Calculating The Settlement Value of Your Personal Injury Accident Claim
You are probably wondering what amount of financial compensation is fair for your injury accident victim. You are probably asking yourself questions like:
- How do accident settlements work?
- How do I negotiate a settlement for injuries?
- How can I get the insurance company to increase their settlement offer?
- How long does it take to come to a settlement?
- When should I accept a settlment?
The specific dollar amount that is fair will depend on the unique facts of your case, but there are a few common factors to consider when attempting to determine value of an injury claim. There is no magic formula or process by which an attorney can predict with certainty the amount of money a person is entitled to receive, especially where damages are awarded for subjective elements called 'pain and suffering' and 'loss of enjoyment of life.'
However, our office will usually have a pretty good idea of a reasonable settlement range after your medical condition has stabilized. We rely on such factors as the extent and permanency of your injuries, the effect your injuries have had on your life, the amount and duration of your medical treatment, prior jury verdicts and/or arbitration awards received for similar injuries and my experience. Ultimately, the value of any given case is determined by the jury's verdict after a trial on the merits.
Also called "general" damages - refer to the various types of damages that have a direct cost associated with them. Some examples of economic damages include:
- Medical Expenses – Emergency medical costs (ambulance, airlift, ER), x-rays, MRIs, surgical bills, hospital bills, and other medical fees incurred as a result of an accident.
- Ongoing Medical Costs – Doctor visits, rehabilitation facility expenses, laboratory fees, physical therapy, pharmaceuticals / prescription drugs, medical devices, in-home nursing care, cognitive rehabilitation, mental health counselling, speech therapy, occupational therapy/retraining.
- Lost Income – Lost wages, lost vacation/PTO, lost opportunities, and potential future income.
Also called "special" damages - refer to the types of damages that do not have a direct cost associated with them. Some examples of non-economic damages include:
- Pain and Suffering – Emotional injuries, fear, insomnia, grief, etc. due to an accident.
- Lost Quality of Life – Loss of the enjoyment of life due to permanent personal injury or other factors.
- Loss of Consortium - Claim for damages suffered by the spouse or family member of a person who has been injured or killed.
MORE IMPORTANT INFORMATION: Don't Be Fooled By Settlement Calculators