When you have been through an accident, concerns quickly mount as to how everything will get paid. You have medical bills coming in daily, you are missing work – and the uncertainty of it all can also cause a good amount of stress. Understanding just how much and how quickly you can be compensated is a necessary piece of being able to relax and heal.
While it is impossible to provide you with an exact number in this format – there are too many types of injuries, and too many factors that go into payment – we can explain what you can expect after sustaining an injury, and how a personal injury attorney can help.
Should I Go to Court?
Emotions run high after an accident, and wanting to go to court may be an initial response. However, let’s take a step back.
In most cases, workers’ compensation insurance , personal insurance or auto insurance that will cover lost wages and medical bills is generally in place. Verifying your policies and what they provide for is an important first step. Experience has taught us that you cannot always trust the insurance companies to operate in your best interests when it comes to pain and suffering estimates.
Still, coming to a settlement and avoiding a court case when possible will prevent drawn-out and expensive delays in receiving payment.
In most cases, accepting the insurance company’s first offer may not be to your benefit. Your personal injury attorney will be able to advise you as to if you are being treated fairly, and help you to fight for the maximum amount you are due. Should a lawsuit become necessary, they will advise you at that time.
Who Is Responsible to Pay my Accident Claim?
Each injury will be different. Florida is a no-fault state for car insurance. This means that no matter who is at fault for your Sarasota or Bradenton area car accident, your insurance company will be responsible to pay the claim up to the amount of your PIP coverage (usually $10k).
Regardless of who is at fault, this coverage will go towards medical bills, out of pocket expenses, and lost wages.
After that is exhausted, the at fault party in the accident (and their insurer is responsible. However, in another type of accident, such as a slip and fall, the at-fault or negligent party’s insurance company will most likely be responsible for payment.
As you may expect, there are circumstances that may change these basic rules, such as if you file a wrongful death claim against a party in an accident.
How Do Insurance Companies Calculate a Claim Payment?
Let’s face it – the insurance company is trying to settle a claim quickly, and for the very least amount of money. Some numbers are generally set in stone – a percentage of your income for lost wages, for instance.
However, the intangibles, such as pain and suffering and emotional effects, are highly subjective and harder to agree upon.
“Multipliers” are one of the most common methods the insurance company utilizes for calculating the total amount they will offer for your claim. A computer model adds up your medical bills and lost wages. The program then assigns a multiplier, generally between between 1.5 and 5 based upon the severity of your injuries, to determine the dollar amount of the pain and suffering component they will offer you.
Here is an example scenario to illustrate this process:
- You broke your leg in a fall and incurred $3,000 in medical bills and lost wages.
- The insurance company determines that your level of pain and suffering is a 2.
- Multiplying ($3,000 x 2) results in $6,000.
- Adding the two numbers together results in a claim settlement offer of $9,000.
It is important to point out that your accident claim to your or the at fault party’s insurer cannot exceed the amount of the insurance policy.
For instance, if your bodily injury coverage limit is $50,000, you cannot sue your insurance company for $100,000.
Keep in mind there may be other parties involved, such as a corporation, who have much higher limits than you do.
How to Maximize Your Accident Claim
It is not hard to imagine a scenario that the insurance company assessment of your pain and suffering does not match with your view of the same. This is why having an experienced personal injury lawyer on your side is so important.
While these cases are still often settled out of court, we can work hard to see that you are fairly compensated for the true value of your injuries.
When it comes to settling a personal injury or accident claim, it is important to not go it alone. Having an experienced Sarasota personal injury lawyer on your side advocating for you is the best way to ensure that you recover a fair and reasonable amount reflective of the injury you sustained.
