If you have been made the victim of a personal injury accident–whether it be an auto accident, slip and fall accident, or otherwise–you may react by filing a claim with the at-fault party’s insurance company. From here, the insurance company may come back with a monetary amount to settle your claim, in avoidance of it having to be dealt with in a Florida court. Continue reading to learn what elements an insurance company may consider when making a settlement offer and how an experienced Hillsborough County personal injury lawyer at Merricks Law Group, P.A. can ensure you do not agree to anything less than what you are rightfully owed.
What factors might an insurance company consider when making a settlement offer?
First, before making a settlement offer, an insurance company may review the costs of your bodily injuries. This may include the cost of your ambulance trip; emergency room visit; hospital stay; surgeries, treatments, and prescription medications; and follow-up appointments with your primary healthcare provider.
Then, they may use what is known as the multiplier method. This takes a factor anywhere between 1.5 and five and multiplies it by the cost of your calculated bodily injuries. This accounts for the costs you may continue incurring in the weeks, months, and even years post-accident until you can fully recover.
In addition, if your personal property was involved in your accident, an insurance company may add the costs to repair or replace it in their settlement offer. This is not to mention their factoring in lost wages that you have incurred and are expected to incur in the future.
What are the chances an insurance company will provide coverage for my non-economic losses?
An insurance company may also provide coverage for your non-economic losses alongside your economic losses where they see fit. Similarly, they may use the multiplier method; multiplying a factor between 1.5 and five to the total cost of your economic damages (i.e., medical costs, property damage costs, lost wages, etc). Again, the factor they may choose is dependent on the severity of pain, suffering, and emotional distress they believe you have endured from your accident.
However, you must understand that an insurance company is simply a business looking to meet its bottom line. So it may be more than likely that they will minimize the extent of economic damages you suffered and even deny your recovery of non-economic damages altogether. In this case, you must not let them lowball you, but rather take the matter to court.
Undoubtedly, there is a lot to consider when settling your case. This is why your next order of business should be to initiate a conversation with a skilled Hillsborough County personal injury lawyer. Someone at Merricks Law Group, P.A. will be awaiting your phone.
