Have you been hurt in a vehicle crash and the insurance company offered you a paltry sum to settle your case? This is a common occurrence for those who have been injured in accidents, and it may have you wondering how insurance companies choose how much to provide in compensation. Since each accident claim is unique, insurance companies do not have a single, universally applicable mathematical method for determining your payment.

Nonetheless, there is a formula they employ to figure out how much your claim is worth. For the four most important considerations that insurance companies use when making settlements, please refer to the list provided below.

Talk to a Toledo car accident attorney specializing in personal injury law about your options.

Settlement Offer for Auto Accident Insurance

Insurance Payouts for Crashed Cars

The insurance company will usually only cover the cost to repair or replace the broken part of your car after an accident (s). This is not the case, however, if the cost to restore the car exceeds its worth and it is declared a total loss. When this occurs, insurance companies often make payments based on the item’s fair market value. You might have gotten more money out of selling your automobile on the day of the accident than you would have gotten from buying a brand-new one. The cost of a new car will often exceed this amount.

Awards for Damages

Both the cost of repairs to your vehicle and the cost of medical care for any injuries you sustained are negotiable, but the cost of your medical care is not. The insurance company will pay you more money if you break a bone in an accident. In Ohio, this is included in the injury claim that also accounts for pain and suffering and is calculated based on the total medical expenses and the extent of your injuries indicated in the medical reports.

Consolation Payments for Suffering

Compensation for pain and suffering is possible, in addition to reimbursement for property damage and medical bills. This is in addition to any medical costs incurred as a result of your accident, and it is meant to recompense you for your suffering, both now and in the future. Your settlement should also account for the possibility that you will incur further medical expenses in the future, should your doctor predict that you will. Hire a personal injury lawyer to analyze the insurance company’s settlement offer before you accept it.

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