Work for the insurance company or know their secrets????? ANYBODY????

[Vette73]

How does a insurance comapany come up with its settlement amount?

Like if I was trying to settle with the insurance company for a car I could use KBB, NADA, and look up how much a car was going for at traderonline and my newspaper. But what about body injury and pain and suffering? Theres no book that says whiplash = $2000, broken bone = XYZ, etc...

Just couris if anybody knows someone or has worked as a adjuster themselve. How do they come up with their first offer, if turned down how do they come up with anything after that? Is it like a car dealer... Let me check with the boss, he said only go up to ...... You know?

And yes I tried searching google but all I got were ambulance chasers and sites that were tied into other attorny's.


So anybody??

 

[rudder]

They charge you premiums based on NADA values but reimburse for blue book value or something to that effect.

NADA is an inflated piece of crap reference. Ever notice when you goto a car dealer and they pull out the NADA book and start quoting? Look at what the acronym NADA stands for "National Automobile Dealers Association."

 

[DevilsAdvocate]

Originally posted by: Marlin1975
How does a insurance comapany come up with its settlement amount? Like if I was trying to settle with the insurance company for a car I could use KBB, NADA, and look up how much a car was going for at traderonline and my newspaper. But what about body injury and pain and suffering? Theres no book that says whiplash = $2000, broken bone = XYZ, etc... Just couris if anybody knows someone or has worked as a adjuster themselve. How do they come up with their first offer, if turned down how do they come up with anything after that? Is it like a car dealer... Let me check with the boss, he said only go up to ...... You know? And yes I tried searching google but all I got were ambulance chasers and sites that were tied into other attorny's. So anybody??

Why not hire an attorney?

 

[Vette73]

Originally posted by: DevilsAdvocate

Originally posted by: Marlin1975
How does a insurance comapany come up with its settlement amount? Like if I was trying to settle with the insurance company for a car I could use KBB, NADA, and look up how much a car was going for at traderonline and my newspaper. But what about body injury and pain and suffering? Theres no book that says whiplash = $2000, broken bone = XYZ, etc... Just couris if anybody knows someone or has worked as a adjuster themselve. How do they come up with their first offer, if turned down how do they come up with anything after that? Is it like a car dealer... Let me check with the boss, he said only go up to ...... You know? And yes I tried searching google but all I got were ambulance chasers and sites that were tied into other attorny's. So anybody??

Why not hire an attorney?

Long story short, the ones around here are lazy and I was injured, but not enough to make anybody get REAL happy about. No 500,000 dollar settlments. It was a motorcycle accident, but my dad and myself have always handled our own cases like this. Trust me, me and my dad don't back down. For his motorcycle accidnet the insurance comapny offered 60K, his med bills were like HIGH 40's, and they ONLY offered $60K. After talking wiht them for a month he finally settled for 200K. I didn't break my arm like him, but I did crush my ...CROTCH area against my gas tank at high speed and ripped the SAC open in 2 places on the left. I had to have stitches DOWN THERE.. but didn't stay in the hospital overnigh, just went home and toke a lot of pain killers. It has been one week since the accident. I am off the pain meds and fealing a lot better.

Thanks

 

[ATLien247]

No offense, but I don't think the insurance company should cover anything beyond medical bills.

Pain and suffering? Boo-hoo!

 

[jemcam]

It's based upon the extent of your injuries and the likelihood that you'll have permanent scars, disability, future pain, etc.

Keep in mind this is not the lotto, but you need to be reimbursed as much as possible for what you've been through. BTW, attorney's are going to take at least 30% off the top of whatever settlement is made, and usually 40% if it goes to court.

Any settlement is limited by the liability amounts of the other party. You're not going to be able to get any type of pain and suffering type of settlement from your own company, only from the person or person's insurance that was liable.

Don't expect a quick settlement because the carrier is going to want to see how your recovery is going. Besides, if you settle too quickly, you could not get enough.

 

[Krk3561]

Originally posted by: Marlin1975

Originally posted by: DevilsAdvocate

Originally posted by: Marlin1975
How does a insurance comapany come up with its settlement amount? Like if I was trying to settle with the insurance company for a car I could use KBB, NADA, and look up how much a car was going for at traderonline and my newspaper. But what about body injury and pain and suffering? Theres no book that says whiplash = $2000, broken bone = XYZ, etc... Just couris if anybody knows someone or has worked as a adjuster themselve. How do they come up with their first offer, if turned down how do they come up with anything after that? Is it like a car dealer... Let me check with the boss, he said only go up to ...... You know? And yes I tried searching google but all I got were ambulance chasers and sites that were tied into other attorny's. So anybody??

Why not hire an attorney?

Long story short, the ones around here are lazy and I was injured, but not enough to make anybody get REAL happy about. No 500,000 dollar settlments. It was a motorcycle accident, but my dad and myself have always handled our own cases like this. Trust me, me and my dad don't back down. For his motorcycle accidnet the insurance comapny offered 60K, his med bills were like HIGH 40's, and they ONLY offered $60K. After talking wiht them for a month he finally settled for 200K. I didn't break my arm like him, but I did crush my ...CROTCH area against my gas tank at high speed and ripped the SAC open in 2 places on the left. I had to have stitches DOWN THERE.. but didn't stay in the hospital overnigh, just went home and toke a lot of pain killers. It has been one week since the accident. I am off the pain meds and fealing a lot better.

Thanks

Ouch. Feel better soon. But one question, could you see your balls since you sac was open?

 

[Vette73]

Originally posted by: Krk3561

Originally posted by: Marlin1975

Originally posted by: DevilsAdvocate

Originally posted by: Marlin1975
How does a insurance comapany come up with its settlement amount? Like if I was trying to settle with the insurance company for a car I could use KBB, NADA, and look up how much a car was going for at traderonline and my newspaper. But what about body injury and pain and suffering? Theres no book that says whiplash = $2000, broken bone = XYZ, etc... Just couris if anybody knows someone or has worked as a adjuster themselve. How do they come up with their first offer, if turned down how do they come up with anything after that? Is it like a car dealer... Let me check with the boss, he said only go up to ...... You know? And yes I tried searching google but all I got were ambulance chasers and sites that were tied into other attorny's. So anybody??

Why not hire an attorney?

Long story short, the ones around here are lazy and I was injured, but not enough to make anybody get REAL happy about. No 500,000 dollar settlments. It was a motorcycle accident, but my dad and myself have always handled our own cases like this. Trust me, me and my dad don't back down. For his motorcycle accidnet the insurance comapny offered 60K, his med bills were like HIGH 40's, and they ONLY offered $60K. After talking wiht them for a month he finally settled for 200K. I didn't break my arm like him, but I did crush my ...CROTCH area against my gas tank at high speed and ripped the SAC open in 2 places on the left. I had to have stitches DOWN THERE.. but didn't stay in the hospital overnigh, just went home and toke a lot of pain killers. It has been one week since the accident. I am off the pain meds and fealing a lot better.

Thanks

Ouch. Feel better soon. But one question, could you see your balls since you sac was open?

No it was not that bad. luckly

 

[rudder]

Originally posted by: ATLien247
No offense, but I don't think the insurance company should cover anything beyond medical bills.

Pain and suffering? Boo-hoo!

Wait till your in an accident, especially one that is not your fault. We'll see how much you boo hoo when you have to miss two weeks of work due to pain.

 

[Vette73]

Originally posted by: rudder

Originally posted by: ATLien247
No offense, but I don't think the insurance company should cover anything beyond medical bills.

Pain and suffering? Boo-hoo!

Wait till your in an accident, especially one that is not your fault. We'll see how much you boo hoo when you have to miss two weeks of work due to pain.

Yea I agree, I am a mechanic and I don't think I will be able to do everything again for about 3 weeks.

Also My right shoe, pants, and underwear were cut off. And no one knows where my riding glasses are, so I am going to need a new pair.

That and get in a motorcycle accident and see if you feel the same way ATLien247.

 

[amnesiac]

Same way they come up with insurance premiums. The Law of Large Numbers.

By analyzing the statistics of thousands of accidents and injuries, one gets a very good, very accurate idea of how much certain injuries are "worth" and the likelihood of certain cars/drivers getting into accidents.

Truthfully, auto insurers are a LOT sketchier and miserly about paying claims, because of the high claim rate compared to other industries and the uncertainty of "fault."

When you get injured it is always in your best interest to NOT settle for the original offered amount. If it was a large accident and you were severely injured, you might think about hiring an attorney, which will get you more money in the long run. If you are the defendant, the insurance company will provide a lawyer for you in most cases.

Wherever possible, especially if you have a neck/back injury, do NOT settle immediately. Make sure you are alloted adequate compensation to care for your injuries for up to a few years afterwards. If you live in a no-fault state, your own insurance company can still offer coverage for the injuries even after the other party has settled.

 

[Vette73]

Originally posted by: amnesiac
Same way they come up with insurance premiums. The Law of Large Numbers.

By analyzing the statistics of thousands of accidents and injuries, one gets a very good, very accurate idea of how much certain injuries are "worth" and the likelihood of certain cars/drivers getting into accidents.

Truthfully, auto insurers are a LOT sketchier and miserly about paying claims, because of the high claim rate compared to other industries and the uncertainty of "fault."

When you get injured it is always in your best interest to NOT settle for the original offered amount. If it was a large accident and you were severely injured, you might think about hiring an attorney, which will get you more money in the long run. If you are the defendant, the insurance company will provide a lawyer for you in most cases.

Wherever possible, especially if you have a neck/back injury, do NOT settle immediately. Make sure you are alloted adequate compensation to care for your injuries for up to a few years afterwards. If you live in a no-fault state, your own insurance company can still offer coverage for the injuries even after the other party has settled.

Well one thing is there is NO "uncertainty of "fault"". He pulled out in front of me and blocked the whole road. My grandmother talked to him and he was really sorry, BUT the old "I didn't see him" does not play well with me or any other motorcycle rider.

 

[Hoober]

Originally posted by: Marlin1975

Originally posted by: amnesiac
Same way they come up with insurance premiums. The Law of Large Numbers.

By analyzing the statistics of thousands of accidents and injuries, one gets a very good, very accurate idea of how much certain injuries are "worth" and the likelihood of certain cars/drivers getting into accidents.

Truthfully, auto insurers are a LOT sketchier and miserly about paying claims, because of the high claim rate compared to other industries and the uncertainty of "fault."

When you get injured it is always in your best interest to NOT settle for the original offered amount. If it was a large accident and you were severely injured, you might think about hiring an attorney, which will get you more money in the long run. If you are the defendant, the insurance company will provide a lawyer for you in most cases.

Wherever possible, especially if you have a neck/back injury, do NOT settle immediately. Make sure you are alloted adequate compensation to care for your injuries for up to a few years afterwards. If you live in a no-fault state, your own insurance company can still offer coverage for the injuries even after the other party has settled.

Well one thing is there is NO "uncertainty of "fault"". He pulled out in front of me and blocked the whole road. My grandmother talked to him and he was really sorry, BUT the old "I didn't see him" does not play well with me or any other motorcycle rider.

Have you talked to a lawyer? Even for a consultation? Some lawyers will do the initial consult for free.

 

[Vette73]

Like I said, I know a lot of attornys around here, so I know how they work. I don't diagree with it as they are working just like anybody else. Why spend 100 hours for a couple hundred or thousand, when you can try to get work that pays better.

But anybody work for a insurance company and have the EXACT way they come up with their totals??

 

[ATLien247]

Originally posted by: rudder

Wait till your in an accident, especially one that is not your fault. We'll see how much you boo hoo when you have to miss two weeks of work due to pain.

Perhaps I was a bit asinine. Good luck on your recovery, Marlin1975.

 

[guapo337]

Originally posted by: jemcam
It's based upon the extent of your injuries and the likelihood that you'll have permanent scars, disability, future pain, etc.

Keep in mind this is not the lotto, but you need to be reimbursed as much as possible for what you've been through. BTW, attorney's are going to take at least 30% off the top of whatever settlement is made, and usually 40% if it goes to court.

Any settlement is limited by the liability amounts of the other party. You're not going to be able to get any type of pain and suffering type of settlement from your own company, only from the person or person's insurance that was liable.

Don't expect a quick settlement because the carrier is going to want to see how your recovery is going. Besides, if you settle too quickly, you could not get enough.

i think ripping your sac open is pretty damn permanent. 🙁

 

[Vette73]

Originally posted by: ATLien247

Originally posted by: rudder

Wait till your in an accident, especially one that is not your fault. We'll see how much you boo hoo when you have to miss two weeks of work due to pain.

Perhaps I was a bit asinine. Good luck on your recovery, Marlin1975.

Thanks, and I hope so also
:Q