Having realistic Expectations about Coverage Payouts and Case Outcome
Insurance Coverage does not guarantee justice.
Claims, lawsuits, and litigation are challenging. Being in the right doesn’t determine whether or not you get the right amount in compensation, having the right lawyer does, and having proper insurance coverage does. Be mindful of the limits and types of coverage that you have.
Types of coverage:
There are different types of insurance for each scenario. You should have a policy in place for each of these scenarios at the time of the incident:
Collision
-Pays for the principal damage to your vehicle regardless of whose fault it is.
Rental Car Insurance
- While your vehicle is not drivable, you will be able to get a rental vehicle (generally 3L/day)
Uninsured coverage
These types of policies can be very complex. Click here for more information.
In Connecticut, uninsured and under-insured coverage must be “at least $20,000 for injury and death of one person and $40,000 if more than one person [is] in any accident.”
Source: https://www.cga.ct.gov/2008/rpt/2008-R-0493.htm
Medical payment
-Covers expenses regardless of fault and unlike health insurance, there are no copays or deductibles with this policy.
Source: travelers.com
The Payouts:
How much can you expect to receive in damages? After analyzing the types and amounts of coverage, the next question is “how much?” This amount is calculated by cars, driving many factors, including medical bills, lost wages, and loss in earning capacity. These are called economic damages. In addition, damages include past pain and suffering, scarring, future pain and suffering and so on. These are called non-economic damages. The jury then receives specific examples of how to calculate the award for damages.
Examples may include an argument that a certain amount should be included on a daily basis, and then multiplied by 365d to get a yearly value, and then multiplied again by the _statistics in terms of how many additional years the injured party will be
Source: all-about-car-accidents.com