Injured by a faulty floor jack

3 Tips For Determining The Demand Amount For An Insurance Claim

22 October 2015

Mia Little

One of the most difficult aspects of settling a claim with an insurance company following an accident is knowing how much to demand. Asking for too much or too little could negatively impact negotiations with the company. Here are some tips to help you determine what amount is the right amount.

Assess the Economic Damages

Economic damages refers to those damages which are easily tracked through evidence, such as medical bills and receipts. To determine what you are added for those expenses, review your records and add up the amounts that are owed and have been paid. For instance, you can add in the bill from the auto body shop to your calculations to cover repairs to your damaged vehicle from an auto accident.

You will need to provide the insurance company with proof of your actual damages, so make copies of all of your bills, receipts, and statements to include with your demand letter.  

Assess the Non-Economic Damages

Damages that are not easily tallied with the help of documentation are considered to be non-economic. These damages are often harder to calculate because there is no specific dollar amount assigned to each. Pain and suffering and loss of companionship are examples of non-economic damages.

When determining how much you should demand for these damages, you need to research past awards in cases that are similar to yours. You also need to consider the overall impact the accident had on your life. Since it can often be difficult to calculate these damages, it is advisable to work with an experienced personal injury attorney.

Inform the attorney from the onset if you have a specific award amount that is warranted. Your attorney can help determine whether or not it is a reasonable amount.

Assess Your Current Situation

If you have not fully recovered from your injuries and are not yet whole again, it is important that you factor this into your calculations. Unless you and the insurance company agree to payments over a period of time, there will be no more financial awards after the settlement is signed. It is because of this you need to ensure that the amount you settle for is enough to meet your future needs, such as any future medical care you need for your injuries.

Determining how much to demand can be difficult, but a skilled attorney can use his or her experience and careful assessment of your case to help you find the right figure. 

For more information, visit websites like http://www.glaserebbs.net to learn how personal injury lawyers can help you.

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