How do Insurers determine the Value of your Personal Injury Claim?


One of the critical aspects of a personal injury claim is figuring out the exact value of your claim. The value may vary significantly based on the specific circumstances associated with your case. Seeking the help of an experienced Grand Junction auto accident lawyer could ensure that your claim is accurately valued, and in the end, you will get the amount of compensation you deserve. Here is an in-depth discussion of how insurers establish the overall value of a personal injury claim. If you want to get more details about hiring a lawyer for your personal injury case, visit this dedicated website:

Damages that must be compensated

To establish the monetary value of your personal injury claim, it’s best first to know the specific types of damages that you must be compensated for. Usually, the insurer for the entity responsible for the accident should pay the victim for the following damages.

  • Healthcare and all related expenses
  • The amount of income lost if the injured person must spend some time off work to get treated and recover fully.
  • Temporary and permanent physical disability.
  • The damaged vehicle, property, or any other assets.
  • The loss of social, educational, and family experiences such as missed training or school, recreation or vacation, or any other special event.

The insurer must also pay for emotional damages such as embarrassment, the strain on family relationships, stress, and more. For instance, your inability to take care of your kids, anxiety over the impact of the incident on your unborn child, and the possibility of being unable to take care of yourself.

Furthermore, you can read our articles on this website to get more details about legal laws. Do not forget to check that out!

Determining the monetary value of damages

The process of determining the overall amount of compensation goes beyond adding up the amount of money spent or lost. All instances of pain and suffering as well as lost opportunities and missed experiences must be taken into account. This is where experts in claim valuation come in.

Before the claim settlement negotiations begin, the claim adjuster will add up all the medical costs associated with your injuries. These costs are known as medical special damages. This is the base amount the adjuster uses to determine how much the insurer should pay to the victim of the accident.

If your injuries are minor, the insurance adjuster is likely to multiply the value of medical special damages by 2 or 1.5. In case the injuries are severe, very painful or likely to take longer to heal, the adjuster might multiply the base amount by up to 5. In extreme cases, this amount could be multiplied by 10.

The extent each entity is at fault for an accident is among the factors that impact the amount the insurer will pay. The damages formula used by insurers simply offers you an estimate of the monetary value of your personal injury claim. Determining who was at fault for an accident or to what extend you’re to blame for the incident is always a challenging process. After all, no one will admit fault without a fight. Therefore, it helps to have an experienced personal injury lawyer on your side. You can also visit this website for useful information about accident laws.