Did you know that the average annual car insurance premium in the USA was $1758?
If you are a car driver, you might feel that you are paying this money each year without getting any return.
If one day you have an accident, you know that you can use your insurance to meet your bills, right? It is not always so easy. Claiming on insurance can be a complicated procedure.
Why not read on to learn more about insurance settlements and predicting how they will go.
How Much Could I Expect if I Win?
There are so many factors that will affect your claim and the settlement amount that it is difficult to predict. However, a broad guideline figure of 3 times your costs is often accurate.
When considering your lawsuit, the judge will take into account a number of factors. These will include your physical condition after the accident and therapies that you are undergoing. They will include psychological treatments in this assessment.
In many cases, you will only be able to reach a court settlement after the completion of treatments. This is to prevent a second or third claim should costs be higher than expected.
How Are Settlements Calculated?
There is no one industry standard for the calculation of insurance settlements. The evaluation of each case is based on the facts of the case and the resulting injuries.
Some injuries such as whiplash after a car crash are not readily apparent. Therefore, you should have a doctor examine you as soon after the accident for initial injuries. however, it is also important to wait for a few days after your accident to have the medical report finalized.
How to Create an Estimate
If you want to get an idea of how much you could be awarded as a settlement, consider a figure three times higher than your expenses.
As an example, let’s consider a person who suffers a car accident through no fault of their own. As a result, they face medical bills of $10,000. In addition to this the man is unable to work for one week, he loses $2000 of personal income. The settlement may be as much as $36000 or higher.
If during the doctor’s assessment he finds a long-term or permanent injury, the settlement amount for medical and trauma will likely be significantly higher. It may be higher still if the at-fault driver was found to be DUI.
What Could Limit the Claim?
If you are claiming from the other person’s insurance company, you will likely come across their policy maximum. There may not be a way to receive more from the company than this amount.
For example, in the case mentioned above, the settlement fee maybe $36000. However, if the insurance company’s policy maximum is $30000, you may need to pursue litigation against the person personally to receive the additional $6000.
Predicting Insurance Settlements and Much More
If you are considering opening a case to get compensation for your loss, it is important to consider your chance of winning. This is why it is important to plan ahead when pursuing insurance settlements.
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