Are you looking to put a dollar value on your claim compensation? Your personal injury lawyer knows that your final settlement amount is largely determined by the dollar value the insurance adjuster places on your claim or case. There are always unique circumstances, but insurance adjusters use these key factors when determining the final value of your claim.
What an insurance company has to compensate
Your personal injury lawyer will tell you that insurance adjusters compensate for these types of losses occurring in a personal injury accident:
● Medical bills and related expenses
● Lost income/wages
● Permanent disabilities and/or disfigurement
● Loss of enjoyment and/or consortium
● Pain and suffering
● Property damage
How the insurance company calculates damages
Insurance adjusters use many formulas when calculating the total monetary value of your bodily injuries and/or property damage. The formula is simple for calculating the monetary value of bodily injuries and property damage. The insurance adjuster will simply tally up all of the figures from the receipts and bills that either resulted from or were related to the accident. However, it’s difficult to calculate an exact value for pain and suffering. So the insurance adjuster will multiply the monetary value by a factor that’s between .5 and 1.5. That will be the total value for your pain and suffering. The adjuster tallies these two numbers together to come up with the value for your final settlement.
What if you’re also at fault
You may be partially at fault in a personal injury accident. If this is the case, then your final settlement is reduced by the percentage in which you were found to be at fault for the accident. Depending on the state you live in, you may not be eligible for a settlement if you were found to be more than 50% at fault.
Now that you know
Winning a settlement from an insurance company is easier now that you know how insurance adjusters calculate the total value of your claim. Of course, winning a settlement will also be much easier if you hire a personal injury lawyer in Antioch.