The most difficult part in a personal injury case is to determine a claim value, which is its worthiness in terms of monetary value. There are many factors on which the worth of a personal injury claim is calculated, but there are no fixed formulas. The most important factor is the severity of the injury to the client.
There are various considerations which are considered before evaluating a claim’s worthiness. How much pain and suffering did the person go through? Is the pain a thing of the past or will it remain with the person throughout his or her life? Will there be future medical expenses for the permanent injuries? The answers to these questions have a significant effect on the worthiness of the personal injury claim.
Similarly, if a person who suffers an injury or loses their life did not work, or did not have prospects to work in future, then a smaller value will be placed on the claims.
In determining the worth of an injury claim, one must first know the maximum potential recovery of the claim. For this one must know how much insurance is available for the injury claim. Generally one can get an idea of the available insurance by looking at the insurance company of the adverse driver’s insurance company. Major insurance companies like Allstate, State Farm, GEICO, Nationwide & Progressive sell liability policies above the statutory minimum.
Accident law firms specialize in auto accidents, medical malpractice, disability cases, etc. Once you have determined how much liability insurance the adverse driver has, the next step is to look for additional liability insurance policies that may be applicable to your injury claim. If the owner of the vehicle is not the driver then the owner’s liability coverage will provide the primary liability coverage and the liability insurance policy of the driver will provide you with the secondary liability coverage.
In the event that an employee is driving an employer’s vehicle, then the insurance coverage may be higher as commercial policies will generally carry higher limits than personal auto policies. After determining all the available insurance on your personal injury claim, the maximum potential gross recovery can be calculated. In certain cases, a person who caused an injury may have the ability to pay more than the insurance amount settled. If the injured person can’t go to work or continue his or her education, and it results in a wage loss, then the value of the injury claim typically increases.