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Calculating the Worth of Your Case

by Kristen White Blogger
The critical aspect of any personal injury claim is determining the worth of your claim. However, determining this depends on your specific circumstances. That being said, insurance adjusters often follow similar procedure when it comes to determining the value of a claim. This article will discuss how insurers value a personal injury claim.

To determine the worth of your claim it is important to know the types of losses or damages that you might be compensated for after a personal injury or accident. In most cases, when a person who is found to be at fault for an accident, that individual’s liability insurance company must pay an injured person for the following:

  • Medical care and associated expenses
  • Any lost income as a result of the accident and due to undergoing treatment for injuries
  • Permanent physical disability or disfigurement
  • Loss of family, social and educational experiences; such as missing school, training, vacation or recreation, or a special event
  • Pain and suffering, as well as emotional damages; these may include stress, embarrassment, anxiety, depression or strains to family relationships
  • Damage to property

When it comes to determining compensation, the math is fairly simple to add up the money spent and the money lost. However, there is no fully accurate dollar amount that can be put on pain and suffering, missed experiences or a lost opportunity. And it is at this moment that insurance companies use a damages [Damages | Wex | US Law | LII / Legal Information Institute (cornell.edu)] formula in order to determine compensation.
It is often right at the beginning of the personal injury settlement negotiation process that an insurance adjuster adds up the total medical expenses related to the injury. These expenses are referred to as ‘medical special damages’ or simply ‘specials’. It is this figure that is used as a base figure for the insurance adjuster to determine how much to pay the injured person for pain, suffering and other non-monetary losses; these are referred to as ‘general’ damages.

In situations where the injuries are relatively minor, the adjuster may multiply the amount of special damages by the multiplier 1.5 or 2. In instances where the injuries are particularly painful, serious or long-lasting, the adjuster could multiply the amount of special damages by up to 5. In extreme cases, the multiplier may be as great as 10.
Thereafter, the adjuster adds any income lost as a result of the injuries; and this is basically the damages formula. However, this figure is not a final compensation amount but rather, the number from which negotiations begin. Negotiations can either result in a higher or lower figure as the final compensation amount; that is why it is important to start looking for a personal injury attorney in Alaska to represent your interests during the negotiation process.

As noted at the outset, it is the insurance carrier of the at-fault person that pays out damages. Determining fault for an accident is not an exact science but depends on the facts of the accident. In many situations, both drivers are at fault for the accident to some extent. And a rough percentage of your comparative fault is the amount by which your compensation will be reduced by to arrive at the final figure.

Resource Box: To contact car accident lawyer group the author recommends the Crowson Law Group.


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About Kristen White Committed   Blogger

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Joined APSense since, August 19th, 2016, From Chicago, United States.

Created on Dec 28th 2020 22:02. Viewed 229 times.

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