How Does the Insurance Company Decide What My Injury Claim Is Worth?
When you file an insurance report after an injury, one of your biggest questions likely concerns how much you’re going to receive in coverage and whether it will in fact cover all of your losses. Often, figuring out how much a personal injury claim is worth is one of the most difficult parts of the claim.
Insurance Companies Look at Several Factors to Determine Value of Accident Claim
Most insurance companies follow similar guidelines when deciding what a claim is worth. They begin by looking at what types of losses are covered under the policy or what types of losses are required to be covered by law. Common types of damages covered by insurance policies include:
- Medical care and related expenses.
- Lost income from work missed due to the accident or injuries.
- Lost family, social, and educational experiences, like vacations, school time, or workplace training.
- Damaged or destroyed property.
- Permanent physical disability or disfigurement.
- Emotional damages, including damage to relationships due to the stress of the accident, an inability to care for others, and anxiety over how resulting disabilities will affect relationships.
Calculating Damages in NJ Personal Injury Cases
Some of these damages are easier to calculate than others. For instance, a mechanic’s bill can show how much it cost to fix your car, but how much is your anxiety and stress after the accident worth in dollar terms?
To calculate these damages, an insurance adjuster typically adds up the medical expenses related to the accident, then uses the company’s formulas to calculate emotional damages. Often, the medical number is multiplied by a factor based on the severity of the injuries. Lost wages are then added to this total.
The resulting number is a starting point for negotiations. If you need help negotiating, an experienced NJ personal injury lawyer can help you.
Free Consultation with a Skilled Personal Injury Attorney in Atlantic County, New Jersey
At The Law Offices of Richard A. Stoloff, our experienced personal injury lawyers focus on defending your rights and maximizing your compensation. To learn more, contact us today by calling our Linwood, New Jersey office at 609.601.2233 or our Philadelphia, Pennsylvania office at 215.988.9800.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.