What Does an Insurance Company Look for When Valuing a Roswell Personal Injury Case?

Source: lilawyer.com

The personal injury claim value isn’t set overnight. Ultimately, it narrows down to the value juries or judges determine using their enlightened integrity.

While judges or juries are the ultimate determinants of personal injury case compensation amount, many lawsuits still settle outside a court of law or without any trial. The value agreed is typically the outcome of an insurer’s evaluation, the injured person’s demands, or a combination of both.

Most injured individuals do not realize the amount is subject to argument or negotiation. That means they, in most cases, accept an insurance company’s initial offer without having to demand the amount they rightfully deserve. They think that it is the only compensation amount they can get.

If you choose to work with an experienced Henningsen Injury Attorneys, you’ll have an advocate with your best interest in mind, standing up to the insurer and fighting back strongly against lowball offers. What does an insurance company look for to determine the value of your personal injury lawsuit? Let’s find out!

How is Personal Injury Compensation Calculated?

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You need to partner with an experienced Roswell attorney before you can start your personal injury compensation journey. While the lawyer will offer the much-needed advice and help you build your case strongly, they’ll negotiate with the insurer in question to ensure all key factors have been considered and the right path followed.

Two types of damages determine the personal injury compensation amount an insurer provides. They include special and general.

Special Damages

Special damages relate to the financial loss you’ve suffered and any expenses incurred as a result of the injuries. Insurance companies calculate your personal injury claim compensation based on the unique circumstances of your incident and the effects it has on your future life.

A knowledgeable attorney will make sure that your compensation payout accounts for all losses you’ve suffered in the past, present, and future. Special damages include things like:

  • Property damage
  • Treatment costs
  • Medical expenses
  • Out-of-pocket expenses incurred up to the settlement or judgment date

Also, they include damages of future care costs and past and future income loss. There’s no limit to the amount of compensation you can receive for pecuniary losses.

General Damages

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Also known as non-pecuniary damages, general damages include any pain and suffering you have experienced, you’re experiencing, or you’ll experience in the future. The pain and suffering must be related to the incident you were involved in. These damages require insurance companies to pay for losses or injuries that aren’t quantifiable monetarily like:

  • A reduction in quality of life
  • Disability or physical impairment
  • Emotional distress
  • Physical pain

Unlike their special counterparts, general damages have a limit. Accident victims can only claim compensation for pain and suffering up to a certain amount, which they need to engage an attorney to know the maximum compensation they can claim.

What Factors Affect the Value of a Personal Injury Claim?

Personal injury claim settlements are more than just the amount of money you incur on:

  • Lost wages
  • Property damages
  • Medical expenses

When determining how much your personal injury claim is worth, the insurer considers a range of factors, including:

  • How your injuries affect your capacity to earn
  • The recovery timeline
  • The period you will miss from work as a result of injuries
  • The level of daily life disruptions
  • Your legal arguments’ strength and evidence available to establish a strong lawsuit
  • Whether the prediction is a complete recovery
  • The cost of your treatment and medication, including surgeries, physical therapy, hospital bills, and out-of-pocket expenses.
  • The expenses of replacing or repairing your damaged property

You need to be aware that these aren’t the only factors that can increase the amount of compensation your insurer will provide. Many insurers don’t consider all these factors or purposefully ignore those they believe may increase your claim’s value.

If you don’t have an attorney with your best interest in mind, you may end up receiving less compensation than you rightfully deserve. It’s helpful to consult with knowledgeable Roswell personal injury lawyers to discuss your unique case and determine all your damages.

Common Damages that Insurance Companies Compensate Accident Victims

Source: forbes.com

When you suffer injuries due to another person’s fault, the insurer of the at-fault insurance firm may cover these damages and expenses:

  • Compensation for permanent disability or disfigurement, if there is any
  • Emotional trauma, pain and suffering, and additional non-economic damages caused by the injuries or incident
  • Damage to your property, such as a car
  • Medical costs related to the accident
  • Loss of earnings due to the inability to perform your duties

What is the Damage Formula?

Insurers are known to use the “damage formula” to calculate the losses and damages of the claimant. The insurance company first estimates the accident victim’s medical expenses after the incident.

To establish the compensation of the claimant for non-economic damages, including pain and suffering, the insurance firm uses the “damage formula.” Depending on the injury’s severity, the insurer will multiply all medical bills and related expenses by a certain number, which can be:

  • Permanent or severe injuries: Depending on the policy, the insurer can multiply the total medical expenses by a minimum of 5.
  • Medium injuries: The insurer will multiply the medical bills by anywhere between 3 and 4.
  • Minor injuries: Medical expenses for minor injuries are multiplied by anywhere between 1.5 and 3.

The insurance company will then add the lost earnings to the outcome, obtaining a starting point for compensation negotiations. From there, the discovery of more evidence and facts may slightly change the amount of settlement.

What is the Value and Role of an Experienced Personal Injury Lawyer?

Source: willenslaw.com

An experienced Roswell personal injury lawyer has a huge role to play when it comes to the settlement amount the insurer will offer. In most cases, there are tight timelines and strict deadlines you need to follow to enhance your chances of increasing the settlement amount.

With a top-rated lawyer, you can advance your personal injury case efficiently and sidestep delays as well as possible disqualifications from the benefits you’re entitled to. A personal injury lawyer will also follow the procedure that insurers use to obtain a settlement to determine if they considered everything.

The lawyer will then estimate the right amount of compensation you need to receive. After that, the attorney will engage the insurance company in settlement negotiations. The lawyer is ready to fight for your rights in a court of law if the insurer offers compensation that isn’t fair.