The Value of a Claim for Personal Injury
If you have been injured in a traffic accident or an accident in a local, it is very possible that you have the right to have your expenses and suffering compensated by the party that caused the accident. But finding out the amount of compensation you can expect to receive can be complicated. However, in the meantime, you can begin to estimate the value of your claim considering the following 4 important factors.
The nature of the damage
- The first factor to consider is the type of injuries or losses that the accident caused. This may include the expenses of:
- Past and future medical bills
- Care and support during recovery
- Permanent attention
- Salaries not perceived
- Lost earning capacity
- Pain and suffering
The total of your medical bills multiplied by three - to represent pain and suffering - can give you a reasonable estimate of your compensation. However, it is important to remember that this is only an estimate, not a guarantee. There are many factors that can justify the calculation of pain and suffering differently or cause a judge to grant less pain and suffering.
How Much is My Claim?
The losses you experience as a result of your accident will depend on your specific circumstances. For example, if you were in a serious car accident while driving a new vehicle, you will incur significantly more losses related to property damage than if you were driving a used car a few years ago. Factors that can influence the amount of your total losses include:
- Your age
- The severity of your injuries
- Your occupation
- If you need ongoing medical attention
- If your injuries will result in permanent impairments
The general force of the case
Obviously, the strength of the evidence of your case should also be considered in the assessment of your compensation. Strong evidence increases your chances of obtaining a favorable agreement in the negotiations rather than in the courts. This can save you money, since there will be less legal expenses to pay from your settlement.
A defendant with economic means
In most cases of traffic accidents or premises, the defendant's insurance company ends up paying their damages. If the defendant does not have insurance, the practical value of his case may be considerably diminished. After all, most people do not have enough savings to pay a large cash settlement, at a time, or even as an annuity. A defendant unemployed and without insurance would be a double dose of problems for the value of his case.
The caliber of your lawyer
According to a study by the Insurance Research Council, people who hire a lawyer to represent them in a personal injury case receive, on average, 3.5 times more compensation than those who represent themselves.
The amount of compensation you can expect can increase significantly when it comes to punitive damages. Punitive damages are intended to punish defendants for particularly scandalous misconduct and to deter others from committing similar misconduct. Punitive damages are awarded in cases where, for example, to save money, a company took measures to hide a known risk to consumers, or when a company brings a product to the market before it is safe.
A Lawyer Will Help You Get The Compensation You Deserve
If you have a personal injury case, hire a lawyer who will evaluate and determine the amount of compensation you can receive. Failing to do so, you could receive a much smaller offer than your losses. Your lawyer will try to negotiate an appropriate agreement with the insurance company that handles your case and, if the insurance company denies a good deal, you can file a lawsuit to ensure that you receive the full and fair value of your personal injury claim.