7 Factors Affecting the Value of Your Personal Injury Settlement

When you suffer a personal injury due to someone else's negligence, pursuing a personal injury claim can help you seek compensation for your losses. One crucial aspect of a personal injury claim is determining the value of your settlement. Several factors influence the value of your personal injury settlement. Here are some of those factors. 

1. The Severity of the Injury

A more severe injury typically results in a higher settlement amount. Severe injuries often require extensive medical treatment, resulting in significant medical expenses. Additionally, they can have a substantial impact on the victim's daily life, causing pain and suffering. Also, a severe injury may limit their ability to perform routine tasks, pursue hobbies, or participate in social activities. 

2. Medical Expenses

The total cost of your medical treatment includes expenses such as hospital bills, surgeries, medication costs, physical therapy, and ongoing medical care. Keep detailed records of all medical expenses related to your injury to provide evidence of the financial burden you have incurred.

In some cases, injuries may require ongoing medical treatment or future surgeries. The anticipated costs of these future medical needs can significantly impact the value of your settlement. It is important to consult with medical professionals and experts who can provide an accurate assessment of your future medical requirements to ensure that they are adequately considered in your claim.

3. Lost Wages and Income

When you are unable to work due to your injury, you may experience a loss of income and financial stability. This loss is taken into account when calculating your claim's value. The duration of time you are unable to work and the amount of income you lose during that period are significant factors. 

The settlement aims to compensate for the wages and income you would have earned had the injury not occurred. By documenting and providing evidence of your lost wages and income, you can strengthen your claim and potentially receive a higher settlement amount. 

4. Pain and Suffering 

When a person sustains physical injuries due to someone else's negligence, the severity, and extent of those injuries directly impact the compensation awarded. Factors such as medical expenses, loss of earnings, and the need for ongoing treatment come into consideration. Emotional distress, including mental anguish, anxiety, and trauma, is also taken into account. 

5. Liability and Negligence

Establishing liability and proving the negligence of the responsible party is crucial in personal injury cases. If it is clear that the other party was at fault for your injuries, it can positively impact the value of your settlement. 

In some states, comparative negligence laws are in place. These laws determine the extent to which each party is at fault for an accident and can affect the final settlement amount. If you are partially at fault, your compensation may reduce proportionately to your assigned level of fault.

6. Legal Representation

Having experienced legal representation can significantly impact the value of your personal injury settlement. A skilled attorney will understand the intricacies of personal injury law, negotiate with insurance companies on your behalf, and ensure that all relevant factors are considered when calculating your settlement value.

7. Insurance Policy Limits

The insurance policy limits directly impact the value of a personal injury case. These limits determine the maximum amount the insurance carrier of the at-fault party will pay toward the victim's total losses. Higher policy limits provide more potential for full recovery of the victim's losses.

However, a low policy limit reduces the amount the victim can recover through a personal injury lawsuit. In such cases, the personal assets of the at-fault party become crucial, as the victim may need to pursue compensation beyond the insurance coverage. 

Here at Stawicki Anderson & Sinclair, we help victims of personal injury accidents get their due compensation. Our team of lawyers will mount an aggressive campaign to get maximum compensation for your personal injury case. Contact us today to get started.