The victim of an automobile accident becomes aware of his or her losses. A lawyer can identify the future losses, including those caused by an injury. Both groups of losses get considered, during a calculation of the claim’s value.
The most obvious losses
• Medical expenses: Cost of treatment, medication and medical equipment. Doctors’ bills.
• Income lost while recovering from injury.
• Consequences of serious injury, such as development of a disability.
• Damaged property
Lawyer’s questions to client/victim: Each of them can reveal other losses:
• Did you lose an opportunity to take part in some type of training program?
• Did you lose a chance to pursue your education?
• Did you lose a chance to enjoy a family vacation?
• Did you experience any pain and suffering?
Estimation of the injury’s value
In order to estimate the value of a claimant’s injury, the insurance company adds up all of the various medical expenses. If that injury caused a serious problem, such as a disability or a disfigurement, then the sum created by adding the medical expenses gets multiplied by a figure of 5 or more.
On the other hand, if the injury did not cause any serious problems, then the sum created by adding the medical expenses gets multiplied by a figure between 1.5 and 4.5. If the claim had been made following a simple collision, the insurance company would probably multiply the sum by just 1.5.
After the insurance company obtains that product, it adds that that product one more figure. That is the amount of income that the victim/claimant lost, while recovering from his or her injuries. By adding together both the product from multiplication of the summed medical expenses and the chosen number (usually between 1.5 and 5), the insurance company obtains a rough estimate of a given injury’s value/worth.
So, how does the insurance company use that piece of information? It shares the result of those calculations with the adjuster, the one handling the claim created by the injured claimant. Then the adjuster has a figure that can be used during the course of negotiations.
Now, the adjuster never mentions the origin of the number that he or she quotes, while negotiating with the claimant. Instead, the adjuster uses that figure at the start of the negotiating process. Personal Injury Lawyer in Moncton knows that figure becomes the adjuster’s initial offer.
Typically, the adjuster’s initial offer falls far below the amount of money that the claimant hopes to receive for a given injury and associated losses. Consequently, the claimant responds with a higher bid. Then the two disputing parties keep proposing bids, until the 2 of them finally agree on one figure. The claimant should get the agreement in writing, along with the payment’s date.