How Your Insurer Determines Your Claim

If you are involved in a personal injury of any nature, your next focus is on compensation. That explains why you would seek support from a reliable personal injury lawyer NY has to offer. All the same, it is important to understand how your preferred insurance company arrives at the figure that you finally take home as compensation.

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Understanding the value of your claim is the hardest part of the claim process. There is no one formula to determine it as it varies based on your individual circumstances. Even after involving a certified personal injury lawyer NY has to offer, here is what you need to know about the process of judging the value of your claim.

What Your Insurer Compensates

To arrive at the approximate value of your claim, you should first know what your insurer is liable to compensate. Usually, the person or company that is responsible for your injury must compensate you for the following:

·         Medical and recovery expenses

·         Lost wages or employment due to the injury

·         Physical disability or defects caused by the injury

·         Loss of social or educational experiences brought about by the injury

·         Emotional damages, which may imply to stress, depression, and more.

 These are just a few examples of what your insurance company should compensate. However, if you involve a legal expert such as a personal injury lawyer NY has to offer, you can discover more about other things that are entitled to compensation.

How the Insurance Company Determines Damages

While it varies from one individual insurance company to another, it is advisable to understand a general outline of the process. For example, to determine the value of compensation, the insurance company has to consider the money lost and spent. However, there is no exact way of determining the value of pain or suffering that a person has undergone. Similarly, it is difficult to determine the value of lost opportunities.

Therefore, to arrive at an approximate figure, the adjuster combines total amount of money spent on medication and uses that as the base figure for judging your compensation. The adjuster then multiplies the amount by a specific figure between 1.5 and 10. This figure depends on the amount of the medical expenses. The adjuster adds the amount lost in wages and income due to the injury. This is not the final value but just a basis for determining compensation in a personal injury claim.

Calculating the Percentage of Fault

When calculating the value of your claim in a personal injury, your insurer considers the degree at which you are at fault. Involving an expert such as a construction accident lawyer New York has to offer can reveal more about this aspect. Besides, a certified personal injury lawyer NY currently has can negotiate with your insurance company for better terms.

Determining the percentage of fault helps your insurance adjuster know the degree of your fault in the accident. Based on the estimate, whether it is 20, 30, or 75%, the insurance company calculates your compensation. However, you can discover more about this aspect by getting expert help from providers like a SCAFFOLD ACCIDENT LAWYER IN NEW YORK.