One person dies every 3 minutes from an injury. Others suffer long-term or permanent damage.
Depending on the cause of an injury-inducing event, victims may pursue damages from negligent parties. This pursuit often results in what’s called a personal injury settlement.
Since you’re reading this post, you may have been involved in an accident and are curious to know how much money you may be entitled to. Understand that there is no one-size-fits-all claim amount.
Settlements are built on several factors, the most important of which we outline below.
Immediate Expenses
When crafting a personal injury settlement, the first thing insurance companies and attorneys will look at are the immediate expenses you incurred as a result of your injury. These expenses are usually tied to medical services.
Everything from your doctor’s visit to the medication you receive should be added to the amount of money that you request. Reimbursement of these expenses might also be proactively offered to you.
Short-Term Work Disruptions
After your easy to itemize expenses have been tallied, the next step to crafting a fair settlement is looking at the short-term earning opportunities you may miss while you recover.
For example, let’s say you get paid $200 per day on average as a contractor and need to take 3-months off work to get well. Your settlement asks should include that roughly $18,000 worth of damages.
Long-Term Lifestyle Changes
Long-term lifestyle impacts can be the most substantial of personal injury settlement contributors. This line-item attempts to forecast how much earning potential you will lose in perpetuity. It also predicts additional expenses you may incur over the course of your life as a result of your injury.
Long-term “pain and suffering” impacts are very difficult to quantify. Consequently, they are among the most disputed elements of settlements between insurance adjusters and lawyers.
Negotiation
At the end of the day, having a quality lawyer in your corner is invaluable. They can push your case to maximize your injury settlement. They can also help you navigate common injury points of contention like terms surrounding structured settlements.
If you’re worried about the costs associated with hiring an attorney, don’t be. Almost every injury attorney works on the basis of contingency. That means they only take payment from the amount of money they win for you.
If they’re unsuccessful in getting you claim money, you owe them nothing.
Your Personal Injury Settlement Will Depend on Your Circumstances
The key takeaway from this post is that your personal injury settlement will vary based on several factors that are unique to your case.
Our advice is to, again, get a legal professional’s help as soon as possible. With proper guidance, you’ll be able to navigate the murky and subjective waters of injury disputes. That will hopefully lead you to walk away with as much money as possible.
If you need more legal, business, or financial advice, we welcome you to read more of our content on those subjects in our online publication.
