Insurance companies typically use various factors and methods to determine the value of a personal injury claim. Whether your injury was the result of a car wreck, motorcycle wreck, slip and fall, or other type of personal injury case, these considerations will apply in most every case. While the exact processes may vary between insurers, the following are some common considerations:
- Severity of Injuries: The extent and severity of the injuries sustained by the claimant plays a crucial role in evaluating the value of a claim. Insurance companies often review medical records, treatment reports, and expert opinions to assess the seriousness of the injuries.
- Medical Bills: Insurance adjusters consider the medical expenses associated with the injury, including hospital bills, surgeries, medication costs, rehabilitation expenses, and ongoing medical treatments. The total amount of medical expenses incurred is typically a significant factor in determining the value of the claim.
- Lost Wages and Income: If the injury resulted in the claimant's inability to work or caused them to miss work for a certain period, the insurance company considers the lost wages and income. They may review pay stubs, employment records, and other relevant documents to calculate the financial impact caused by the injury.
- Pain and Suffering: Evaluating non-economic damages, such as pain, suffering, emotional distress, and loss of enjoyment of life, can be more subjective. Insurance companies often use various methods, including formula-based calculations, to assign a monetary value to these intangible losses. Factors such as the severity and duration of pain, the impact on daily activities, and the long-term effects on the claimant's life may be considered.
- Comparative Negligence: In some cases, if the claimant shares some degree of responsibility for the accident or injury, the insurance company may reduce the value of the claim. Comparative negligence laws vary by jurisdiction, but if the claimant is found partially at fault, their compensation may be proportionately reduced.
- Precedents and Settlements: Insurance companies often refer to past cases and settlements to gain insights into similar injuries and their corresponding values. They may consider the outcomes of similar claims and settlements to establish a baseline for negotiations.
- Legal Representation: If the claimant has legal representation, insurance companies often take this into account. The experience and reputation of the attorney or law firm handling the case may influence the insurer's approach to settlement negotiations.
It's important to note that insurance companies have their own internal processes and may have specific guidelines or algorithms to assess claim values. Additionally, local laws and regulations may also impact the calculation of personal injury claim values. Consulting with an experienced personal injury attorney can provide further guidance and ensure your interests are protected throughout the claims process.
If you were injured and you want fair treatment from the insurance companies, call trusted, local personal injury attorney Ryan F. McCarty. Call us today at (864) 585-5100 or contact us now by filling out this simple form.