Geico Insurance Accident Claims in Colorado
GEICO is one of the biggest car insurance companies in the United States, insuring over 28 million vehicles. If you’ve been injured in a car accident in Colorado caused by a GEICO-insured driver, you may be wondering what your claim is worth and how the settlement process works. GEICO handles thousands of injury claims every year, and every settlement is unique. The value of your case depends on many factors such as your injuries, medical expenses, lost wages, liability, and the available insurance coverage.
Understanding how GEICO evaluates claims can help you avoid costly mistakes and maximize your recovery.
What Percentage of Claims Are Paid by GEICO?
It’s important to understand that not every insurance claim that is submitted gets paid out. Insurance companies regularly will reject claims for a variety of reasons. According to Fair Settlement, GEICO claims are paid out an average of 67.14%. That means almost ⅓ of claims submitted to GEICO are rejected. That’s why it’s so important to work with an experienced personal injury attorney who will do what they can to make sure your claim is accepted and that you get the compensation you deserve.
How Much is the Average GEICO Accident Claim Worth?
Like every insurance company, GEICO’s goal is to resolve claims as efficiently as possible. However, that does not necessarily mean the company’s first settlement offer reflects the full value of your injuries.
The amount of compensation individuals get for accident claims varies widely for a number of reasons such as severity of injury, level of fault, impact on being able to work, and more. One factor people might not realize can impact compensation levels is which insurance company your claim is processed with. For example, according to Fair Settlement, the average GEICO settlement payout is $91,946 with a median settlement of $32,500. This is 20% below the fair settlement value when comparing them to other insurance companies.
How Does GEICO Determine a Settlement Amount for An Accident Claim?
GEICO evaluates several factors before making a settlement offer, including:
Liability
Colorado follows a modified comparative negligence rule. If you are partially responsible for the accident, your compensation may be reduced by your percentage of fault. If you are found 50% or more responsible, you generally cannot recover damages.
Severity of Your Injuries
More serious injuries generally result in larger settlements, especially when they involve:
- Broken bones
- Herniated discs
- Traumatic brain injuries
- Spinal cord injuries
- Permanent disabilities
- Multiple surgeries
Medical documentation plays a significant role in proving the severity of your injuries.
Medical Expenses
When determining your medical expenses after an accident GEICO will review all of the following:
- Emergency room treatment
- Ambulance bills
- Hospital stays
- Physical therapy
- Chiropractic treatment
- Diagnostic imaging
- Future medical care
- Prescription costs
The more thoroughly your treatment is documented, the stronger your claim becomes.
Lost Income
If your injuries prevent you from working, you may be able to recover compensation for:
- Lost wages
- Missed overtime
- Lost bonuses
- Reduced future earning capacity
Pain and Suffering
Colorado law allows injured victims to seek compensation for non-economic damages such as:
- Physical pain
- Emotional distress
- Anxiety
- Loss of enjoyment of life
- Permanent impairment
These damages often represent a substantial portion of an injury settlement.
Dealing With a GEICO Claims Adjuster
After a car accident, a GEICO claims adjuster may contact you to discuss what happened, your injuries, and the damages you are claiming. While the adjuster may seem helpful, it is important to remember that they work for the insurance company and are responsible for evaluating the claim on GEICO’s behalf. Be cautious about giving a recorded statement, speculating about fault, minimizing your injuries, or accepting an early settlement before you understand the full extent of your losses. Insurance adjusters may also request medical records or other documentation when investigating a claim. An experienced personal injury attorney can communicate with the GEICO claims adjuster for you, provide the information necessary to support your claim, challenge an unfair valuation, and negotiate for compensation that reflects your medical expenses, lost income, pain and suffering, and other accident-related damages.
Common Mistakes That Lead to GEICO Diminished Value Claim Settlement Amounts
Many accident victims unknowingly hurt their claims by:
- Delaying medical treatment
- Missing follow-up appointments
- Giving a recorded statement without legal advice
- Posting about the accident on social media
- Accepting the first settlement offer
- Returning to work before their doctor approves
- Waiting too long to speak with an attorney
Insurance adjusters often review medical records, accident reports, and other evidence before evaluating your claim. It’s always best to speak with an experienced personal injury lawyer to make sure your claim is as strong as possible and you don’t miss important deadlines.
How Long Does GEICO Take to Settle a Personal Injury Claim?
The timeline for your accident claim depends on the complexity of the case. Simple claims with minor injuries may resolve within a few months. More serious injury claims often take considerably longer because it is important to understand the full extent of your injuries before settling. Accepting a settlement too early may prevent you from recovering compensation for future medical treatment. Some of the factors that can affect the time your GEICO claim can take include:
- Length of medical treatment
- Liability disputes
- Multiple injured parties
- Expert opinions
- Negotiations between attorneys and GEICO
Should You Accept GEICO’s First Settlement Offer?
Not necessarily. An early settlement offer may not fully account for all of your future medical expenses and ongoing pain and treatment, or a full scope of your loss in earning capacity. Before accepting any settlement, it is important to understand the total value of your claim and have an experienced car accident lawyer look over the settlement offer to make sure it is fair.
Contact a Colorado Car Accident Lawyer Near You Today
If you were injured in a crash involving a GEICO-insured driver, you should not assume the insurance company’s first offer reflects the full value of your claim. A knowledgeable Colorado personal injury attorney can review your case, explain your legal options, and pursue the compensation you deserve.
A consultation can help you better understand your rights and the potential value of your Colorado GEICO car accident settlement. Contact The Law Office of Rodemer | Kane to set up a free case evaluation to see how we can best serve you.