How exactly do insurance companies figure "pain and suffering" on car accidents? I've been told by several people to take whatever they offer and double it, but how do they decide what they offer? And how do I know if that's enough (because I assume once I take their offer the claim is closed)? (more inside) [more inside]
When you are involved in a car accident, how is the value decided for your vehicle if it is determined totaled? I imagine it has something to do with the Kelley Blue Book price, but is it what the retail price of the car would be or the trade-in value or what? Or does it have absolutely nothing to do with any of that? And what consideration does the insurance company take if you owe more than they value it? Merry Christmas to me.