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How do insurers value an injury claim?

On Behalf of | Feb 1, 2024 | Personal Injury

After an accident that wasn’t your fault, you may wonder how the at-fault party’s insurer will value your injury claim. Insurance companies use several factors to determine the settlement value of a claim.

Understanding these factors can help you better advocate for fair compensation.

Medical expenses

One of the primary factors insurers look at is the amount of your medical expenses related to the accident. This includes hospital bills, ambulance fees, doctor visits, physical therapy and prescriptions. Insurers will request your medical records and bills to tally these costs.

Lost income

In addition to medical costs, insurers will calculate any income you lost due to missing work for treatment and recovery. Supporting documentation such as pay stubs and a letter from your employer verify these losses.

Pain and suffering

Unlike economic damages like medical bills and lost wages that can be precisely calculated, pain and suffering is a more subjective element of a claim. Adjusters will estimate this based on the type and duration of your injuries. More severe, permanent injuries warrant higher pain and suffering damages.

Comparable settlements

Insurers will also look at verdicts and settlements in similar cases to value your claim. Your negotiator can leverage these averages during settlement talks.

Understanding how insurers value claims can empower injury victims to seek fair compensation. Tracking expenses, documenting lost income and estimating pain and suffering are key to reaching a satisfactory claim settlement. With a reasonable demand backed by evidence, you can avoid lowball offers and delays from insurers.