What You Need To Know About Car Accident Claim Payouts
If you were recently involved in a car accident and filed the claim immediately, you should receive a settlement notification from the insurance company soon enough. However, it’s not surprising to find that the car accident claim payouts, is often less than what you expected.
What Goes Into Calculating Car Accident Claim Payouts?
Note that, since each car accident is different, there is no precise mathematical formula used to calculate these payouts. However, a variety of factors are used to determine the amount of compensation for each claim. These include whether there is a personal injury involved, the nature of property damaged in the accident and also the limits of the insurance policies in question.
• Damaged Vehicles
For instance, if your vehicle is the only property damaged in the accident, the amount of compensation should be the cost of repairing it or the replacement of the car in general. Take a good example where your bumper is damaged in the accident. Here, the insurance company will provide reasonable compensation for repairing a damaged bumper.
In cases where the cost of repair exceeds the overall value of the car, the insurance company may decide to pay for the replacement. However, the payout is calculated on a depreciation formula of the old vehicle and not the cost of a new one. As a result, the amount of compensation might not be enough to get a new vehicle.
If you have sustained any injuries from a car accident, the payout might be negotiated in a different way than that of any property damage. For instance, if you were injured in the accident as well as your vehicle sustaining some damage, you would receive an extra amount for the injuries.
Here, the amount is determined by checking the medical bills, loss of wages and the extent or nature of injuries as documented in the doctor reports. Note that; these reports will have a substantial influence on the amount of compensation you should receive. That’s why it’s prudent to disclose everything for the best results.
• Pain And Suffering
Besides the medical bills, there is an additional amount considered for any future and past discomfort from the injury. After completing the medical treatment and released by the doctor, you should be categorized as ‘permanent and stationary’ to qualify for this compensation. It means that at that point of treatment, no further improvement is expected.
If there is any future treatment anticipated, the compensation should have an estimate. For those individuals with scars from the accidents, you might receive additional compensation for permanent disfigurement. Other factors that qualify include persons with chronic pain conditions after the accident and serious injuries that take longer to heal.
In conclusion, if you settle for any compensation before your treatment is completed, you waive all rights to future compensation. Also, you can only receive compensation from one insurance company. Therefore, you can’t file the same claim later requesting for further compensation. Keep in mind that with the right personal injury lawyer your case is in good hands.