What Is My Accident Case Worth, and How Does My Insurance Company Decide?

Suffering injuries in an accident can completely alter the course of your life. You may feel your only saving grace is the opportunity to pursue compensation through an insurance claim or lawsuit. But you may wonder: “How much is my accident case worth, and how does the insurance company decide?” 

Your case value depends on many factors. Understanding what goes into this calculation may help you estimate your payout. 

How Do Insurance Companies Determine Payouts? 

If you are filing an accident insurance claim, the insurance company will assess it and determine a monetary amount that makes up for your damages. Insurance adjusters consider a wide range of factors when calculating a settlement, such as:

• The policy limits: The adjuster will only pay out up to the policy limits, even if your claim is worth more than that. 
• The coverage types: The types of coverage included in the policy will impact which expenses the insurer can pay for
• Medical expenses: If you were injured in the accident, the claim will generally cover your medical expenses up to the policy limits. This might include doctor visits, physical therapy, surgery, hospital stays, and related costs. It might also factor in future medical expenses. 
• Lost wages: If your injuries prevented you from working, you may also be eligible to recover lost wage compensation through an insurance claim. This figure may include your lost earnings and future lost income, especially if your injuries prevent you from completing your job duties long-term.
• Property damage: An insurance claim should also cover damage to your vehicle or other property that occurred in the accident. 

How Comparative Negligence May Affect How Much Your Case Is Worth

Comparative negligence laws may impact how much your accident case is worth, as these allow multiple parties to be held partially liable for an accident. The parameters differ slightly between Pennsylvania and New York:

• Pennsylvania follows a modified comparative negligence system. An accident victim can recover damages if they were 50% or less responsible for the accident, but their damages would be reduced by their fault percentage. 
• New York follows a pure comparative negligence system. Anyone involved in an accident can recover damages as long as they were not 100% at fault. Their damages would also be reduced by their fault percentage. 

If the insurance company finds you partially responsible for the accident, your payout will decrease. That’s why it is important to provide extensive evidence showing the other party’s full liability and negligence. 

Can You Negotiate a Higher Offer From the Insurance Company? 

Suppose the insurance company presents you with a payout offer that does not adequately cover your accident costs. You may be able to negotiate a higher offer with the help of an experienced personal injury attorney. 

Your attorney will collect evidence to show that your case is worth more than the insurance company’s offer and use negotiation tactics to support your argument and effectively seek a higher payout. 

If the insurer refuses to budge, you can consider a lawsuit against the insurance company or the at-fault party to increase your payout. This would allow you to seek non-economic damages, such as emotional distress and pain and suffering, to further boost your personal injury compensation. 

Let Us Seek the Maximum Compensation on Your Behalf

What is your accident case worth? Our attorneys at Cantor, Wolff, Nicastro & Hall will evaluate your case and estimate its value. Then, we will seek adequate compensation from the insurance company or the at-fault party. 

We vow to give our clients one-on-one attention throughout their cases and work tirelessly to maximize their case values. Contact us today at 716-848-8000 or fill out our form for a free case evaluation.

Frequently Asked Questions (FAQ) About Accident Case Value;

How do insurance companies determine accident case payouts?

Insurance adjusters consider policy limits, coverage types, medical expenses, lost wages, and property damage when calculating a settlement.

How does comparative negligence affect my accident case value?

Comparative negligence laws reduce your payout by your percentage of fault in the accident, differing slightly between Pennsylvania and New York.

Can I negotiate a higher settlement offer from the insurance company?

Yes, with an experienced attorney, you can negotiate a higher offer by providing evidence to support a larger claim and potentially pursue a lawsuit.