When you are injured in an accident, insurance companies usually offer a settlement for your pain and suffering in addition to your medical, repair and legal liens. Learn how they determine this amount and whether or not you are receiving a fair offer.
How to Get a Fair Pain and Suffering Insurance Settlement
After an auto accident that causes an injury, you will have to deal with multiple issues for reimbursement to make yourself whole again. In addition to payment for your medical expenses, a rental car, repairs to your vehicle and your legal fees, the other party’s insurance may offer you a pain and suffering settlement. With professional services from a personal injury in lawyer Las Vegas, you can determine if the offers from the insurance companies are fair.
Simple Factor Method
Many insurance companies use a simple factor method to make an offer for pain and suffering. A typical factor is three. The insurance provider may add up the cost of your medical bills and auto damages and multiply that number by three to reach your pain and suffering offer.
Complex Multi-factorial Formulas
If you had a severe injury after an auto accident, the company might use a complex, multi-factorial formula to calculate an offer for your pain and the suffering you experienced due to the accident. These computer-based algorithms take into account your age, occupation, severity of the injuries, your recovery time and lifestyle such as whether you have young children. These offers are often higher than a simple multiplier.
Your attorney may consider taking the insurance company to court if you do not get a fair offer. In this situation, a jury may determine your monetary settlement for pain and suffering. If you experienced an injury that could be lifelong or that was severe, the jury may give you a considerably higher settlement than what the insurance company offered through negotiations. You will need evidence of your injuries, including treatment plans, care to date, medical records and statements of how the injury impacted your life.