Learn How Insurance Companies Value A Personal Injury Case

After an accident as you undergo medical treatment or even surgeries, the main stress apart from pain and suffering is the loss of wages, piling medical bills and even future medical costs. You may not even have enough savings to tide you over this trying times. However, the ray of hope is filing a claim with your insurance service and getting compensated for it. However, trying to do it all on your own doesn’t work as the legal complexities can bog you down.

You need to understand what your personal injury case or claim is worth after you file it with your personal injury lawyer.While the worth of each case is different, insurance adjusters do use certain procedures and take the same factors into consideration when deciding what each personal injury case or claim should be valued at.

What Do Insurance Companies Have To Pay For?

The defendant generally has to compensate you (the plaintiff) for the following through his or her insurance company:

● All medical care and expenses that result from the personal injury accident
● Lost income and wages because of your accident. This can either be because you were unable to work or were recovering from your accident.
● Permanent physical disfigurement or disabilities.
● Loss of training, school, vacation, or other family or missed social experiences.
● Pain and suffering
● Damaged property

What is the insurance company’s formula for damages?

Calculating the financial portion of your damages is simple. All the insurance adjuster needs to do is add up your medical expenses. Your lawyer will tell you this. The same is definitely not true when calculating pain and expenses and similar losses/expenses. This is why the insurance adjuster has to use special damages to calculate these values.

Your lawyer will tell you that the insurance adjuster will generally multiply the total amount of your general damages by a multiple of 1.5 or 2. This will be your special damages dollar amount. The multiple can increase by up to 5 if the damages are especially severe or painful.

How insurance adjusters determine the percentage of each party’s fault?

Injury Lawyer in Cambridge know that your final personal injury settlement will be reduced by the percentage of fault that you hold in the personal injury case. For example, if you were 15% at fault and your personal injury settlement is $1 million then it (the settlement) would be reduced by 15% or $150,000. You’d end up getting $850,000 as a final settlement.

Calculating damages is complex

Calculating damages can be complex for insurance adjusters. You need to hire a good personal injury lawyer to help you get the largest personal injury settlement possible.