It’s not easy to try and figure out how a claims adjuster comes up with the total value for a personal injury claim that they do. The answer to the amount will depend on several factors and the particular circumstance that surrounds your case. An insurance adjuster often follows a procedure that is similar to the following when determining the amount, they should offer for a claim.
Insurance Company Compensates
It’s important to know the damages that are associated with your claim. Here are a few things that must be considered when determining the amount:
• Medical care and medical related expenses
• Permanent physical disability or disfigurement
• Pain, suffering, emotional distress and anxiety – this can include embarrassment, depression, anxiety, and strains that it may have put on relationships.
• Loss of educational or social experiences, such as not being able to attend school or go on vacation.
• Damaged property
• Loss of an unborn child or interference with sexual relations
Damages Formula of Insurance Company
First, determine the amount of money spent and/or lost. While it’s not possible to put a dollar figure on the amount of suffering and pain felt, it can be calculated to some degree. If you are given a low offer from the adjuster at first, it is most likely a negotiation tactic to see if you will settle pretty quick.
Don’t accept the offer that is lower than the amount your injury lawyer in Mississauga put in your demand letter. You also need to then ask the adjuster to explain his/her reason for the low offer they sent. Make sure to write down what he or she tells you so you can refer to it later if necessary.
An insurance adjuster will normally add up all medical expenses associated with the accident. They will use several factors to help determine this total including making a few calls to determine what the charges are for every procedure you endured and then predict the amount it will cost in the future to continue.
If the injuries were minor, the adjuster may simply multiply the special damages amount by the number 1.5 or 2. When injuries are serious or more painful, the adjuster may decide to multiply by the number 5 or even 10 In some cases.
The adjuster will determine the amount for loss of income as a result of injuries by adding up what you were making and estimating the length of time you may be off.
When you receive your offer for settlement from the insurance adjuster, make sure to read through the proposal carefully and understand fully how they reached their level of pay out before you react. In most cases, the offer will be low at first so take this into consideration.
