- Car Accident Calculator For Claims
- Traumatic Brain Injury Settlements
- How Much Does Insurance Increase After An Accident?
- Car Insurance Claim Concept With Car Key And Calculator Stock Photo
- How To Use A Car Accident Compensation Claim Calculator
Car Accident Calculator For Claims – The Colossus personal injury calculator is a computerized claims software program that many auto insurance companies use to generate a range of claim settlement values based on various factors and locations. The premise behind damage assessment software is that the settlement value can be consistently reduced over time by calculating the average value of a particular damage and then offering less.
While the Colossus personal injury calculator could theoretically be of value in the claims process, the reality is that the software has been misused by insurance companies and has been the basis of several bad faith lawsuits and state attorney general settlements. Is.
Car Accident Calculator For Claims
Rather than being one of several factors that adjusters and auto insurance companies must consider in determining the value of a car accident victim’s injury settlement, it is often the only factor used by auto insurance companies. Claims adjusters have limited authority to negotiate beyond the scope of the claims software settlement window for a given injury, and can often be criticized and even fined for doing so.
Traumatic Brain Injury Settlements
Most auto insurance companies strictly prohibit their claims adjusters from paying claims for any amount in excess of the settlement range calculated by the Colossus computer software program. I have many claims adjuster friends who have been in the business for almost 30 years, and most of them tell me that even if they wanted to, adjusters still don’t have the authority to settle. Adjusters complain to me that they are tasked with collecting and entering information into computers and transferring non-negotiable settlement values to computers, just as insurance defense attorneys like to complain that they are just “carrying water” but adjusters rarely listen to them. they give. other
All this is obviously extremely unfair to the victims of car accidents. Leaving aside the fact that software can be – and usually is – deliberately manipulated by insurance companies, it completely misrates a claim based on the information that the claims adjuster feeds into the claims assessment software.
The Colossus personal injury calculator is a computer software program designed to handle claims and defend auto accident litigation. The program “calculates” artificially low settlement offers for car accident victims, thereby allowing insurers to save money and increase profit margins.
The purpose of this software is not to determine the fair settlement value for injuries and pain and suffering compensation claims of car accident victims.
How Much Does Insurance Increase After An Accident?
Instead, the goal is to methodically reduce auto accident settlement rates to artificially low levels so that insurance companies can save more money over time, regardless of whether they settle legitimate accident claims. or not
The purpose of the Colossus personal injury calculator is to reduce the value of claims settlements over time, which in turn allows insurers to reduce settlement payouts and increase profits.
In fact, sales literature published by personal injury calculator maker Colossus states that the program “instantly reduces the size of personal injury claims by 20 percent,” according to the US Federal Consumer Agency.
For Allstate, that proved to be the case, according to BusinessWeek. Over a ten-year period, “the amount of money [Allstate] paid per dollar of premium in auto accident injury cases fell from about 63 cents to 47 cents, a decrease of nearly 25 percent.
Colossus Personal Injury Calculator: What You Need To Know
Insurance adjusters enter various damage and case data inputs into a computer software program, which then uses this data to determine the range of settlement for a personal injury claim of a car accident victim.
The information adjusters enter into the Colossus personal injury calculator must match one or more of the 750 injuries and one or more of the 10,720 rules or value triggers identified by the software.
The value that the computer software assigns to a car accident victim’s pain and suffering compensation claim is supposed to be based on the points assigned to the drivers of the value associated with each of the victim’s injuries. However, each insurance company is free to adjust (manipulate) the computerized claim assessment program with its own value drivers that increase or decrease the value of the claim settlement.
This claims assessment program is not intentionally designed to provide a full settlement value for an injury. In addition, auto insurance companies often ask claims adjusters to withhold, modify, and/or reduce a settlement offer based on entries made in the Colossus personal injury calculator, which has resulted in bad faith insurance lawsuits against several auto insurance companies. Is. Claims adjusters are also not allowed to settle more claims than the Colossus claims evaluation computer software says, which has led to bad faith lawsuits and lawsuits.
Car Insurance Claim Concept With Car Key And Calculator Stock Photo
The effect of loss assessment software like this is that car accident victims are dealing with an auto insurance company that has limited settlement negotiations to an artificial and often arbitrary settlement range that doesn’t take into account many important factors.
In addition, auto insurance companies often offer bonuses and financial rewards to adjusters who fall within the settlement value range or even at the lower end of the law set by the Colossus personal injury calculator.
In 2010, Allstate found itself in national trouble for misusing its Colossus personal injury calculator to trick unwitting car accident victims into accepting low-value, low-value settlement offers on their pain and suffering compensation claims.
As a result, Allstate was forced to enter into a “Multistate Market Conduct Regulatory Agreement” with insurance commissioners in 48 states, including Michigan, to change the way it uses loss assessment software in the auto insurance claims process.
Compensation For Pain & Suffering After Car Accident
Even though Michigan’s insurance commissioner has recommended that Allstate offer a range of settlement values to car accident victims who have filed claims, Allstate has refused to do so.
In a June 2014 market conduct review of property and casualty insurer Allstate, the Michigan Insurance Commission noted that Allstate “does not provide claimants with a copy of the Colossus appraisals.”
After confirming that the manufacturer of Colossus stated on its website that “Colossus ratings are provided by most insurance companies,” the insurance commission recommended that Allstate “follow this practice.”
Choosing a car accident attorney to help you after a car accident will greatly affect the settlement value of your case as determined by the software.
Types Of Pain And Suffering Damages In A Lawsuit (emoji Infographic)
Cases settle for more money and faster when a car accident attorney ranks highly for the following factors: (1) Your attorney’s settlement and trial record; (2) Judges of the lawyer’s trial. and (3) the financial ability of the attorney and law firm to finance the case through trial and possible appeal.
As an example of the importance of being your own attorney, I have handled auto accident cases and many cases have been referred to me by other attorneys. Often, just because my name and law firm are asking for a settlement, I can settle a case for much more money than the previous attorney. Farmers Insurance Company, as another example, allows its claims adjusters to pay up to four times the settlement value of a case based on the name and reputation of the plaintiff’s attorney representing that claimant.
If you want to know how much your car accident case may be worth, you can check out our car accident settlement calculator or call us toll-free anytime 24/7 for a free consultation with one of Call us. Experienced lawyers
To ensure that the Colossus personal injury calculator does not deprive you of a fair car accident settlement, you should do the following:
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If you have questions about the settlement value that the Colossus personal injury calculator has determined for your car accident case and would like to speak with an experienced attorney, call (248) 353-7575 anytime 24/7 for a free consultation Call. One of our lawyers You can also get help from an experienced accident lawyer by visiting our contact page or you can use the chat feature on our website.
(Sources: Consumer Federation of America, “A ‘Good Hands’ Company or a Leader in Anti-Consumer Practices? Excessive Pricing and Poor Claims Practices at Allstate,” July 18, 2007, at 9 p.m.; BusinessWeek, “In Hard Hands” at Allstate,” May 1, 2006; DIFS, Market Conduct Test No. 2013C-0059, Allstate Property and Casualty Insurance Company Targeted Market Conduct Investigation Report, June 20, 2014 (pages 1 and 8 of the report)
Steven Gorsten has been named Michigan Attorney of the Year and is consistently voted among the top 50 attorneys in Michigan (out of over 65,000 attorneys) by Super Lawyers. He is the current chair of the AAJ Distracted Driving Litigation Group, past chair of the Belli Society, past chair of the AAJ Truck Litigation Group and TBI Group, as well as past chair of the Motor Vehicle Trial Lawyers Association.
Since 2018, Steve has been an annual JD Supra Reader’s Choice Award Winner – Top Writer in the Insurance Category. Steve has restored the largest car in history.
How To Use A Car Accident Compensation Claim Calculator
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