How much money will you get from a personal injury settlement? This is one of the most common questions asked by injured victims. When someone gets into a car accident and needs to file for damages, they want to know how their settlement amount is decided.
Many factors go into determining your compensation after an accident. If you want more information on how this works, keep reading!
1. Depending on the Type of Accident
The type of accident you need to file a claim for can determine how your settlement is determined. The most common types of bodily injury cases include car accidents, slip and fall injuries, medical malpractice, fires, or burns caused by defective products.
In each case, insurance companies have lawyers who review every aspect of your issue before they make any settlement offers, so be prepared that getting a request may take time.
2. The extent of the Injuries
In an accident, the extent of your injuries can play a significant role in how much compensation you receive from a personal injury settlement.
For example, if someone is severely injured and requires surgery to recover, they may be entitled to more money as a result than if they only had minor scrapes or bruises after an auto accident.
3. Medical Cost
In addition to the extent of the injuries, the cost of medical treatment is another factor that can influence a settlement. The more severe an injury, and the longer it takes to heal (or if it never heals appropriately), then there will be added costs for doctor's visits, medications, therapy sessions, etc.
Medical bills are relevant in two ways: they relate directly to how badly you were injured; and whether your injuries have healed within expected or possible timeframes. If not – or if additional surgery may be required down the road – this fact by itself could change everything about your injury case negotiation process.
4. How the Plaintiff Conducts themselves in Court
How one behaves in the courtroom can have a significant impact on the eventual outcome of their settlement. If one is uncooperative, they may see themselves receiving less compensation than someone more willing to work with those in charge.
If witnesses or video footage might help your case, it's important not to miss them when speaking with an attorney. While you may be tempted to avoid bringing up these topics for fear of incriminating yourself, this type of evidence should always be used if available.
Furthermore, attorneys will often request copies of such items before moving forward so that nothing gets missed during the process and ends up hurting your chances of getting paid later on down the line.
Keeping all documentation related to your case together and organized is another wise strategy. This includes any medical bills, photos of the accident scene and your injuries, police reports, or other paperwork you may have filled out.
An attorney will likely need to refer back to these at some point during negotiations, so it's better for them to be easy to locate when needed rather than a hassle later on down the line.
5. Time Taken to Heal
After an accident, your body needs time to recover and heal. In the case of a personal injury, you might even need additional medical care such as physical therapy or surgery. Some injuries are so severe that they require ongoing treatment throughout a lifetime.
Because you can’t predict precisely how much time it will take for someone to get back on their feet after an accident, why do insurance companies offer settlement amounts?
The short answer is this: because no one knows when people will be able to work again or if there will be any lasting effects from the accident, offering money upfront provides some compensation right away while still allowing room for negotiation later down the line when more information about your recovery becomes available. Insurance adjusters typically base these initial offers off averages gathered from previous claims.
6. Economic Damages
After an accident, the injured party may be entitled to recover compensation for economic damages, including medical bills and lost wages.
The amount of money that an individual can receive will depend on several factors, including their income level before the injury, job status, and responsibilities, disability rating, etc. This area of law is complex, so it’s always best to consult with a knowledgeable personal injury attorney.
7. Your Injury Lawyer can Determine How Much Compensation you Receive
When it comes to determining the amount of compensation you receive through a personal injury settlement, your attorney is the one to ask. Personal Injury Lawyer Firms can help determine what types of damages you are entitled to based on how much money they believe it will take for any injuries and losses that have been incurred by an accident or incident.
A settlement is an agreement between a claimant and the defendant to resolve a case without going through all the steps that would typically occur in litigation. This blog post should have given you a better understanding of how personal injury settlements are determined. We hope this has been helpful!