Lafayette, LA – One of the most complex and frustrating aspects of a car accident can be dealing with insurance companies afterward. Accident victims should keep in mind that these are businesses, and at the end of the day they need to generate profits. One way that insurance companies keep their profit margins consistent is to try to offer settlement agreements that may be worth less than the total amount of losses caused by an accident. For this reason, anyone who is offered an insurance settlement should review the situation with their attorney.  

Insurance settlements 

When an accident is handled by insurance companies, they usually look at factors such as property damage to vehicles and the total losses from the accident. An adjuster will view the vehicle damage, and they usually get estimates from local repair facilities as well as using their own computer software to look at costs and losses versus profit margins. In severe accidents where the vehicle will cost too much to repair, the vehicle is totaled and the driver is paid its value. This value is often based on the car’s actual value plus accounting for depreciation based on the age of the vehicle. 

The insured also needs to realize that they may need to pay a deductible towards the repairs as well, which may be subtracted out of the settlement amount. This can range from a few hundred to over a thousand dollars depending on the policy. 

Settlements related to personal injuries tend to have a similar process with adjusters that review medical records and come up with estimates based on their company’s formulas. 

Personal injury lawsuits

When someone needs medical help and has large expenses associated with their accident, an injury lawsuit is usually the only way to have these kinds of losses covered. When an attorney files the case for their victim, they can summarize all of their costs of medical treatment, as well as other financial problems that were directly caused by the collision. If the plaintiff is successful, the defendant and their insurance provider will have to pay these costs. 

In most cases that involve serious health problems or vehicle damage, a lawsuit is the only realistic way to have all of the victim’s losses covered. This is true because all insurance policies have maximum limits that they will cover. 

Help from car accident attorneys in Lafayette

Miller, Hampton, and Hilgendorf is an experienced firm that assists local clients with the aftermath of accidents in the Lafayette area. Anyone who needs to learn more about this process can get in touch with one of their attorneys for more information. 

Firm contact info:

Miller, Hampton, and Hilgendorf

3960 Government St., Baton Rouge, LA 70806

225-343-2205

www.mlhlaw.com