Auto Insurance Claim Valuation: Know What Your Case is Worth


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Auto insurance claim valuation is the single most essential component in settlement offers. Through the company’s valuation you will either receive an offer for adequate compensation, a low offer or have your claim denied altogether. To anticipate the value of your claim and be able to refute a low offer or a denial, it is essential that you know what your case is worth prior to filing a claim.

The Amount of Property Damage

Damages sustained to your automobile or other property can be valued by obtaining two or more repair estimates. The average of the amount of these estimates is the amount you can reasonably expect to have to spend to fix your personal property.

Current and Previous Medical Expenses

The amount of money you have already spent on medical costs is another important calculation in the valuation of your claim. Receipts and bills for medical care should be calculated to determine how much your medical treatments have cost you so far. However, note that the value of your claim is not inclusive of payments your medical insurance company may have made for your medical care. Only those expenses that you have paid for out of pocket are able to be included in your claim.

Other Expenses

Anticipated future medical expenses and other damages such as lost wages and pain and suffering are another cost component to your claim. If these damages are easily calculated, make sure to include them in the value of your claim. If the amount of damage is unknown or inestimable, such as the cost of your pain and suffering, it is enough that you know that they exist and that you are entitled to compensation.

Using the Value of Your Claim

Knowing the value of your claim enables you to provide the insurance company with an amount of compensation you request or dispute the value they ascribe to your claim. Understanding the types of damages you have incurred and the amount they have cost you or are expected to cost you gives you stable footing to argue against the insurance company should the need to refute their denial of your claim or dispute the amount of their offer.

Knowing the value of your claim will also assist you during settlement negotiations or any mediation. Evidentiary support can assist you in sticking to your arguments in both situations.

Getting Legal Help

If you have been involved in an auto accident and are unsure about the value of your claim, seek legal assistance. A lawyer will guide you through the process of obtaining estimates and other advice about the cost of your damages and using that evidence in your claim.

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