How Much To Ask For In A Personal Injury Settlement

Calculating a settlement amount can be as stressful as the claim itself.

How much money should you ask for in your personal injury settlement? Let’s take a look at several factors that can help you determine just how much your case is actually worth.

Ways To Calculate A Personal Injury Settlement

There are several ways an attorney can help assign a figure to your personal injury settlement. While there is no exact method that can predict what you’ll be awarded in the end, there are a few ways to come up with an appropriate amount to satisfy your needs.

Here is how you can calculate your potential settlement amount:

Daily: Use your annual salary or income as a guide, breaking down the value of your pain and suffering by days. Then, multiply the daily amount by the number of days your recovery process takes.
Multiplier: This method lawyers will use for pain/suffering takes forms of compensation, such as medical expenses, and multiplies it by a set number (typically between 1-5).

Calculating special or economic damages by adding the cost of related expenses like medical bills will provide the basis for how much to seek in a settlement. Non-economic damages, such as pain and suffering, have no exact way of being calculated. This is when attorneys will use the daily and multiplier templates. Both of these methods are used regularly by attorneys and plaintiffs.

Injury Claim Considerations

Before deciding how to invest or spend your settlement, it’s crucial to know what you owe first. A big part of coming up with a settlement amount is determining what expenses you’ll have to include. Expenses related to your recovery can be included as well.

Consider these costs:

Medical Expenses: This must include any bills related to medical treatment, including physical therapy, relating to the accident. You must have evidence that ties the injuries the treatments were received for. Medical records typically suffice.
Property Damages: This means any personal property that was either damaged or destroyed related to the accident.
Mental Healthcare: If you have received any therapy or counseling as a result of the accident, you can be compensated for it.
Lost Wages: If any time of work is missed due to injuries you sustained from this accident, you can receive compensation for it. This includes bonuses, work-related benefits and promotions.

Make sure you save all bills related to your accident and potential claim. You can claim these as compensation in your case as long as you possess the documentation.

Other Personal Injury Settlement Factors

The amount of damages awarded in the claim will often depend on the severity of the case, including the impact it has had on you physically (injuries), your life and financial situation. A judge and/or jury can take these into account when figuring out your settlement amount.

Additional factors include:

At-Fault Party’s Actions.
Potential Of Going To Trial.
Long-Term Impact(s).
Precedents.
Applicable Laws.
Disabilities/Disfigurements.
Negotiations.

Personal Injury Case Examples

A vehicle collision or other accident can result in serious or fatal injuries to the parties involved. Forces exerted on individuals are typically enough to break bones and cause numerous other injuries.

Some of the most common personal injuries include the following:

Back And Spinal Cord Injuries.
Whiplash.
Bone Fractures.
Herniated Discs
Muscle Sprains Or Strains.
Head Injuries.
Broken Ribs/Chest Injuries.
Traumatic Brain Injuries.
Nerve Damage.
Lacerations.
Burns.
Internal/Fatal Injuries.

How Can A Personal Injury Attorney Help You?

Unfortunately, obtaining fair and full compensation for injuries/accidents is not always a straightforward process. The most effective way to overcome any hurdles and demand maximum compensation for damages is by hiring a personal injury attorney.

A personal injury attorney will make it easier to navigate and execute your claim, obtaining the results you desire. If you are unsure if you could benefit from hiring an attorney, contact us for a risk-free consultation today. A personal injury attorney can handle the following legal processes on your behalf!

Source: “How Much To Ask For In A Personal Injury Settlement?” Marken Law Group https://markenlawgroup.com/2022/01/26/how-much-to-ask-for-in-a-personal-injury-settlement/

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