What does true claim value mean?

If you have been involved in an accident and you have received an accident injury settlement that may seem reasonable enough, it is still important that you consider the true claim value before you accept the settlement. Remember, insurance companies usually offer settlement amount that is lower than the true claim value or the amount that you deserve to get.

In order to determine the true value of your claim, you have to calculate first the economic damages sustained due to the accident. Known as special damages, these include medical bills, hospital fees, medication expenses, doctor’s fees, property repairs and restoration, special services such as household help and so on.

The other type of damages known as general damages is not as easy to determine because they are not economic in nature. General damages revolve around pain and suffering. They include physical and emotional pain, loss of enjoyment, embarrassment, loss of consortium, impairment, disfigurement, disability, loss of companionship, and many more. Calculating general damages is done by multiplying special damages by 3 to 5 times, depending on the severity of the injuries. The more serious the injuries are, the higher the multiplier is to be applied. It is also very important that you hire the services of a personal injury lawyer to be able to determine the true value of the claim more effectively. An attorney is an expert in this field and you will have better chance of getting favorable results if you have a lawyer to back you up.