Reno Personal Injury Lawyer Reveals How Insurance Companies Calculate Car Accident Settlements
Dec 3, 2019
Know what is factored into a personal injury claim settlement to take the right steps to be fairly compensated for damages. A simple misstep, like not factoring in a need for future medical treatment, could cost thousands of dollars.
Reno, Nev., United States - December 2, 2019 /MarketersMedia/ —
Reno Personal Injury Lawyer Matt Dion has identified five guidelines to help those facing a settlement with insurance companies be fairly compensated for the damages suffered. Settlements are meant to make accident victims whole, and to put the injured party back in the same position that they were in before the event that caused damages.
But, the goal of all insurance adjusters is to settle claims for the lowest amount possible. Property and casualty insurance is big business. Statista.com reports that the net premiums of the U.S. property and casualty insurance industry amounted to approximately 617.96 billion U.S. dollars from 2004 to 2018.
As a result, Dion's first guideline is to never accept the first offer made by the insurance company. An experienced attorney whose goal is to get you fair compensation for your injuries will be able to negotiate on your behalf to get a more equitable settlement amount based on your specific case.
"Many people don't understand the process of negotiating with insurance companies and what data insurance adjusters use to determine how much to offer in a settlement," said Managing Partner Matt Dion of Matt Dion & Associates.. "Because they don't understand it, insurance companies are more likely to shortchange them. A common costly mistake is forgetting to anticipate the need for future treatment for injuries."
Dion explained that people only get one opportunity to file a claim for medical bill compensation. Insurance adjuster oftentimes refuse to pay all the related medical bills, claiming the charges were too high and the treatment was unnecessary or too long.
Dion's second guideline protects against that. If there is a need for future treatment, that should be estimated and submitted in the claim because you cannot go back and file another claim for more money if injuries continue or resurface.
His third guideline instructs victims to understand what is factored into determining personal injury claim settlement amounts and act accordingly. Many adjusters use a software system called Colossus that allows them to input all the points of data and provides them with a range in which to negotiate. Most of the software programs also factor in if there is an attorney involved and the track record of that attorney to garner larger settlements on behalf of clients. The system is designed to offer less of a settlement to victims without an attorney, making it vital to have proper representation at the negotiation table.
Since consumers cannot access Colossus or other adjuster tools, it is important to know what points of data are input to provide you with a settlement number.
Dion's fourth guideline reminds victims to always include the cost of repairs to property damage where appropriate. This includes damage to your vehicle, motorcycle, or even structures, like a garage or house. In many cases where an insurance company pays the value of the car in its state prior to the accident, it is rarely enough to get a replacement vehicle because of depreciation. So be aware of your vehicle's value.
Having a clear understanding of what can be included in a pain and suffering claim can also help claimants be properly compensated and help their position at the negotiation table.
Matt Dion's fifth guideline tells claimants that pain and suffering claims can include loss of quality of life, which covers general limitations of what the claimant can do and experience; and loss of enjoyment of life, which specifically addresses a talent or pastime they can no longer pursue. Adjusters will argue that the value of pain and suffering is limited especially where recovery has been good.
Insurance policy limits should be kept in mind. No matter the injuries or pain and suffering, insurers will not offer a settlement in excess of the at-fault driver’s policy limits. So even claimants with a legitimate claim of $50,000 will only receive $30,000 as a settlement if the policy caps at $30,000. A good attorney can advise people of their rights when damages exceed insurance coverage, including whether they can make a claim under their own policy.
Getting the maximum settlement from a claim is a delicate balance of what they are facing now and what they may face in the future as a result of the accident. Experienced car accident attorney, Matt Dion, can help navigate the insurance companies and get the necessary compensation to put lives back together. Dion offers free consultations for those with questions on how to handle car accident settlements. Contact him at https://www.mattdionlaw.com
Contact Info:
Name: Matthew L. Dion
Email: Send Email
Organization: Matt Dion & Associates, LLC
Address: 275 Hill St #248, Reno, Nevada 89501
Phone: 775-737-4500
Website: https://mattdionlaw.com
Source: MarketersMedia
Release ID: 88936378
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