When you file a personal injury claim, you may hear from the insurance company of the person or entity that you file the claim against. Most people are not used to filing claims and hence aren’t always sure how to handle the insurance company. What do you say? How does the insurance company decide on a settlement? Here is what you need to know about talking to the insurance company and how the company comes up with a settlement value.
What to Do When the Insurance Company Calls
When the insurance company calls, it is important for you to remember that the insurance company is not necessarily on your side. It does not want to lose money and hence you need to be careful about what you say. Do not discuss specific details of your case, as they could find a way to use those details against you during the trial. Remember, everything you say can be held against you.
You can give the insurance company the basic details about the accident. Do not take the blame for anything and you can always tell the company that it is still under investigation. Your best option is to speak with a lawyer beforehand and he or she can discuss with you the dos and don’ts of your phone call with the insurance company.
In some cases, you may even decide to delegate the phone call to your lawyer. Your lawyer will have more experience discussing the ins and outs of a settlement and ensuring that they do not say anything that could compromise your case.
How the Insurance Company Calculates Settlement
Insurance companies use special calculations. These calculations are known as the damages formula and it can help them to determine the worth of your personal injury claim. These calculations include medical bills, rehab costs, lost wages, and pain and suffering. Normally, the adjuster multiplies the medical special damages by a number that is usually one and a half or three times. The multiplier that he or she chooses is usually based on the severity of the injury.
When it comes to dealing with insurance companies, it can be complicated. Keep in mind that insurance companies are there to make a profit. This means that they are not always going to give you a fair settlement. You need a lawyer to be able to help you calculate what your case is worth and how to handle negotiations. For a consultation with a car accident attorney in Melbourne, FL, contact one today!
Thanks to the Law Offices of Arcadier, Biggie & Wood for their insight into personal injury claims and how to work with the insurance company.