How Much Is Your Personal Injury Claim Worth?
Tuesday, February 10, 2009 15:34
A personal injuryrefers to a physical injury, disease or illness, or a psychological injury or illness. Personal injury compensation claims can be made when one have suffered injuries in an accident. Injury related loss could be monetary losses and other non-monetary losses.
Figuring out how much your own accident injuries are worth is a critical aspect of any personal injury claim, and it’s the part of a claim that is most hard to determine. The amount will vary depending on your individual circumstances.
The following is a brief overview of how insurance companies determine the value of one’s personal injury claim.
To decide what a claim is worth, you must first know the types of damages for which you can be compensated. Usually, a person who is liable for an accident, which means his or her liability insurance company, must pay the injured person. The types of damages that need to be compensated include expenses for medical care and related aspects, income lost due to the accident; permanent physical disability or disfigurement; loss of family, social, and educational experiences; emotional damages like stress, embarrassment, depression, or strains on family relationship; as well as damages on property. When determining compensation, usually it is simple to add up the money spent and money lost. However, there is no precise way to put a exact figure on pain and suffering or on missed experiences and lost opportunities.
That is where a damages formula by insurance company comes in. When claim negotiations begin, an insurance adjuster adds up all the injury-related medical expenses to get the the base figure of a compensation.
Advices from experts in practice could be of some help for one to save some time. These days, the no win no fee policy of many law firms or compensation consultancies have brought great convenience to the ones in need.
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