Ben's Blog 
Dealing With The Insurance Adjuster
Is There a Formula for Settling Virginia Auto Accident Claims?
So, is it 4 times my medical bills or 3 times? I’m trying to calculate the value of my Virginia auto accident claim.
We often receive calls from people who have been injured in a Virginia car accident and are looking to settle with the insurance company. They want to know what formula we use to come up with a fair settlement amount.
The truth of the matter is that there is no magic formula. Determining the value of your case doesn’t fall into a one-size-fits-all situation. There are different factors involved in each case and it is important to take each one into consideration when calculating a reasonable settlement with the insurance company.
The Jury Isn’t Given a Handbook
When personal injury claims are handled at trial, the jury does not have a handbook on how to determine settlement amounts. They are not given an equation where they input a few numbers to come up with the right settlement total. Instead they’re provided evidence and a list of damages that are involved. Then, they come up with the value of your case.Therefore, the question that is asked by both sides of a car accident lawsuit is – what would a jury do with your case? The insurance company comes up with an answer to this question by keeping track of thousands of cases that occur around the country. They store data on the medical bills, missed time from work and other damages, as well as what juries are awarding in personal injury cases. Then, they take a closer look at the cases in your city or town and the ones that involve similar injuries as yours.
Here is what we can infer from the behavior of insurance companies:
- Your city is the only one that matters.
- The jury is the marketplace.
- The insurance companies have the most information.
There are Intangible Factors to Consider
The insurance companies also keep track of the doctors who are known for over-treating patients, which make their bills susceptible to being challenged in the courtroom. They even know which physicians make poor witnesses.The insurance company will also take your Fairfax car accident attorney into consideration. Insurers are aware of which lawyers tend to settle cases over going to trial. They also know which attorneys are specialists.
All of these intangible factors are evaluated when coming up with a settlement offer.
Get More Information
To learn more about how Virginia car accident cases are valued or to learn what mistakes you need to avoid, order a copy of the book, Five Deadly Sins That Can Wreck Your Injury Claim. The book is free to Virginia residents. Simply fill out the form below or give us a call at 703.591.9829 to receive your copy.
