers from others that have gone through the whole thing as well, in addition to his opinion.

i am a little hesitant to ask questions to the opposing insurance company as their answer would be inclined to benefit themselves rather than myself. my own adjuster from my insurance has not been very helpful. he still didn't have the other company's phone number or claim number and it's been almost a month. i gave that info to him today.

[ecmst12]

You will probably need to submit medical evidence (doctor's notes) that you were unable to work due to the injuries and for how long.

If you think your case is worth a significant amount of money, it will be a good idea to hire a lawyer.

[cschiu]

Originally Posted by ecmst12

If you think your case is worth a significant amount of money, it will be a good idea to hire a lawyer.

i guess that's what i've been trying to figure out. how much is my claim worth? how much ballpark can i expect in settlement? are multipliers at least a good estimate?

[ecmst12]

They can be, but it really more depends on the severity of your injuries and the extent of any permanent damages.