When filing an accident injury claim, many people wonder how the insurance company determines compensation values. Often, it seems like the compensation values being offered by the company isn’t even enough to cover property damage and medical expenses, not to mention all of the other losses.
Before you have an idea of what your accident injury claim is worth, you must first find out what type of damages you are entitled to receive compensation for. Of course, each injury claim will differ depending on the specific circumstances of the accident and injury.
Injured by another party?
Whether you were injured by another party or your injury occurred in a commercial setting, the liable party’s insurance company is responsible for paying your medical care expenses. They are also held liable for paying all other expenses related to your accident.
The insurance company is required to compensate the injured for income they lost, because they could not work. Loss of earnings can be acquired from both time taken off work to recuperate, and time taken off in order to undergo various injury-related treatments.
If you have become permanently injured, disfigurement or sustained a physical disability due to the accident, ample lifelong reimbursement should be given. Not only should the insurance pay for your damaged property, loss of earnings, but for your damaged emotional state as well.
This includes embarrassment, stress, depression, and strains within the family. Family strains may be caused by the inability to care for your children because of your injuries, and marital issues that may occur as well.
You may be compensated for the inability to attend certain social, family, and educational experiences. Whether you have to miss school, summer camp, a vacation, or a family reunion, the insurance company should make up the loss with monetary compensation.
Calculating compensation values
As the insurance company evaluates your accident injury claim, they will calculate the compensation values based on a comprehensive and universal damages formula. While there is no set amount that the insurance company can reimburse you for your stress and embarrassment, the formula comes in handy as a fair evaluation of insurance compensation. The first step involves the insurance adjuster adding up all of the medical expenses caused by the injury.
They will then determine the value of your pain and suffering, depending on the type of injury and the amount of trauma sustained during the accident. Medical evidence will be used for this. If you experienced a minor injury, the adjuster will multiple your expenses by two in order to account for pain and suffering.
For extremely traumatic circumstances, the expenses may be multiplied by as high as ten. Lost income is then added to the medical expenses amount.
Factors relating to your claim
One of the most important factors in determining how much you are likely to be reimbursed by the insurance company, is the extent to which you are at fault for the accident. While the formula gives you approximate compensation values, the insurance company needs to factor fault into the equation.
If all of this seems a little daunting, then Accident Advice Helpline can offer free advice, and even handle your claim for you.
For expert legal advice about a possible claim call Accident Advice Helpline on 0800 689 0500 from a landline or 0333 500 0993 from a mobile phone.