How Insurance Companies Calculate Payouts | Chicago Injury Lawyers
Insurance companies don’t have a specific formula when it comes to calculating damages that need to be paid out to an individual who’s filed a lawsuit after suffering an injury due to someone else’s negligence in Chicago. It is important to note that every case is unique that insurance companies, more often than not, will do everything in their power to whittle down your payout so they can save money at your expense, health and wellbeing. A Chicago injury lawyer is therefore the right person to speak with after suffering any kind of injury before you even speak with a representative from the insurance company.
Were you injured in a Chicago car accident which wasn’t your fault? Call us NOW at 1 (773) 825-3547 for more information on your legal options for compensation. Our Illinois injury attorneys have more than 20 years of experience handling a plethora of injury lawsuits, and our initial phone consultation is free. Please call 1 (773) 825-3547 NOW to speak with a Chicago car accident attorney for more information on your legal options for compensation.
Vehicle Damage and How Insurance Companies Calculate Payouts
Most, if not all Chicago car accident lawsuits involve the vehicle damage. Insurance companies will typically pay out a lump sum amount to cover the cost of repairs as well as vehicle part replacements. However, if the cost of repairing the vehicle and replacing parts is higher than the vehicle’s value, they will pay for the value of the vehicle before the accident. That being said, these calculations are usually not accurate as insurance adjusters don’t take into account the value of the vehicle as a transportation mode. In addition, you don’t usually get a sufficient payout to cover the cost of purchasing another reliable vehicle. It’s for this reason that you need to get in touch with an Illinois injury lawyer so you’re guaranteed a post-accident payout that is commensurate with not only your injuries, but also the real cost of your vehicle.
What If I Or The Other Driver Has a Policy Limit?
Policy limits, being legally binding, mean that insurance companies will not exceed the policy limit when it comes to your payout. This is a common concern in Illinois as there are quite a number of drivers on our roads with uninsured or underinsured motorist coverage. If your damages and injuries are more than what the other negligent driver’s policy is, you will have to engage a Chicago personal injury law firm so we can fight for you via the filing of a claim with your own insurance company, especially if you have underinsured motorist coverage.
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In Illinois, you’re required to bring forth a lawsuit or claim within two years of your accident after which you cannot sue due to the expiry of the statute of limitations. That being said, you may still be able to file a lawsuit if the accident involved a minor or a public entity. Need more information on insurance payouts after an Illinois car accident? Call us NOW at 1 (773) 825-3547 for more on your legal options for compensation. Thanks, and we look forward to hearing from you.