Facts of Loss

By Daisy Rogozinsky
March 24, 2022

If you are ever involved in a motor vehicle accident and want to make a claim to your insurance for compensation, one of the first steps you’ll have to take is submitting a facts of loss statement. This is a crucial step in being compensated for any injury or damage resulting from your accident. In this article, we’ll explain what facts of loss mean, as well as its relevance to individuals who have been in motor vehicle accidents

Key Takeaways

  • A facts of loss statement is a detailed statement of what happened during your car accident
  • Insurance companies use facts of loss statements as part of their investigation of your insurance claim
  • To increase your chances of receiving fair compensation after your motor vehicle accident, it is recommended to work with a lawyer to prepare your facts of loss statement

What Are Facts of Loss?

When you submit a claim to your insurance company after a motor vehicle accident, they will need to hear what happened in the car accident. Your statement about what happened is also called facts of loss. This is the record of what happened in the car accident that your insurance adjuster will use as part of their investigation over who is responsible for the accident. 

The facts of loss can be recorded in the police report, but they are not limited to only what made it into the report. Any facts that you claim as true can be a part of your facts of loss record. Usually, you will include any details that help clarify the liability of the case, or who was responsible for causing the car accident.

Some of the details that you may be asked to include in your facts of loss statement are:

  • The date of the accident
  • The time of the accident
  • The location of the accident 
  • The direction you were traveling
  • The names of all occupants of the vehicle
  • Any injuries sustained as part of the accident
  • Any damage done to your vehicle as part of the accident
  • The year, make, and model of the vehicle
  • Any police involvement in the accident
  • Whether or not there was a police report

Why Facts of Loss Matters in Motor Vehicle Accidents

Your insurance company will assign an adjuster to investigate your claim and make a decision about how much compensation you are entitled to if any. A big part of the investigation is your facts of loss statement, meaning that this statement has a direct bearing on how much of a payout you will receive after your accident.

For the best possible insurance payout, you will want to make sure that your facts of loss statement is factual, complete, and makes it clear exactly why you are entitled to compensation. If you are claiming that another party was at fault, your facts of loss statement should demonstrate how and why this is the case.

If you want to increase your chances of a favorable outcome to your insurance claim, it is a good idea to work with an experienced motor vehicle accident attorney who will be able to help you submit an effective facts of loss statement.

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