How much the value of your personal injury claim is can be determined by a range of factors. Therefore, it is impossible to give you an exact figure or guarantee a specific financial result from a settlement or jury award.
Lawyers and insurance companies employ a variety of methodologies to determine the worth of your accident injury claim, and the insurance company or legal defense team will almost definitely undervalue your claim. In reality, determining the value of your claim relies heavily on settlement negotiations.
Losses resulting from your injuries, such as lost income, medical treatment costs, and spending to replace household services you can no longer offer, are all factors that determine the value of your claim. Lawyers and investigators can often sum up your expenses and receipts, as economic losses are straightforward to measure.
Non-economic losses are far more challenging to place a value on and often necessitate the assistance of professionals and experts. Money for non-economic losses compensates you for the effects of your injuries on your life, such as pain and suffering, a reduction in your quality of life, and scarring or disfigurement.
The value of your accident injury claim may be influenced by other factors, such as the severity of your injuries and the circumstances surrounding your accident. If your accident was caused by the other party's gross negligence, for example, you may be able to seek punitive damages in your accident injury claim.
To put a monetary value on your accident injury claim, your attorney will thoroughly examine it. This is still merely a rough estimate, and receiving the entire amount via a settlement or court-ordered damages is not guaranteed. Your personal injury lawyer will work to get you the greatest financial result possible for your claim, which will be one that fairly compensates you for your losses and injuries.
Below, we'll go over the various criteria and aspects that influence how much your accident damage claim is worth.
Personal injury cases are often filed against insurance companies. According to the National Highway Traffic Safety Administration, approximately half of all motor vehicle crash costs are covered by private insurers. Individual accident victims pay roughly 26%, while third parties, including uninvolved motorists stuck in traffic, charities, and healthcare providers, pay about 14%.
Injuries may occur due to negligence, intentional acts, or product defects. Personal injury claims involve damages for medical expenses, pain and suffering, lost wages, and other losses.
The most common types of personal injuries include:
The majority of accident victims begin accruing medical treatment expenditures as soon as they are involved in an accident. Whether you were injured in a car accident, at work, on a motorcycle, or in another occurrence, you most certainly went to the nearby emergency hospital for treatment. The cost of your ambulance transport to the hospital is only the start of your medical bills.
Depending on the nature and severity of your accident and injuries, you may be admitted to the hospital for days, weeks, or months. Other medical care costs you may incur as a result of your accident injury, in addition to emergency room treatment, include:
Severe accident victims may face a long road to recovery that includes a range of rehabilitative therapy, which may be inpatient or outpatient, depending on the circumstances. These expenses have an impact on the value of your accident injury claim. Depending on the severity of your injuries, rehabilitation can take weeks, months, or even years. Each individual needs assistance in different areas and responds to various forms of rehabilitation. In fact, many accident victims require a variety of specialist rehabilitation services.
The following are some examples of rehabilitation expenditures that can be claimed as part of an accident injury claim:
Accident injuries cause a wide range of overall economic losses. Regardless of how they happen, severe injuries usually result in weeks or months off work and a mountain of medical expenditures.
Often, as a result of their injuries, accident victims must deal with physical agony and overcome hurdles. When caring for an injured loved one and assisting them in coping with their injuries, families are put under a lot of stress. Your personal injury lawyer will assess your case and look at how your injuries have affected your life.
Non-economic losses are significantly more difficult to measure than economic losses, and lawyers frequently consult without the help of independent specialists to estimate the value of your claim. They also examine previous instances and combine data to determine a fair value for the non-economic element of your accident injury claim.
Examples of non-economic losses that can affect the value of your personal injury claim include:
Once you've decided to submit a personal injury claim, you'll want to do everything you can to maximize the amount of money you could receive. Making sure you receive enough compensation is an essential component of making a full recovery.
What you do following your injury is important, and there are several things you may do to maximize your claim. Knowing what areas of your injury case you have influence over will help you get the most money possible. Here are some strategies for increasing the value of your personal injury claim.
If you don't have the evidence to back up your claim, the value of your accident injury claim will be meaningless. An experienced personal injury lawyer can investigate the circumstances of your accident to determine the facts of your case. As your legal representative, your attorney does more than just file the legal paperwork. They build a lawsuit against the responsible party that caused your injury to assist you in getting the most money for your accident injury claim.
Even when your attorney gives you an estimate of how much your claim is worth, it does not guarantee that you will recover that amount. Both parties have a financial motive to avoid costly legal processes, which is why many accident damage claims are settled before coming to trial. Your lawyer will make the necessary arrangements to ensure you get the maximum compensation.
An experienced personal injury attorney can assist you in determining what steps you should take to maximize your compensation. They can assist you in developing your case and communicating with the opposing party in order to reach a fair settlement at each level.
If your case gets to trial, your lawyer will be there to assist you in making the best possible presentation of yourself and your case. Although the legal procedure takes time, your attorney can assist you in navigating the complicated legal system and pursuing a course of action that will result in the highest potential compensation for your case.
According to a 1999 survey by the Insurance Research Council, with legal assistance, the average client receives a three and one-half times larger payout than without legal aid. This can make a significant impact on a personal injury settlement.
Contact our experienced personal injury law firm, Schuster Law, today to learn how we can help you maximize your personal injury settlement.
A client of Schuster Law
My husband and I were in a car accident and our car got t-boned. Andrew Valentin was the lawyer we chose to represent us. Andrew fought on our behalf with the other party's insurance company, making sure everything was made right. Between regular check-ins on us and follow through on the case, Andrew made sure we were well taken care of.
Laura VM
A Car Accident Client of Schuster Law