Do certain factors impact the value of your personal injury settlement? Absolutely!
Several factors can influence the value of a personal injury settlement. While every case is unique and you should consult with your personal injury attorney directly, here are some common factors that are taken into consideration when value is being determined:-Severity of injuries
Below we dive into each of these categories in more depth. Read on to learn what role each of these common elements play in determining the overall value of personal injury settlements.
What Factors Play A Part in the Value of Your Settlement?
- Nature and severity of injuries: The extent and impact of your injuries along with the impact it has had on your life play a significant role in determining the value of your settlement. Severe injuries that result in long-term or permanent disability, extensive medical treatment, or chronic pain generally lead to higher settlements. There are certain categories of personal injury that historically lead to higher payouts such as product liability (defective products), medical malpractice, trucking accidents, and pharmaceutical negligence. The extent of injury in cases such as these tend to have severe injury or fatalities involved. There have been cases where settlements reached millions to compensate for the other items on this list such as medical expenses, lost wages, and pain and suffering.
- Medical expenses: The total cost of your medical bills, including current and anticipated future expenses, can significantly impact the value of your settlement. This includes hospitalization, surgeries, rehabilitation, medication, therapy, and any necessary assistive devices. Keep a detailed list of all medical records and expenses and consult with your personal injury attorney on proper documentation and chain of evidence as this can play a role in overall settlement value as well. An injury lawyer near you will be able to assist in getting statements and expert medical opinions from your medical team to help build your case.
- Lost wages and earning capacity: If your injuries have caused you to miss work, lose income, or experience a diminished earning capacity, you may be entitled to compensation for these financial losses. The impact on your current and future earning potential will be considered in determining the settlement value.
- Pain and suffering: Physical and emotional pain, mental anguish, and loss of quality or overall enjoyment of life resulting from the injury are known as pain and suffering. Assigning a monetary value to these subjective factors can be challenging, but they are important considerations in a personal injury settlement. A personal injury attorney will be helpful in placing a monetary value on these elements based on experience and understanding of laws and what is deemed reasonable.
- Liability and negligence: The question of who was at fault and the degree of negligence can affect the settlement value. If it’s clear that the other party was entirely responsible for the accident or incident that caused your injury, it may strengthen your case and increase the potential settlement amount. Factors determining liability and negligence is a large topic that deserves its own platform and will be discussed in a future post. If you have questions, do not hesitate to Call Carmen for additional information now.
- Comparative negligence: In some cases, both parties may share a degree of fault. Jurisdictions that follow comparative negligence laws will consider the percentage of fault assigned to each party. If you’re found partially responsible, it may reduce your settlement proportionally.
- Insurance coverage: Insurance plays a significant role in the value of a personal injury settlement. In most cases, the responsible party is covered by some sort of insurance policy that provides coverage for liability and potential damages. Insurance coverage ensures there is some source of funds available to compensate the injured party for their losses. Insurance policy limits can vary widely depending on the type of coverage and specific terms of the policy. If the liable party has limited coverage, it may restrict the amount you can recover. In some cases, the responsible party may have additional coverage beyond the primary policy. Having a personal injury attorney is crucial in this element of the process as insurance companies are for-profit entities and have an interest in minimizing their financial exposure. Proper documentation, proper documentation, and liability are very important in both when and how they are gathered and determined. An attorney will be able to advocate for your rights and negotiate a fair settlement based on the full extent of losses.
- Evidence and documentation: The strength of your evidence and documentation supporting your claim can influence the settlement value. This includes medical records, accident reports, witness statements, expert opinions, and any other relevant evidence that supports your case. We have posted a separate article just to cover the importance of this topic that you can read in more depth here.
- Legal representation: The quality and experience of your personal injury attorney can also affect the value of your settlement. A skilled attorney who can negotiate effectively and present a strong case may increase your chances of obtaining a higher settlement. There are a lot of factors at play and the way they are approached is crucial to the overall outcome of the settlement. Finding the right attorney for you and your situation will have a large impact on your results.
Each case is unique, and the outcome depends on the specific circumstances, evidence, legal representation, and other factors. If you believe you have a personal injury case, it is crucial to consult with an attorney who is experienced in personal injury law to understand the potential value of your claim and how to properly maximize that value. If you do not currently have an attorney and are looking for an injury lawyer near you, Call Carmen today and let’s get to work!