What is the formula insurance companies use to compute Pain and Suffering payment resulting from an auto accident?

Question Details: My wife and I were in a severe auto accident on 7-6-08. Our car was totalled and we both suffered concussions.We both had CTs (she had 2 CTs and 2 trips to the ER) I also had hand and dental injuries. Both cars with Geico, who has paid the bills. My wife =dizziness and memory loss on and off for almost a year. What should we expect has a "fair compensation" from Geico? Friends told us we should receive twice the amount of our medical bills. Is this correct? What formula do lawyers use to determine a fair settlement ? The Geico offer is 1/2 my wife's bills and 1/3 my bills. Not enough!

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