A car accident claim can easily become complicated and confusing, especially if it’s your first experience. You might be wondering how to determine your car accident claim value. It is important to understand how to calculate this value so you can get a fair settlement to recoup your losses.
Many factors are used to estimate your car accident claim value. This includes the type of injury, the cost of medical treatments, car repair costs, the extent and severity of the damage, and the cause of the accident. Educating yourself about how claims are determined will help you negotiate the settlement from a knowledgeable standpoint.
Some claims may be below your deductible, which may not even be worth filing. Other claims over the deductible must be filed to be fully compensated for your damages, injuries, and suffering. We’ll expertly take you through the process, including what to calculate and how to get the settlement amount you deserve.
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How are accident settlements calculated?
There are three main factors used in calculating an accident settlement. They are medical expenses, property damage, and pain and suffering. For medical expenses, you should calculate any cost associated with injuries from the car accident, keep documentation of everything, and use this to help calculate the claim.
Property damage is when someone damages your car. The settlement should include enough to cover necessary repairs to your car or to replace your car if the damage is extensive. This is necessary to get reimbursed for what you are owed for the accident from the negligent party`s car insurance company.
Pain and suffering are more difficult to put a monetary value on, but insurance companies will usually try to include an amount to cover this. If pain and suffering are severe, you may have to get an attorney to help you file a lawsuit.
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Negotiating Your Car`s Value
When it comes to property damage to your vehicle, there are some things to understand that will help you get a fair reimbursement regarding the car accident. First, make sure the insurance company has the correct make, model, and year of your car. A small mistake or error here could result in less money for you.
You should also do your research to know the true value of your car. You can use online services like Kelley Blue Book or Edmunds. These sources may only provide a rough estimate, but it`s a starting point.
If your car has extra features, unique features, or is in excellent condition you may have to provide this information to the insurance claims adjustor. Make sure to point out anything they may have missed.
You may have to provide repair estimates to the insurance company. Use a qualified mechanic to determine the full cost of repairs to your car. The insurance claims adjuster will usually take pictures of the damage, but you can also take pictures of the car damage to provide with the claim.
You can search online to compare totaled car value calculators or car value after accident calculators. The calculators may vary but can give you the additional information that might be useful when understanding your car`s value.
If the amount that comes back after the insurance claims adjuster is lower than your estimates and expectations, you can negotiate this amount. Don`t feel obligated to accept the first offer.
Once a fair offer has been agreed upon, make sure to get everything in writing.
How to Get the Settlement you Deserve
If you feel as though the settlement is not fair or you would like legal representation, it is always an option to fire an accident attorney. More insurance companies want to avoid this route because it will be more costly for all parties involved, but it may help you get the settlement you want.
Do your research and educate yourself before negotiating a car accident claim. The more research you do and more documentation you can provide, the better position you are in to negotiate and get the fair settlement you deserve.
