How much is my claim worth?

The actual size of an accident compensation claim is a critical aspect of any personal injury case. It is the one part of the personal injury claim that is the most difficult to generalize as the amount is dependent upon the specific circumstances of your case. Understanding the way an insurance company determines the value of a claim will help you to understand the claims process as a whole.

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What Must an Insurance Company Compensate For?

There are a number of items which you are entitled to claim compensation for that will determine what your claim is worth. It is the norm for the liable party (the party at fault) to compensate the injured party (yourself) and this is done through the liable party's insurance company.

The following must be paid for in compensation by the liable party;

• Medical care and any other related costs
• Loss of income as a result of absence from work through direct result of the accident or because of the amount of time spent absent from work due to treatment for injuries
• Any permanent physical disability or disfigurement
• Loss of experiences pertaining to family, social, and educational life including missed lessons (school, college or university), training, holidays or other recreation and special events such as weddings and funerals
• Any emotional injuries such as stress, embarrassment, depression or strains on relationships between family members; including stresses from the inability to take care of children, anxiety over the effects of an accident on an unborn baby and interference with sexual relations.

Formula for Calculating Accident Compensation

It is usually simple to determine personal injury compensation by working out the sum of money spent and money lost. However, with emotional suffering, pain, lost experiences and other intangible issues, there is no easy way to come to a precise figure. This is why insurance companies have formulas for working out the compensation due.

At the beginning of the accident compensation claims process, the insurance company will add up all medical costs relating to the injury. These costs are known as "medical special damages". From this figure the insurance company will work out how much to pay the injured party for pain, suffering, and other non-monetary, intangible losses. These are known as "general" damages.

The insurance company then uses the assessment of the injury to decide whether it is relatively minor, particularly painful, serious, or long-lasting, or in some cases, extreme, and multiplies the medical special damages according to guidelines.

To this figure, the insurance company will then add the figure of any income lost as a result of the personal injury.

If it is the case that the liable party was not entirely at fault then a percentage adjustment will be made to account for this. After this adjustment is made, a final is reached for the accident compensation claim.

Types of Personal Injury Claims: Work Accident Claim | Medical Negligence | Sports Injury Claim | Repetitive Strain Injury (RSI) Claim | Head Injury Claim | Road Accident Claim

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