When filing an accident injury claim, many people wonder how the insurance company determines the rate of compensation. Often times, it seems like the compensation offered by the insurance company isn’t even enough to cover property damage and medical expenses, not to mention all of the other losses. Knowing how to calculate the compensation on your injury claim will help you decide whether or not you are getting fair reimbursement from your insurance company.
Before you have an idea of what your accident injury claim is worth, you must first find out what type of damages you are entitled to receive compensation for. Of course, each injury claim will differ depending on the specific circumstances of the accident and injury. Here are the general types of compensation that an insurance company is responsible for in the event someone files an injury claim.
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Whether you were injured by another party or your injury occurred in a commercial setting, the liable party’s insurance company is responsible for paying your medical care expenses. They are also held liable for paying all other expenses related to your accident. The insurance company is required to compensate the injured for income they lose because they could not work and carry out their job. Loss of earnings can be acquired from both time taken off of work to recuperate, and time taken off in order to undergo various injury-related treatments.
If you have become permanently injured, disfigurement or a physical disability due to the accident, ample lifelong reimbursement should be given. Not only should the insurance pay for your damaged property, loss of earnings, but for your damaged emotional state as well. This includes embarrassment, stress, depression, and strains within the family. Family strains may be cause by the inability to care for your children because of your injuries, and marital issues that may occur as well. You may even be compensated for the inability to attend certain social, family, and educational experiences. Whether you have to miss school, summer camp, a vacation, or a family reunion, the insurance company should make up the loss with monetary compensation. All of the details should be outlined in your accident injury claim.
As the insurance company evaluates your accident injury claim, they will calculate your compensation based on comprehensive and universal damages formula. While there is no set amount that the insurance company can reimburse you for your stress and embarrassment, the formula comes in handy as a fair evaluation of insurance compensation. The first step involves the insurance adjuster adding up all of the medical expenses caused by the injury. They will then determine the value of your pain and suffering depending on the type of injury and the amount of trauma sustained during the accident. Medical evidence will be used for this. If you experienced a minor injury, the adjustor will multiple your expenses by two in order to account for pain and suffering. For extremely traumatic circumstances, the expenses may be multiplied by as high as tenfold. Lost income is then added to the medical expenses amount.
One of the most important factors in determining how much you are likely to be reimbursed by the insurance company is the extent to which you are at fault for the accident. While the formula gives you an approximate compensation amount, the insurance company needs to factor fault into the equation. The insurance adjustor will determine whether you were free from fault, a little at fault, mostly your fault, or if the accident was entirely your fault. They will then take the rough percentage of fault, such as 10%, 25%, or 75% and reduce your compensation amount from the damages formula to determine a final amount.
When filing your accident injury claim, make sure that you are receiving fair compensation from your insurance company. Get help from a personal injury solicitor if you have any questions about your accident injury claim.