How Insurance Companies Can Dictate the Value of your Personal Injury Case

How Insurance Companies Can Dictate the Value of your Personal Injury Case

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There is no single question that I receive more often than… “What is my case worth?” Often, that is very tricky to answer, especially early on. The fact is that only a verdict from a jury after trial is a final and true determination of value. But so few cases actually go all the way to trial that your attorney must rely on his experience and skill to obtain as much for you as possible. There are a number of factors that go into determining the value of your case. Foremost, the severity of the injury and the extent of the treatment required. Additionally, the value of your medical bills and lost wages (if any). Also, are you willing to file a lawsuit and wait for more money or would you prefer to settle quickly for less.

So you see.. “What is my case worth” is a rather loaded question.

It may come as a surprise to many readers but another important factor in determining the value of your case is… which insurance company is involved? Especially early on during initial settlement talks, the insurance company on the other side makes a big difference. One company can value a case at 25k while another offers 12k. How can that be you ask? If my case is worth 25k it is worth 25k. Well, it is not so easy as that. Several insurance companies will “low ball” your initial offer. They want to see if your attorney is willing to file arbitration or file a lawsuit or rather just encourage you to settle for a quick payout. In most cases, the attorney accepts these low settlement offers and insurance companies continue to get away with paying less than they should. In Rhode Island, you have to be particularly careful of Progressive Insurance, Allstate Insurance and Liberty Mutual. These three companies (at least in my experience) are notorious for making low, sometimes insulting, offers of settlement. They justify this by cutting down your medical bills (claiming that treatment received was too expensive or unnecessary) and they will cut down your lost wages (suggesting you could have gone back to work earlier than you did) and they will offer you relatively little in pain and suffering. In the end, you get an offer way below your own valuation of your injuries.

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