Lost wages calculation

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Posted: Mon Apr 13, 2009 2:07 pm Post subject: Lost wages calculation

My auto insurance co. pays me 80% of my gross lost wages per month up to a max of $2000 per month. My question is how many days does the insurance co. use to calculate a month?

Chad

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Posted: Mon Apr 13, 2009 3:18 pm Post subject:

It's the amount of earnings in the particular month being claimed. It does not matter the number of days... it's the gross for that certain month.

tcope

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Posted: Tue Apr 14, 2009 6:55 am Post subject:

How the lost wage will be calculated for only couple of days work lost? Supposing that you are receiving your paycheck twice a month, how the insurer would compute the lost wage then?

simon

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Posted: Tue Apr 14, 2009 2:20 pm Post subject:

Take the loss wages that month and multiply by 80%. If the amount is less then $2000, that amount is paid. The month time frame only comes into play for the $2000 limit per month. Other then that, a month time frame does not matter.

tcope

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Posted: Tue Apr 14, 2009 7:42 pm Post subject:

How often does an auto insurnce co usually pay out lost wages...i.e. once a month, twice a month, or other.

Chad

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Posted: Wed Apr 15, 2009 8:35 am Post subject:

Okay, so the max you can get towards your lost wage is $2,000, right? If the lost wage is well within the limit, it would be paid but once the amount is over the threshold, you'd get only $2k towards it. Is it how it works? or I did get it all wrong?

simon

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Posted: Wed Apr 15, 2009 10:52 am Post subject:

Quote:

How often does an auto insurnce co usually pay out lost wages...i.e. once a month, twice a month, or other.

I searched over the internet...and it seems it could also be done on a weekly basis. But, I'd rather suggest that you go through your policy clauses and check it out! Steven

steven

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Posted: Thu Apr 16, 2009 3:17 am Post subject:

Thanks I have been trying to find out how often I should be receiving my lost wages from my insurance company. I have checked the internet, my policy papers, and other places and have come up with nothing. I asked the adjuster but she will only talk to my attorney and when I ask him he says she didnt call, or that she did and left a message but did not discuss that information. As it appears it is only once a month that I will get my lost wages.