How Do Insurance Companies Calculate Damages After a Crash?
- October 26, 2019
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Have you been in a car crash recently? If the answer is yes, then chances are that you’re dealing with a number of hefty bills. From medical expenses and vehicle damages to lost days at work and emotional distress, the damages of a car accident go beyond the simple financial hit.
Calculating Damages for Insurance Claim
While you can’t get adequate compensation for the trauma and pain, the closest you can get is the recompense for both physical and emotional damages in the form of a payout.
Calculating damages can be tricky for insurance companies; however, they rely on a number of factors to determine the appropriate amount of compensation. If you’re currently having trouble understanding these factors, here are a few things you need to be aware of.
- When the damage is only to your vehicle, the insurance company will pay you the costs involved in the repair and replacement of the damaged parts.
- If the costs of repairs and replacement exceed the amount at which your car is valued, the insurance company may declare the vehicle a “total loss.” When that happens, you’ll get compensation that equals the amount of the current value of the car—not its purchase price.
- Apart from the property damage, if you’ve suffered an injury that resulted in medical bills, you’re compensated for that as well.
- If you were admitted to the hospital or had to miss work during recovery, the insurance company will also pay you to make up for the lost wages.
- Depending on the nature of the injury and its treatment, compensation may vary in different cases.
- Injury means pain and emotional distress, both of which are also a contributing factor in calculating the amount of the settlement.
- If your injury is likely to have a long-term impact on your psychological and physical health, the settlement will be decided on an estimate of the costs of future treatments.
- Scars, bruises and disfigurement also warrant additional compensation.
Keep in mind that the insurance company may try to pay you the lower limit of every compensation claim and may try to cut down on compensation against trauma and suffering. To make sure that your insurance company isn’t treating you unfairly, hire a personal injury lawyer as soon as possible.
Personal injury lawyer Richmond can expertly evaluate the situation and help you get fair compensation. At The Estes Law Firm, our goal is to help you get the compensation you deserve after going through this traumatic event. We are here to fight for you so get in touch with us today if you’re based in Richmond, Texas.