Is 1.5x medical expenses the standard starting point to calculate value of "pain and suffering" for an auto accident settlement?

Nothing they offer you will ever be reasonable. Insurance companies specifically low ball clients without an attorney representing them because, in the long run, they make more money by taking advantage of unrepresented plaintiffs than they would if they just offered you a reasonable settlement in the first place. Once you are represented your offer usually automatically goes up. I highly recommend that you obtain an attorney. Some attorneys, such as myself, only accept a portion of your "new money" offer, meaning the $15,000 you have already obtained on your own would be yours and anything I would get for you in addition I would be paid for by a percentage of 33%. I would recommend emailing an attorney ASAP and finding out what they think your claim would be worth. You can find our email by clicking on our AVVO profiles. Good luck.

Do not try to use a "rule of thumb" formula and do not try to settle the case without consulting with an attorney. The insurance company loves to deal with unrepresented claimants like yourself. They are professionals and you need a professional on your side. Also, folks often post questions on this forum asking what a fair settlement is for a personal injury matter. Unfortunately, no attorney is going to be able to give you a substantive answer without reviewing all of the circumstances, medical records, etc. You need to consult with a personal injury attorney to assist you. Personal injury attorneys typically handle cases on a contingency fee basis and give free consultations. Use the Find a Lawyer tab on Avvo to find one in your area. Best of luck to you...
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Best not to play lawyer, but to retain one. Why sabotage your good claim or get a tiny nuisance settlement at best. Retain a local personal injury lawyer to get maximum compensation.

The insurance company offer is not reasonable, and almost never is. Your formula is not a bad one, but every case is unique. It is hard to evaluate without a lot more detail. If you'd like a better estimate of your case value reach out to a personal injury lawyer. If you can't find someone in Olympia feel free to give our office a call.

You shouldn't try to make your own formula of insurance settlement. Every case is unique and your best option would be to retain a local personal injury attorney. Good luck.

Get a lawyer. Every time. I am actually surprised you are being offered that much. Claimants with no counsel are most likely never going to get counsel. Insurers are incredibly unreasonable these days. You simply must have counsel and the threat of litigation to get fair value. It is never too later to get counsel and perhaps negotiate a reduced rate with the lawyer. Any of us here would speak with you I am sure. Good luck.

Medical bills are a poor reference point for evaluating the value of an injury claim. Claim value is driven by the harm done to your body, and it's ability to recover from that harm. It is also connected to the reduction in your quality of life.
Consider speaking to various attorneys, and choose the one that takes the time to consider how the collision affected your whole life, and is prepared to tell the entire story of your loss in an effective way.

There is no real formula. Lots of things come into play. Was there wage loss? How severe or disabling was your pain? How bad did the vehicle damage look?
For an opening offer, $5,000 isn't as bad as I would have expected. But they certainly have room to move up. A lawyer can help you pick the best "bottom line" number, and the best counteroffer to make at this time.
In situations like this, many attorneys are happy to waive any fees as to the $5,000 State Farm already offered. Even after paying fees on any recovery above $5,000, you will probably get a lot more money in your pocket with an attorney than by going it alone.
Negotiation is an art and a science. The claims representative does it every day. You really should have an experienced attorney in your corner.

Unfortunately, there is not any "standard" way to evaluate the value of personal injury case. If you want to maximize the value (and there's absolutely nothing wrong with doing so), you'll need the assistance of an attorney. Insurance companies are NOT going to offer you as much for your injuries as they would offer if you had an attorney involved.