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If you are injured in an accident, you may be entitled to financial compensation for your related losses and expenses, including your medical bills. This compensation may come in the form of a personal injury settlement with an insurance company. Understanding how insurance companies determine settlements may help you maximize your monetary recovery as a victim.
In Missouri, the civil justice system allows an injured accident victim to receive financial compensation for both economic (tangible) and noneconomic (intangible) losses. Understanding which losses are compensable can help you create a comprehensive list to submit in your demand letter to the insurer. If you file an insurance claim or personal injury lawsuit in Kansas City, you may be entitled to receive compensation, also known as damages, for the following:
Calculating a victim’s economic damages requires adding up all of the bills and receipts associated with the accident. Calculating noneconomic damages is more difficult, as it does not rely on hard evidence. A jury may use the Multiplier Method, the Per Diem Method or no method at all to calculate pain and suffering. The Multiplier Method multiplies the total amount of economic damages by a number that is appropriate based on the severity of the victim’s injuries. The Per Diem Method multiplies the total number of days the victim will have the injury by a daily amount that is usually equivalent to his or her daily wage.
After you file an insurance claim for an injury, the company will assign an adjuster to your case. The insurance adjuster will review your claim and any evidence that you submit. The adjuster will investigate the accident and determine how much your case is worth. Then, he or she will submit a recommendation to the insurance company to either accept or reject your claim. If the adjuster believes your claim is valid, he or she will also recommend to the insurer how much to offer as a settlement.
A claims adjuster can consider many factors when calculating a settlement for a claimant, including:
Note that an insurance claims adjuster will look for any reason to deny payment or reduce the value of your claim. The adjuster’s goal is to save the insurance company money, not to help you recover. This is why it is important to understand the true value of your case with assistance from a personal injury lawyer in Kansas City before accepting a fast insurance settlement.
Statistically, most accident victims receive greater settlements when they are represented by attorneys versus representing themselves. An insurance company is more likely to take an attorney seriously and treat a claimant who is represented fairly. Hiring a lawyer could result in a greater financial payout, even after you pay attorney’s fees. A lawyer will give you a realistic assessment of your case and help you pursue maximum financial compensation using proven negotiation strategies. With help from an attorney, you can be sure that you achieve the best possible financial outcome for your claim.