Automotive

Accident settlement question

  • Last Updated:
  • Jun 18th, 2018 10:13 pm
[OP]
Newbie
Jan 15, 2017
15 posts
14 upvotes

Accident settlement question

Hello
Last edited by Givemewisdom on Jul 9th, 2018 7:34 am, edited 7 times in total.
12 replies
Member
Feb 20, 2017
330 posts
100 upvotes
Barrie, ON
Givemewisdom wrote: Hi! I was in an accident in 2016, i was rear ended on the highway (Highway 427). my car was deemed a write off.

I had a concussion, migranes and now chronic neck pain that makes a lot of activities, including driving very difficult.

With my injuries, i was off work for 5 months.

I qualified for IRB and was classified under MIG.

My job required a lot of driving and unfortunately after returning to work, my performance went down.

i was given modified job duties with no driving and now my income was reduced - i am getting aproximately 20k/year less in earnings than before the accident.

my new income doesn't support my pre accident lifestyle, and i've had to make a lot of changes to accomodate my reduced take home pay.

i am wondering how a settlement for for lost wages, and loss of future earnings and is calculated in Ontario? Is there a particular multiplier the lawyers use to calculate this?

My lawyer is on vacation for 3 weeks so I'm hoping someone can answer in the meanwhile. thanks in advance.
There are two things to consider one is that you didn't sign anything during the original accident stating you can't come after them for future damages, and the other is under normal circumstances I believe you only have two years from the accident to sue for damages, again this includes that you didn't sign something.
[OP]
Newbie
Jan 15, 2017
15 posts
14 upvotes
I didn't sign anything. I just want to know how future damages and lost wages are calculated.
Member
Feb 20, 2017
330 posts
100 upvotes
Barrie, ON
Givemewisdom wrote: I didn't sign anything. I just want to know how future damages and lost wages are calculated.
Every lawyer will do a different calculation but for example if you were making 60K and it is believed you could continue to earn that and if there's regular increases in your industry, over a lifetime depending on your age. Could be Original wage - new wage multiples by COL/Raises multiplied by career lifespan. This would get a maximum figure, but there will be negotiating and settling based on the injury and a lot of other conditions, most will sue for max of liability and then get to a reasonable figure from there as it's easier to start at the most and go down.

I've seen some people sue for millions and get settlements of 40K, not a lawyer btw just been involved with the process a few times, very rarely do you get the most but again it's case by case.
Deal Expert
Aug 22, 2011
37032 posts
22994 upvotes
Center of Universe
File a civil suit and seek the max.
Deal Fanatic
Sep 1, 2004
8291 posts
7182 upvotes
I've seen one case where a Dr in his late 30s were killed and surviving wife and kids got $2M.

$1M from at fault driver's insurance, guy had to sell his house to pay for the other $1M.

Consider a GP can make $180K/yr for another 30 years. $2M settlement is light.
Penalty Box
Dec 27, 2013
8003 posts
4006 upvotes
Toronto
Xtrema wrote: I've seen one case where a Dr in his late 30s were killed and surviving wife and kids got $2M.

$1M from at fault driver's insurance, guy had to sell his house to pay for the other $1M.

Consider a GP can make $180K/yr for another 30 years. $2M settlement is light.
wow.

always go for 2 million liability. It costs literally $20 more per year.
I'd go for $10 million liability if they offered it. you never know.
specially in a big city, with high income earners. crazy shit.
Deal Fanatic
Sep 1, 2004
8291 posts
7182 upvotes
daivey wrote: wow.

always go for 2 million liability. It costs literally $20 more per year.
I'd go for $10 million liability if they offered it. you never know.
specially in a big city, with high income earners. crazy shit.
If you respect driving and don't rush it, the chance is low you will kill anyone.

Said driver was too tired to be on the road, cross the median and kill the driver in opposing traffic.
Deal Fanatic
Jul 26, 2007
6285 posts
3788 upvotes
Toronto
Even if you have 2mil or 10mil liability, people will find some sob story to get double that in a settlement. In most cases, the lawyer will not seek higher then max liability the atfault person has because they can easily transfer the asset to wife/kids whatever and it will be a waste of time.
Deal Addict
Aug 10, 2013
2767 posts
2000 upvotes
I know nothing and can only speak of my situation as I am on the opposing side for a fender bender.

The person suing is suing for 5x my policy amount. My insurance company takes over at that point and yes it was a civil suit. Anything above and beyond my policy amount is on my shoulders. But, good luck. I'm prepared to just claim bankruptcy preventing a major lawsuit from going forward if successful.
Smash that like button!

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