NEW YORK — Have you ever wondered How Do Insurance Companies Calculate Motorcycle Accident Settlements? You probably have if you’ve ever needed to file a claim or if you’ve already filed a claim and received a less-than-desirable settlement offer.
A Bronx motorcycle accident lawyer at Cellino & Barnes says insurance adjusters often analyze a few main factors when considering what they’re willing to pay when they validate claims. They then make various calculations to reimburse you for vehicle damage, personal injuries, and pain and suffering.
What Insurance Companies Look at When Evaluating Claims
Motorcycle accidents that lead to insurance claims typically involve property damage, bodily injuries, and pain and suffering. When your insurer considers whether to pay your claim, a Bronx motorcycle accident lawyer explains that they typically analyze the following factors:
- The extent of the property damage
- The extent of the injuries you sustained, if any
- The limits of your policy
These factors all have an impact on the settlement they initially offer you.
In an injury accident, you should expect compensation for medical expenses, time you were forced away at work, and many other expenses that could be associated with your sudden injuries.
Perhaps the most abstract calculation they make is the one to determine pain and suffering damages. These claims vary wildly, as everyone’s level of suffering is different, even between two people who have experienced the same type of accident or injuries.
Determining Pain and Suffering Damages
Insurance companies add pain and suffering compensation to the cost of your medical bills and lost wages. One of the most common methods of calculating pain and suffering damages is the multiplier method.
The multiplier method takes the sum of your medical bills and lost wages and multiplies it by a figure from 1-5. Insurance companies commonly use complex software to get this figure, and it’s not always a “fair” offer.
In almost any situation in which you’ve been injured by someone else’s negligence, it’s a wise precaution to get representation. An experienced Bronx motorcycle accident lawyer will help protect your rights, and maximize the value of your claim.
Insufficient Car Accident Claim? Work with a Bronx Motorcycle Accident Lawyer
It’s not unusual for the insurance companies in New York to offer a less-than adequate settlement. In fact, almost every initial offer is rejected by individuals who have an experienced legal team on their side. Typically, injured victims who have lawyers protecting their rights will reach a settlement that’s four times the insurance company’s initial offer.
Don’t accept less than what you need. Act now to fight for just compensation. With a Bronx motorcycle accident lawyer from Cellino & Barnes on your side, it may be possible to substantially increase your compensation.
Cellino & Barnes has been in the business of helping motorcycle accident victims throughout New York receive the funds they deserve after they suffer from the negligence of others on the road. Contact our law firm any time, any day of the week for a FREE consultation. We do not take a fee unless we win your case.
Cellino & Barnes (800) 888-8888