How Do Insurance Companies Calculate Car Accident Settlements?
No one looks forward to interacting with the insurance company after a car accident. However, it’s essential for getting the compensation you need to pay for repairs and get on with your life. There are so many ways that a company may try to avoid giving you what you deserve. How do you know how much to expect from a car accident settlement?
Insurance companies use a wide variety of different factors to calculate the settlement amount that they offer you. Every case is different, and the process is very subjective. Their goal isn’t necessarily to measure how much you deserve for your accident but to offer you the smallest reasonable settlement that you’ll accept under the circumstances.
Types of Damages
Every sort of damage you suffer in a car accident may be assessed in the process of calculating your settlement. One type of damages you’ll be looking at will be damage to your car. A claims adjuster may come to inspect your vehicle and assess the damage done to it.
The compensation you are offered will be based on the cost of repairing or replacing the broken parts. If fixing the car would be more expensive than replacing it, then they’ll probably offer to compensate you for the cost of the vehicle.
You may also be able to claim damages from any injuries you sustained in the accident. If you get hurt in the accident, you should document all of your medical costs and any wages you miss out on because of your injury.
The precise costs and the subjective emotional cost will depend on the types of car damage and the injuries you’ve sustained. This can be complicated when you need extensive further medical care in the future.
What’s Your Policy?
To know what to expect from your car insurance after an accident, you’ll need to look at the particular insurance policy and see what is or isn’t covered. If you or the liable driver in an accident doesn’t have personal injury protection, you might not be able to get compensation for your injuries.
Insurance policies also come with limits on the amount of the settlement. If the other driver’s liability policy or your comprehensive coverage has a low cap and your car is severely damaged, you may find yourself falling short of the money you need to cover your expenses.
Get a Professional On Your Side
In the end, there is no foolproof way to determine how much an insurance company should or will give you. Finding an experienced lawyer to work with you can help you avoid the insurance companies’ tricks and maximize your compensation.
If you are wondering how long do car accident settlements take, you are far from alone. This is one of the most commonly asked questions attorneys hear from their injured clients. The truth is, the car accident injury settlement process will be different in each case because no two accidents are alike.
Your attorney can tell you what a reasonable settlement should be based on your situation. They will fight for your claim if the insurance company is offering you less than you deserve.