How much money can insurance pay you for an accident?

Answer 1

It depends a great deal upon the type of loss.

If bodily injury is involved, the value would be dictated by the tort theory to which your state adheres (for example, comparative negligence, contributory negligence), and correlatively, the degree of negligence of any other parties, and related factors dealing with liability.

The nature of the injury also has a great deal to do with it, such as fractures vs. soft tissue injuries. In that regard, "medical specials" figure into the calculation, which translate generally into out of pocket medical costs incurred.

One of the biggest factors is the long-term implications of the injury. For example, if it can be competently demonstrated that one is rendered wholly or partially unable from pursuing their former work due to the disability, that will be a major factor. Projected lost future earnings will be reduced to current value and compensation is available for them. If the injured person is prevented from pursuing activities in which he/she once did, that too is compensable. "Pain and suffering" is compensated, but that is often a very intangible and subjective factor.

Property damage compensation is generally designed to place you in essentially the same position that you would have been in but for the occurrence. It is often easier to calculate than bodily injury damage as there is usually a definable market for property that is destroyed that can be consulted for valuation. If property is damaged but not destroyed, the reasonable cost of repair is usually the measure of damages.