What is your injury claim value? Insurance companies often view injury claimants as numbers in a large dataset. They rely heavily on quantitative information to evaluate and value claims. Once you have established a valid liability claim, insurance providers generally compensate for your medical bills, lost wages, and pain and suffering. Medical bills and lost wages are relatively easy to calculate, but there’s more to it.
Future Damages Can Impact Your Injury Claim Value
You’re also entitled to compensation for future medical bills, damages related to your ability to earn income in the future, and future pain and suffering. To claim these future damages, a report or testimony from a medical expert or life care planner is often necessary. Unfortunately, insurance companies rarely offer fair compensation to an injury victim without an attorney in their initial offer. Even with legal representation, the first offer often falls short of a fair settlement.
Pain and Suffering Damages Is Often A Huge Part of The Injury Claim Value
The largest part of most injury claims is the pain and suffering damages. But how do insurance companies calculate these? They rely on past jury verdicts in similar cases in the local area. For example, if you’ve suffered a broken leg due to a car accident, they will look at verdicts in similar cases to inform their calculation.
Another method they employ is the pain and suffering multiplier, which involves multiplying your economic damages (such as medical bills) by a certain factor, usually ranging between 1.5 and 5 times. The severity of your injuries influences this multiplier; the more severe the injuries, the higher the multiplier. To determine the appropriate multiplier, insurance companies refer to past jury verdicts in the local area where the injury case resides for the specific type of injury sustained in your situation.
However, this method has its flaws. Every case is unique, and all facts of the case must be considered. For instance, if you present well at your deposition after filing a lawsuit, the value of your injury claim might significantly increase in the eyes of the insurance company. If the defense attorney believes you will be likable in front of a jury, this can positively influence the insurer’s valuation of your claim.
The Severity Of The Property Damage Incurred By The Vehicles In A Car Accident Has An Impact on Injury Case Value
In car accident cases, the severity of the property damage incurred by the vehicles involved is another factor considered by insurance companies when evaluating the value of an injury claim. If the vehicles sustained minor damage, the insurer is likely to offer less compensation. Conversely, if the vehicles have suffered significant damage, the insurance company may offer a larger settlement for your injury claim.
Contact Us For Your Free Legal Consultation For Your Injury Case
Kentucky personal injury attorney Tate Meagher and his team at Meagher Injury Lawyers is dedicated solely to helping those injured by the careless or reckless actions of others. We offer free consultations to anyone injured in an accident and never take a fee unless you win your case. You will never have to write us a check and we will never ask for your credit card information. If we win your case, we will be giving you a check for the recovery made on the case. If we do not make any financial recovery on the case, you owe nothing. Contact us now to get started.