Factors That Affect the Value of Your Personal Injury Settlement

Factors That Affect the Value of Your Personal Injury Settlement

Factors That Affect the Value of Your Personal Injury SettlementHave you recently been injured in a personal injury case and don’t know what to expect for settlement? As an injured person, you can expect compensation if one party is held negligent for their actions. However, there are some things you should keep in mind before you make determinations on the matter. For instance, ask yourself: After my injury, did I seek medical attention? This is an important matter not to be skipped.

Your doctor will be able to determine the type and extent of your injury sustained and begin appropriate treatment. If there is no determination made, there is no way to determine how much money you should demand to settle the case. After a determination is made on the nature, severity, and duration of the injuries, you and your attorney can begin a settlement process.

Here are some steps that are typically taken in the settlement process:

  • Calculation of Special Damages: Special damages, also known as economic losses, are damages for which money is only a comparable substitute for what was lost. These damages include lost wages, lost earning capacity, medical expenses, funeral or burial costs, and property damage.
  • Calculation of General Damages: General damages, also known as non-economic losses, are losses for which money is only a rough substitute. These damages include physical pain and suffering, humiliation and embarrassment, shock and mental anguish, loss of reputation, loss of consortium, loss of society, and emotional distress.
  • Adjusting the Value of Your Claim: You must first consider liability and whether or not you contributed to the accident. You must also establish if there were multiple defendants, the characteristics of the plaintiff, and where the case would be tried. It is important to keep all sorts of factors in mind when negotiating a settlement.
  • Making Your Settlement Offer: In this step, you will be ready to submit your settlement demand letter to the defendant or his or her insurance company. There could be negotiations made back and forth for some time during this process; however, you should know that if you do not come to some sort of agreement, you would have to appear at court. Then, from there, a judge or jury will determine the amount of damages, if any, to which you are entitled.

What Factors Will Affect My Multiplier?
A multiplier is applied to value a personal injury claim to make a determination of how much pain you suffered as a result of your injuries. The more pain that you have experienced, the higher the settlement offer. Here are some factors that could indicate a higher multiplier:

  • Hard Injury: This includes a broken bone, head injury, joint injury, vertebrae injury, or nerve damage.
  • Medical expenses that are meant for treatment
  • Medical treatment by a medical doctor, clinic, or hospital
  • Prescribed medication related to the injury
  • Long recovery period
  • Physical or emotional distress resulting from the injury
  • Daily life disruptions

What Are Factors That Make it Likely to Get You Lower Compensation After Applied Formula?

  • Disorganization or impatience on your part
  • A sympathetic insured on the other side
  • No witnesses that bolster your side of the case

If you have a personal injury, then you can expect to receive compensation from the liable party. You can speak to an attorney today about what you can expect as far as compensation goes. Call WTW today for a consultation and review of your case.

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