After an accident that left you with injuries, you may be tempted to negotiate and settle your personal injury claim yourself. Almost without exception, those who choose this route leave money on the table.
Read more below about the importance of knowing the true value of your claim for damages.
Your claim is comprehensive
Before negotiating with the insurance company, you will need to add up all the expenses related to the wreck that injured you. Sounds simple, yet claimants who file their own claims often forget many expenses associated with the wreck.
For instance, all of the following could swell your claim substantially if added:
- Tolls and parking fees – These can add up over the course of your treatment.
- Co-pays and out-of-pocket expenses – Any charges that you covered yourself may be reimbursable.
- Costs for police reports and medical records – These often get overlooked when filing claims for damages.
- Lost wages – Calculate the value of the wages lost due to the accident.
Make sure that you include documentation for each expense you include with your claim.
Understanding value of general damages
All the above expenses fall into the category of “special damages.” These are far easier to determine because they have specific costs. Calculating general damages, however, is a lot more of an art than a science.
General damages are a far more nebulous concept because the claimant must put a dollar value on the amount of pain and suffering they experienced as a result of their injuries in the car accident. These figures are not pulled out of thin air. Rather, they are calculated using formulas that factor in the acceptable amounts paid out in similar claims in the region.
Few lay people calculate claim amounts correctly
In fact, they are likely to walk away with settlement offers that fall far short of the true value of their personal injury claims. Don’t leave money on the settlement table! Maximize your claim by letting the professionals handle it.