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How Do Insurance Companies Evaluate The Value of A Personal Injury Claim?

Any lawyer will tell you that the defendant’s insurance company must calculate the value of your personal injury claim if you want to receive a settlement. Of course, your personal injury lawyer in Inglewood, knows that every case is different. However, if you ask your lawyer about the formula used to calculate the value of your claim, he or she will tell you the following.

Things that an insurance company has to provide compensation for

If the insurance adjuster wants to calculate a fair value for your claim, he or she has to figure out what your injuries, and/or losses were. These tend to include:

● Medical bills/care and related expenses
● Lost income and/or wages. The time missed from work because of rehab therapy is also factored in.
● Permanent disabilities or disfigurements
● Missed family, social, and educational experiences. This includes vacations and/or vocational training.
● ‘Pain and suffering.’ this include embarrassment, PTSD, depression, strains in close relationships,
● Property damage

The formula the insurer uses to calculate damages

Compensation for physical injuries is easy to calculate. All the adjuster has to do is add up the bills and expenses from various statements and receipts. It becomes more difficult for compensation for pain and suffering since you can’t quantify the damage that depression does to a person in economic terms. The insurance adjuster will use a ‘special formula’ in this instance. The adjuster will calculate the total for bodily injuries and/or property damage. He or she will then multiply this figure by 1.5 or 2. This will be the total value of the nonmonetary portion of your settlement. The adjuster will then tally in the figure for lost income and/or wages. This will be your final settlement value.

Determining the fault of each party

Your personal injury lawyer will tell you that the percentage of fault of both you and the defendant is crucial in determining your final settlement value. Your lawyer will tell you that there is no exact formula that can be used since this is more of an art than a science. However, the adjuster will look through all of the facts, evidence, and statements and thoroughly analyze them. He or she will then calculate the percentage of fault for both you and the defendant based on this.

Determining fault is not rocket science

Indeed, determining fault is more based on experience. You can indeed get the settlement you want even if you were partially at fault. This is provided you know the information in this article and you hire a good personal injury lawyer.

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