What’s the Value of My Claim?

There are many things insurance companies look at to determine the compensation value of your personal injury claim. Keeping these things in mind can help you plan and be better prepared for the outcome.

 

First & Foremost

The at-fault party is required to compensate for various expenses. These include:

  • Medical related expenses (immediate and future)
  • Lost income
  • Permanent physical disability or conditions
  • Fear of impending injury or death
  • Emotional distress damages
  • Damaged property

 

The Calculation

When calculating the value of your compensation, it is easy to add up medical expenses and property damage. However, there is no precise way to put a dollar value on things like pain and suffering or lost opportunities. Therefore, the insurer will most likely use the medical damages as the base figure to calculate compensation for nonmonetary losses or general damages. From there, the amount could be multiplied by a certain amount depending on the severity of the injuries. Any lost income must be accounted for and then negotiations take place.

 

Fault

Percentage of fault is the last factor of the compensation equation. If you were found at fault for any percentage of the accident, it will have an effect on your bottom line. In a contributory negligence state, you may not be able to recover any compensation. In a comparative negligence state, the percentage of fault at which you are found will be subtracted from your total compensation. Make sure to check which type of negligence rules your state follows before filing your claim.

 

Contact Us Today 

When you are injured in an accident, you have two choices – you can rely on an insurance company to provide you with a settlement or you can call on an injury attorney and take legal action. For a free consultation to discuss the options for your individual case, contact us at The Cochran Firm New York today at (212) 553-9215.