If you’re involved in an accident because of someone else’s negligence, you may have a valid personal injury claim. To give you more information, a personal injury lawyer is here to share:
- Why you should try to settle the claim
- The key components of a personal injury settlement
- How personal injury settlements are calculated
This blog post is for educational and informational purposes only. It is not meant as a substitute for legal advice. If you have questions about your potential claim, schedule a consultation with an experienced personal injury lawyer in your area.
Why Settle?
As someone involved in a personal injury accident, you have two options for getting your claim paid out. You can try to settle with the insurance company or you can take the claim to trial.
Since trial is an option, you may wonder why you should settle. The truth is that most personal injury claims are settled and do not go to trial. So, why should you at least attempt to settle? The short and sweet answer is that settlement takes less time and isn’t as expensive as going to trial.
You’ll have the option of settling with the insurance company before trial. Usually, trial becomes an option if you don’t get a fair settlement offer. You’ll also likely have the opportunity to work on a settlement during the litigation and even the trial procedure.
Keep in mind, though, that the insurance company is a for-profit company. It may not offer you a fair settlement before trial. You also shouldn’t sign a settlement agreement without having it reviewed by a personal injury attorney. An attorney can help ensure that you’re treated fairly throughout the entire settlement process and can represent you if the claim goes to trial.
Key Components Of A Personal Injury Settlement
As our friends at Herschensohn Law Firm, PLLC can explain, key components that are considered during a settlement conference include and may not be limited to:
- Medical expenses
- Lost wages
- Pain and suffering
- Property damage
- Future lost income, future medical expenses, and the long-term impact on your quality of life.
How Personal Injury Settlements Calculated?
Personal injury settlements are calculated by considering the two types of damages that you may have: economic damages and non-economic damages. An economic damage is something with a dollar figure attached. Examples of economic damages are medical expenses or lost income. A non-economic damage doesn’t have a dollar figure attached. Pain and suffering or suffering from disfiguring scar are examples of non-economic damages.
The two types of damages are combined and a total is determined. There may be a multiplier added to the total. An attorney is necessary to get maximum value for the general damages.
Then, there are other factors that come into play. This includes and may not be limited to:
- Severity of the injuries
- Liability
- Evidence
- Jurisdiction
If you need help with a case, contact an attorney near you for help immediately as they will be able to help you determine compensation and pursue your case further.