It is always better to get an accident attorney to help you with a claim for your injuries. He will know better how to deal with the insurance companies and get your rightful claim. An accident attorney will know to read all the documents which will contain a lot of legal and medical jargon.
Meanwhile, it is better for you to know how an insurance company will calculate the claim. It is better for you to know what you should rightfully get.
What You Should Rightfully Get
The below are the claims that you should receive from the insurance companies.
- Expenses incurred for medical care and other related procedures.
- You should be compensated for the wages or other business revenue lost because you couldn’t go to work due to injuries.
- The insurance company should compensate for any permanent disability or disfigurement.
- If there are any school or training sessions you have missed, they need to compensate for that. Even social events missed should be compensated for.
- You should be compensated for emotional damages such as stress, embarrassment, depression or strained family relationships. The effects of the accident on your relationship with family and children should also be compensated. Interference with the sexual relationship if any should also be compensated.
What Is The Formula Insurance Companies Use?
Calculating actual expenses incurred is easy. Even future expenses for treatment can be calculated by a doctor and put a value on it. The difficult part is to calculate the pain and suffering. They also cannot put a value on lost opportunities or experience. This where the insurance companies use a formula to arrive at a figure.
The beginning of calculations starts with the insurance arriving at the costs for medical expenses. This is called “medical special damages”. They calculate the nonmonetary amount based on this value. That amount is known as the ‘general’ damages.
The insurance adjuster will multiply the medical special damages amount by 1.5 to 2 times for calculating the general damages. This is for minor injuries. But for serious injuries and long-lasting injuries they will go up to 5 times. In some extreme cases, it even goes up to 10 times. A figure for the lost income is added to this. It is based on this figure that the negotiations will begin.
Your accident injury attorney can help with checking the values and giving you right directions.