The Insurance Corner
BASE: The Baldyga Auto Accident Settlement Evaluation Formula
By: Dan Baldyga
It's 8:00 AM on a Thursday and a clear, dry day. You're on your way to work in your motor vehicle proceeding North on Main Street in your hometown. You're 62 years old and the assistant manager of a local video store.
Fred Fuddle is a chronically unemployed local with a reputation for being a loud-mouth degenerate who has, over the past several years, been arrested for drunken, disorderly conduct.
Fuddle is driving his van far above the speed limit, proceeding East on Elm Street. As you approach the intersection of Main and Elm you have a green light. You proceed through, just perking along. Too late, Fuddle suddenly realizes he has a red light. He hits his brakes, leaving over 50 feet of skid marks behind him, as he flies into the intersection. The front of his van strikes your left rear with a mighty crash. Your arm hits the steering wheel and the beautiful watch your loving spouse gave you for your last birthday, is destroyed. The Property Damage to your motor vehicle will be determined to be $1,780.00.
The police investigate at the scene. Fuddle is charged with dangerous driving which you soon discover is written into in the Police Report. The ambulance takes you to the Angel Of Mercy Hospital Emergency Room, where you're x-rayed and treated. Diagnosis: A severe strain to the cervical-dorsal area, which is a "Whiplash -Type" of injury.
You're eventually treated by your family physician, Ole' Doc Comfort.
You later ask for and receive copies of all Medical Reports from the Angel Of Mercy plus a copy of the "Final Medical Report" from Doc Comfort.
Shortly after impact you asked your son "Chip" to return to the scene of the accident where he takes a dozen photos of the skid marks plus the damages to your motor vehicle and Fuddles van. Chip wisely visits the police station where he purchases a copy of the report the Cruiser Patrolmen wrote at the scene.
PROPERTY DAMAGES: Cost to repair your motor vehicle is $1,780.00 plus the replacement of your wristwatch will be $355.00. YOUR TOTAL PROPERTY DAMAGE LOSS COMES TO: $2,135.00.
THE BASE FORMULA does not include Property Damages! These will be added on when you come to the value of your Personal Injury case.
Your personal injury case is going to yield four initial values: "Low", "Middle", "Mean" and "Premium". Alight, now, let's determine what those 4 figures have come to be:
After you've finally recovered and been released from treatment your provable damages are:
So, your "Special Damages" come to a total of $2,379.10.
To discover the 4 values (Low/Core/Mean and Premium) you multiply that $2,379.10 by 2, then 3, then 3.5 and finally 4. The four BASE FORMULA values you going to come up with are:
2 X $2,379.10 = $4,758.20 * The "LOW VALUE" is $4,758.20 (Rounding that figure out - - you should consider $4,800.00 as your Low Value).
3 X $2,379.10 = $7,137.30 * The "CORE VALUE" is $7,137.30 (Rounding that figure out - - you should consider $7200.00 as your Core Value).
3.5 X $2,379.10 = $8,326,85 * The "MEAN VALUE" is $8,326.85. (Rounding that figure out - - you should consider $8,400.00 as your Mean Value).
4 X $2379.10 = $9,516.40 * The "PREMIUM VALUE" is $9.516.40. (And, rounding that figure out - - you should consider $9,600.00 as your Premium Value).
The four values listed above descend from the lowest to the highest. These four values provide you with a minimum (Low Value) and a maximum (Premium Value). These figures place your claim into "The Ballpark" of the four BASE FORMULA values, (plus your Property Damages).
By: Dan Baldyga
It's 8:00 AM on a Thursday and a clear, dry day. You're on your way to work in your motor vehicle proceeding North on Main Street in your hometown. You're 62 years old and the assistant manager of a local video store.
Fred Fuddle is a chronically unemployed local with a reputation for being a loud-mouth degenerate who has, over the past several years, been arrested for drunken, disorderly conduct.
Fuddle is driving his van far above the speed limit, proceeding East on Elm Street. As you approach the intersection of Main and Elm you have a green light. You proceed through, just perking along. Too late, Fuddle suddenly realizes he has a red light. He hits his brakes, leaving over 50 feet of skid marks behind him, as he flies into the intersection. The front of his van strikes your left rear with a mighty crash. Your arm hits the steering wheel and the beautiful watch your loving spouse gave you for your last birthday, is destroyed. The Property Damage to your motor vehicle will be determined to be $1,780.00.
The police investigate at the scene. Fuddle is charged with dangerous driving which you soon discover is written into in the Police Report. The ambulance takes you to the Angel Of Mercy Hospital Emergency Room, where you're x-rayed and treated. Diagnosis: A severe strain to the cervical-dorsal area, which is a "Whiplash -Type" of injury.
You're eventually treated by your family physician, Ole' Doc Comfort.
You later ask for and receive copies of all Medical Reports from the Angel Of Mercy plus a copy of the "Final Medical Report" from Doc Comfort.
Shortly after impact you asked your son "Chip" to return to the scene of the accident where he takes a dozen photos of the skid marks plus the damages to your motor vehicle and Fuddles van. Chip wisely visits the police station where he purchases a copy of the report the Cruiser Patrolmen wrote at the scene.
PROPERTY DAMAGES: Cost to repair your motor vehicle is $1,780.00 plus the replacement of your wristwatch will be $355.00. YOUR TOTAL PROPERTY DAMAGE LOSS COMES TO: $2,135.00.
THE BASE FORMULA does not include Property Damages! These will be added on when you come to the value of your Personal Injury case.
Your personal injury case is going to yield four initial values: "Low", "Middle", "Mean" and "Premium". Alight, now, let's determine what those 4 figures have come to be:
After you've finally recovered and been released from treatment your provable damages are:
- Ambulance $311.80
- Emergency Room $387.46
- X-Rays $215.00
- Dr. Comforts Final Bill $468.30
- Prescriptions For Pain $87.98, Heating Pad $68.56
- Plus your "Lost Wages" for a total of 6 days or $840.00.
So, your "Special Damages" come to a total of $2,379.10.
To discover the 4 values (Low/Core/Mean and Premium) you multiply that $2,379.10 by 2, then 3, then 3.5 and finally 4. The four BASE FORMULA values you going to come up with are:
2 X $2,379.10 = $4,758.20 * The "LOW VALUE" is $4,758.20 (Rounding that figure out - - you should consider $4,800.00 as your Low Value).
3 X $2,379.10 = $7,137.30 * The "CORE VALUE" is $7,137.30 (Rounding that figure out - - you should consider $7200.00 as your Core Value).
3.5 X $2,379.10 = $8,326,85 * The "MEAN VALUE" is $8,326.85. (Rounding that figure out - - you should consider $8,400.00 as your Mean Value).
4 X $2379.10 = $9,516.40 * The "PREMIUM VALUE" is $9.516.40. (And, rounding that figure out - - you should consider $9,600.00 as your Premium Value).
The four values listed above descend from the lowest to the highest. These four values provide you with a minimum (Low Value) and a maximum (Premium Value). These figures place your claim into "The Ballpark" of the four BASE FORMULA values, (plus your Property Damages).
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