No lie, but calculating personal injury settlements is far from an exact science. There is no foolproof formula to calculate the compensation. However, understanding the factors that tend to affect the value of personal injury cases can help you set expectations accordingly.
If you have been injured because of someone else’s negligence and want to seek compensation for the damage, this guide will help you better prepare for the legal process. Wondering how?
Let’s read on to explore nine crucial factors that can impact your personal injury settlement in detail:
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The Severity of Your Injuries
Naturally, accidents that result in one or more severe injuries tend to produce larger settlements. There is more pain and suffering involved, which isn’t easy to manage. If you’re facing injuries, such as broken bones and spinal cord damages, it will definitely raise the value of settlement.
On the other hand, navigating soft-tissue injuries like sprains or bruising is less challenging. However, if you’re facing permanent injuries, in such cases, victims are expected to be rewarded for a large settlement.
Therefore, before you estimate the injuries, you should contact a personal injury lawyer to calculate them according to the extent of your injuries.
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Disruptions in Daily Life
In addition to the severity of the injuries from an accident, if the injury disrupts the clients’ daily lives, it will produce a larger personal injury settlement. For example, there are some injuries that can make it challenging for victims to perform day-to-day activities, such as walking or standing.
The same applies to the injuries that leave the victims unable to play sports, travel, or work certain jobs. Therefore, a personal injury lawyer’s assessment is required to determine the impact of injuries on your life. For this purpose, you must consult with an experienced and reputable personal injury lawyer.
Also, ensure that a certain law firm is ready to fight for your claim. For example, if you’re considering Prince Law Firm, ensure that they have an exemplary record of winning claims and successful personal injury settlements.
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Treatment and Recovery
Understandably, larger settlements generally occur when post-injury medical treatment involves doctors and hospitals. Therefore, having a reputable doctor for the treatment is key. Reconstructive surgeries are also associated with cases that involve high settlement values in personal injury claims.
Moreover, the duration of a recovery period also matters the most. The longer recovery will take time, the more it will include follow-up appointments and prescriptions for medical treatment.
This part explains why soft injuries generally result in lower settlements.
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Certainty of Liability
We’ve discussed the impact of the injuries on the settlement. However, one of the main questions is whether the defendant is even liable for those injuries. The certainty with which party can answer that question has a significant impact on the settlement value.
If the other side is clearly at fault for a victim’s injuries, settlements will usually hit the higher end of the range for a given case. However, to argue the liability effectively, having a personal injury lawyer by your side brings excellent value for the clients.
By taking time to identify and interview credible witnesses, the lawyer will compile appropriate evidence for it. This way, your lawyer can help craft the strongest case possible regarding liability.
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Emotional and Mental Trauma
It is an undeniable fact that the pain and suffering resulting from accidents often go beyond physical injuries. Emotional trauma in the form of anxiety or depression can be equally debilitating.
When you’re navigating the aftermath of the accident, it can be challenging to prove the psychological trauma, especially the one that requires meeting a high evidentiary bar. However, consulting with a health specialist can help in testifying the mental and psychological effects on your health.
This way, you can raise the value of the settlement accordingly to recover appropriately.
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Newsworthiness
An old and gold saying goes that there is nothing worse than bad publicity. Any person or company who has been burned by negative headlines resulting from a personal injury case can attest to just how wrong that trope actually is.
If the personal injury lawsuit has the potential to attract bad publicity, especially for high-profile defendants such as a national chain business, the settlement can skyrocket. This way, the situation will be more in your favor, especially when you have been badly injured and need proper compensation for your loss.
Remember, the bad press is just too costly for the defendants to risk scrutiny.
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Cost of Litigation
There is nothing more exhausting in the settlement process than handling the clerical work and deposing witnesses. At this stage, you might find the need to hire an expert to address technical issues. However, this will only add up costs quickly for the defendants when there are a lot of witnesses or any number of scientific questions.
In such cases, there is the probability that the defendants may be willing to settle at a higher price instead of running up their defense costs.
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De-Risking the Case
When your case passes certain key milestones, the value of the settlement also increases. The milestone events in a case vary. But mainly, it includes getting past a motion to dismiss the case or taking an important deposition.
Remember, the more hurdles you overcome by a plaintiff, the better the settlement. Therefore, hiring a smart and reputable lawyer is essential as they know how to advocate your case. If the adversary is nervous about getting across that next milestone, they may be more eager to compromise.
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Timeline
Once you understand the value of your settlement, it is crucial for you to focus on its timeline. The average insurance settlement is reached within three to six months of the victim filing an insurance claim, depending on the state of your claim.
However, a complex case might take longer. For this purpose, the insurance company may need to extend its investigation. For example, in case there is a liability dispute and the case has to go to trial to be resolved, it is better to expect a timeline close to a year or longer.
Therefore, you need to be aware of the process, as many factors can affect how long your claim will take to complete.
Conclusion
No lie, but navigating the complexities of personal injury claims can be challenging, especially when considering the factors impacting the value. However, by understanding these factors and working with an experienced lawyer, you can better raise the value for settlement and get your finances covered.