How Insurance Companies Calculate Car Accident Settlements






In a scenario that you are driving carefully, with full attention in driving, and following the traffic laws, then you are inherently deserving to compensate the property injuries and damages caused by the other individuals reckless driving. The person who is in charge in the compensation depends upon the state that you are living. In cases that the insurance company of the defendant is responsible, how much do you think is the calculated amount of the settlement. This fact may leave you a complicated situation.

Hiring a car accident attorney in this situation of your life will help you ease the issue. We will share with you detailed information on how the insurance companies calculate the car accident settlements. 

There is no formula

In general, insurance companies don’t have one master equation when it comes to calculating the car accident settlements, but various companies use a software system known as Colossus. This method is the effective use for calculating the costs of the damages; they input the given information then a number will split out afterward. The Colossus will provide you the basic understanding in the calculation of the loss expenses.


Damage to your vehicle

A car accident settlement for your damaged property will be the value of replacement or repair parts - except for the fact if the damages are more than the worth of the vehicle. For the instances like this, the insurer will reveal a full loss for this matter but do not jump just yet. It doesn’t mean that the company will replace your car with a brand new one. The company will give you the recent amount of your vehicle, including the reduction in the value of the property. This statement is clearly saying that the amount won’t be enough to buy you a brand new car without any expenses that come out from your piggy bank.

Calculating the indemnity for the car accident injury is more complicated. This automobile accident settlement such as the personal injury compensation is an addition to anything that you committed as a result of an asset damages claim. This agreement depends upon your medical expenses, and any loss of wages happens due to injuries that prevented you from doing the job.

A gentle reminder. Once you’ve settled down with the insurance company before your medication has completed, the company has nothing to do with the medical bills or any medical expenses that you will incur. It is seldom to hear that you can go back and ask for the claim.

Pain and suffering claims

When it comes to pain and suffering compensation, the settlement is added to the damage property costs, medical expenses, and lost income. There is some insurance company who uses multiplier when it comes to calculating the pain and suffering pains, depending on how they believe to be a reasonable claim for your sufferings.


No fault insurance states

If you have resided in no-fault insurance state, your insurance company is responsible for paying your claims, regardless of whoever is at the blame, this means that your requests for pain and suffering and medical bills or lost wages are eliminated.

For you to get the further understanding of how these methods work during car accident settlements, hiring a car accident lawyer will assist you to deal with this matter. You need to familiarize yourself regarding the basics of compensation and damages. 
Location: Access Rd, Albuquerque, NM 87123, USA

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