This is one of the most common questions that a lot of people are wondering when they have to rely on the assessment of the insurance adjuster to get their compensation. Is the adjuster going to use a settlement formula in order to provide an actual value of my case?
The answer is a bit more complicated and it requires a few things to be explained first. So, let’s have a look. Right after you have given all of the information about your personal injury claim which should include proof of lost income, medical bills, repair estimates or receipts as well as all kinds of documents which determine certain damages, he or she is going to attempt to properly evaluate your claim. The next step would basically be to come up with a certain dollar sign of your case. This is the moment that you have been actively waiting for. This can be used as the starting point for certain settlement talks, for instance. Keep in mind, though, that the insurance adjuster is commonly going to use certain formulas in order to get to this particular figure.
The formulas and the considerations
The first thing that the adjuster is going to do is to add up the medical bills which are all related to the current injury. Then, he’s going to have a base figure which will be multiplied by a number between 1.5 and 5, depending on how serious the injuries actually are. For example, if the injuries are minor and aren’t particularly harmful, the number is likely to be multiplied by 1.5 or 2. However, if the injuries are long-lasting or permanent, it’s going to get multiplied by 5. For cases which involve paralysis or significant permanent injuries, the number could get multiplied by as much as 10. In any case, regardless of the number that you get, this is the compensation that your insurance company is giving you for general damages.
Once the adjuster gets this number, he has to add to it the amount of the special, pecuniary damages. These are the out-of-pocket expenses that you’ve made – there is no variation there and it depends on what kind of evidence you’ve submitted.
In any case, you shouldn’t really expect the insurance company to provide you with a significant compensation at first. This is just the base that you should use to begin your settlement negotiations with. However, you should also ensure that you have a reliable and experienced lawyer to represent you. This is something particularly important and it’s going to ensure that you get the highest compensation. It’s definitely something that you should consider because the injury lawyers deal with insurance companies on a regular basis and understand how to deal with them. Additionally, they will not be pressurized by the aggressive tactics that are commonly used by the insurance companies.