When a case is taken to trial, it is a costly event for everyone involved. Additionally, the estimate in regards to the damages made by your lawyer suddenly becomes void. As soon as a judge and jury become involved, your Personal Injury Lawyer in Georgetown will no longer have the grounds to make an estimate since they will have no way to predict who will sit in the jury. The best way to avoid all of these unknowns and costs is to aim for a pretrial settlement. Such settlements are very common in motor vehicle collision cases in which it is upon the insurance companies to determine the height of damages and thus the value of a claim.
The Factors By Which An Insurer Determines The Value of A Motor Vehicle Collision Case
Due to the frequency of motor vehicle collisions, insurance companies are used to being flooded with the resulting claims. Handling all these claims has allowed insurers to collect large amounts of data which now leads to faster responses and certain standards by which cases are measured to determine their value.
Of course, each case will still need to be addressed on an individual basis. The circumstances surrounding each case are unique, but there will also be strong similarities to past cases which can be looked at to speed up the process.When your case is being assessed, there are a few factors that will be paid close attention to: your financial losses and the general damages. Once these amounts have been determined, a numerical factor will be pulled from their established statistics by which the sum of your losses will be multiplied.
The Most Frequently Claimed Damages
When it comes to motor vehicle collisions, there are certain damages that are reaped during most settlements, starting with special damages. Most commonly awarded, special damages consist of compensation for your medical expenses and general damages. The latter in itself is comprised of claims such as pain and suffering and emotional distress brought on by the accident. General damages can be rather difficult to put a value on since they have no monetary basis. As a result, it can be hard to gather evidence for such losses which will be accepted by your insurer.
Special damages are referred to as economic damages. These comprise of the out of pocket expenses, which have accumulated as a result of the accident. Things such as income loss and medical expenses are categorized under special damages and are easily proven by gathering medical records and keeping track of your bills. You will need to let your lawyer handle this.