How Do Insurance Companies Value Your Personal Injury Claim?
A relatively new computer software program has become a common tool for most insurance companies in valuing their personal injury claims. The details of this program and how it actually values claims remains a mystery to most of us, even the most experienced New Jersey personal injury attorneys, as neither the insurance companies nor the developers of Colossus will reveal how they determine their baseline values.
How Does Colossus Work?
Colossus is very data driven because in order for it to provide the insurance adjuster with a value, he or she must first input certain key information regarding the case. This, in turn, makes the program an easy tool for the insurance company to use to artificially lower the value of your personal injury claim by inputting “objective” factors, such as property damage, expected length of treatment, and cost of treatment, before determining a value.
It should be noted that the Colossus program does not take into account certain variables that are imperative to determining the value of your claim that a jury would ultimately consider, such as the extent and duration of your pain and suffering, your inability to perform certain activities, emotional stress, and loss of consortium.
The Problem With the Program
One of the main problems with Colossus is that the settlement figure it generates becomes a locked figure for the adjuster assigned to your case. And even though most insurance companies deny it, they allow little room for movement from this base figure.
Given this limitation, our
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If you need a New Jersey injury lawyer, please call Dan Matrafajlo at 908-248-4404 for a free consultation. We have offices in Elizabeth, North Brunswick and Newark, New Jersey to serve you. Mr. Matrafajlo has the experience in New Jersey courts that you need. He has been recognized locally for his legal ability, named a SuperLawyers Rising Star, and has even helped set legal precedent in personal injury law with cases such as Hardison v. King. Dan will fight for your legal rights!