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“This Is My Settlement?” How Do Insurance Companies Determine The Value Of A Harrisonville, MO Car Accident Injury Claim?

If you've been injured in a Harrisonville, MO car accident, there is a good chance that an insurance adjustor will call with a settlement offer. The offer may seem high at first, but chances are the initial offer is actually low. Remember, insurance companies are businesses, and like all business, their main interest is company profits.

So what should the insurance settlement cover? Our Harrisonville, MO auto accident lawyers explain fair settlements.
The insurance company of the at-fault driver must compensate you for:

• Medical care and related expenses
  
• Property damage
• Any income lost because of the accident, including any time that you took off from work for medical appointments.

These damages have fixed values. You have medical bills that show the amount your treatment cost. Your mechanic can give you an estimate for property damage. And, your pay stubs will show any loss of income.
They may also compensate you for:

• Permanent physical disability or disfigurement
• Pain and suffering
• Stress or depression related to the accident or your injuries
• Strain in family and social relationships
• The loss of family, social, and educational experiences, including any missed events

It is more difficult to put a dollar value on pain and suffering or on time lost with a child.

An insurance company will use a formula to calculate total damages. They will add up the medical expenses ("medical special damages" or "specials") and multiply them by another number in order to calculate your non-monetary losses or "general damages". For a minor injury, the medical expenses are multiplied by 1.5 or 2. For a serious injury, they may be multiplied by a factor of 5 or more. The adjuster then adds on the income lost as a result of the injuries. This gives a total value of your accident claim.

Still, this may not be the amount you get. The total cost is then multiplied by the percentage of fault for the insured driver. In a fair scenario, that will be the amount that you are offered.

However, like I said, insurance companies want to protect their profits. Giving large settlements doesn't help their bottom line. So, insurance companies use several tricks to lower settlements. We've listed three, but you can learn more in the article, "A Kansas City Auto Accident Lawyer Warns Of Five Tactics An Insurance Company May Use To Save Money On Your Claim".

1. They try to get you to admit fault. This lowers the percentage they must pay you.

2. They offer a settlement before your treatment is complete. This excuses them from future medical bills.

3. They use recorded statements to discredit your injury. To learn more about recorded statements, read our article, "Should I Give A Recorded Statement To The Automobile Insurance Company?"

A Harrisonville, MO auto accident lawyer works to protect your MO accident settlement and get you the maximum amount of compensation. To discuss your claim with an experienced Missouri accident attorney, contact Kansas City Accident Injury Attorneys at 888-348-2616.

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