Up front, it is nearly impossible for someone to tell you the value of your car accident claim. There are a few things that must happen before an accurate number can be given to the injured party, for instance, your medical treatment must be completed. The entire package cost will determine what the insurance company is willing to pay. All of these costs are figured into a package that is demanded from the other insurance company.
Determining Fault and Rating The Severity of The Accident
If your car was just in a fender bender, they are not going to pay as much for injuries as someone who was in an accident where their car was totaled. The next hurdle to jump in determining liability. Even if the officer at the scene claims you were the victim, the insurance company will do anything they can to prove otherwise. If every accident had a “price-tag,” then there would be no opportunity for a person to present their case to the court. Each case has unique circumstances that make it different. So, it is hard to put a figure on an accident without an in-depth look at the claim.
Don’t Be In A Hurry To Settle Your Claim
The goal is to get you the maximum amount of compensation possible. However, the accident cannot exceed the policy limits. A fair settlement offer should be presented in a professional and persuasive way. You need medical documentation and the final bills to compile a package for payment. Sure, you are worried about hospital bills, the damage to your vehicle, lost wages, and a change in lifestyle that will set you back. However, take the time to consult with a legal professional. The future factors can affect your case and increase the value.
Using A Formula
Many believe that the magic formula for their claim is about three times the medical bills. You may receive that amount, but keep in mind you might receive more or less than that. To figure a compensation package, there are numerous components that are examined, such as:
•Past and Future Medical Bills
•Past and Future Lost Wages
•Loss of Earning Capacity
•Pain and Suffering In The Past, Present, and Future
•Swelling, Disfigurement, and Disability
The number factors will not always apply to each case. Only an experienced personal injury attorney can evaluate the claim and give you specific details.
Other Contributing Factors
Accidents that leave a person with traumatic injuries are known as “policy limits demand.” These cases would be ones that include broken bones, the need for surgery, wrongful death or other serious complications. When this happens, a personal injury attorney will notify the insurance company that a declaration sheet is needed. This document will give the total number of available dollars under the liable party’s insurance policy. Once the attorney has the DEC sheet in hand, they will be able to tell you how much money your claim is worth. It will also tell if the amount you are asking is justified.
There are other ways to increase your settlement amount to give you more. For example, some certain medical bills may be reduced so that you don’t have to pay back the full amount. This will help to increase the settlement. In some cases, the Underinsured Motorist Coverage, from your policy, can kick in and help pay for things. When the other policy limits are inadequate, this is the best way to ensure you get all the compensation needed. There are some scenarios that will increase the value of your car accident, they might include:
•There are unforeseen treatments or procedures because the client’s condition worsened.
•The type and duration of the treatments weren’t predicted properly.
•The strain placed on the client’s personal life was underestimated.
•There are long-term psychological effects that were never accounted for.
Many of these points are called “after-effects.” The insurance company will try to settle with the client immediately after the accident. They don’t want any of these scenarios to occur and drive the compensation package up. The amount a person can get negotiating by themselves is not necessarily the same amount that you can get working with a lawyer. Insurance companies do many tricks to try to settle the claim before a lawyer is involved. They will try to get a recorded statement as well as having you sign off on all claims.
A Personal Injury Lawyer Can Help
No matter how serious your case is or what kind of compensation you need; it is important to have knowledgeable legal counsel. Never sign anything or record a statement without first talking to an attorney for you. You could sign away all rights and settle for way less.