With an auto settlement claims; is there such a estimate formula that is used call Core, Means etc...?

Question:

I was in an four car accident that was the other drivers fault. (I am car no.#4 and going backwards to car no.# 1 who was at fault) I am trying to settle my claim and was told by a friend that there is four fomular's used by insurance companies called Core Value, Means Value, Premuim Value and the low Value of a claim that they use to make an offer in setteling your claim. Is this true and how do I learn about it? How does it works?

Answer:
I've handled bodily injury claims for years and never heard of such a thing.

Insurance companies adjust "pain and suffering" claims based on the severity of the injury and the medical treatment and sometimes computer value programs, and each one has their own way of doing things.

I'm going to guess whatever you're referring to is just some insurance company's specific method of training or program name. It's certainly nothing industry-wide.

As far as the value of your car goes, most insurance companies use a market method. That is to say, they obtain information on the average price of the exact model, make, year, and mileage in your community. (Forget NADA) As far as the bodily injury claim goes, it depends on the insurance carrier you are trying to settle with. Some use a computer called Colossus, it generates the average settlement amount and that is the offer. Other insurance carriers use what I call the team approach all of the adjusters get together and review what they have offered in settlements and that is what you get. The settlement of claims also depends on which state you reside. There is no hard and fast rule or formula, feel free to email me at fisal00@yahoo.com. With more information, I could help.

I was recently in an accident, where my vehicle was totaled as a result of a drunk driver. The insurance claims agent said that the other drivers insured limits were 10K property loss, and 15K personal liabilities. These are Nevada state required limits. Once those limits are reached, then your only recourse is to file an additional claim against your own insurance company. My advice - get a lawyer if injured, otherwise be patient, and get several estimates from reputable body shops.
I tried the no lawyer approach and was sand bagged by both claims adjusters- his and my own. If you are going to do this without representation, keep excellent written documentation of every pain, lost hour of work and any expenses incurred. Just don't tell the insurance company about any of it until they decide to start making settlement offers. After a lot of lost time and aggravation I caved in and got legal representation.

With an auto settlement claims; is there such a estimate formula that is used call Core, Means etc...?

Hot Topic