What Influences the Amount of a Personal Injury Settlement? 

By: Thomas T. Woods

If the facts in your case have already been decided, the other party has been deemed at fault, and they must compensate you, it can still be difficult to determine how much that compensation will be. There is no set amount that must be offered to plaintiffs in personal injury settlements. It’s important to work with your attorney to make sure that the settlement that you receive is enough to cover all of your bills and anything else that has impacted your life as a result of the incident. You may only have one chance at a settlement, so it’s important to handle it well from the start.

Several factors influence the decision, including:

Medical Expenses 

One of the main considerations when deciding on an amount for your settlement will be the amounts of your medical bills. It’s important to keep records of your doctor’s bills, as well as estimations of any medical care that you may need in the future. This can make it an easier process to work out how much money you should ask for in a settlement.

Property Damage 

Once you’ve estimated your medical expenses, you should also factor any possessions that were damaged in, and add this to the amount you’re requesting. For example, if you are involved in a personal injury settlement after an automobile accident, you may want to make sure that your settlement pays for a replacement vehicle. If you were involved in another type of situation, you’ll still need to track any type of property damage that has occurred so that you can receive any necessary reimbursement.

Lost Wages 

Any injuries you’ve experienced will also cause issues with your family life and your daily routine. If you are unable to work, you may be eligible to pursue compensation for lost wages. Don’t make the mistake of only counting wages for earnings you’d have made from missed days at work. Instead, it’s important to also evaluate your ability to work in the future. If you’ve lost potential future earnings, those should be calculated as well.

Emotional Distress, Pain, and Suffering 

Your injuries may also cause emotional distress after the incident. This could cause you issues with getting back to work or getting back into your normal routine. There’s potential for you to be compensated for the pain and suffering that you’ve suffered. In addition, you may be able to receive reimbursement for any therapy you’ve needed as a result of your injury. A legal settlement can help to compensate you for the negative events that you’ve experienced.

While you may not know how much you’ll receive as a personal injury settlement, there are various factors that can influence the amount that you receive. Gathering up as much information as you can, with your attorney’s assistance, can help ensure that you get the most favorable settlement possible. If you need assistance with this process, or you need help finding a personal injury attorney, contact us today. We can get you well on the way to the settlement that you deserve.

 

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