How Much is My Personal Injury Claim Settlement Worth?
Often, the first question that crosses the mind of a victim of personal injury considering legal action is “how much is this injury worth?” When someone is facing steep medical costs and burdened with stress, pain and personal or professional losses, it can be difficult for them to place a monetary value on their struggle. That’s why victims should consult a personal injury attorney as early as possible following the injury.
Your attorney will be your partner in evaluating your case and finding an appropriate value for your personal injury settlement. While an attorney cannot guarantee any amount, an Kansas City personal injury attorney can rely on their knowledge and experience as well as a complex system to calculate the past, current, and future damages for your incident.
Negotiating a settlement requires your attorney to accurately evaluate your case with a reasonable monetary value in mind, then they must take that value with them to the negotiations with insurance companies to try to get the injured the settlement they deserve.
However, the insurer is doing their own calculation. Instead of calculating what is optimal for the injured party, they are trying to limit the losses their company and their clients will take.
Sometimes insurance companies will approach the injured parties with an offer early, in hopes that they are willing to take anything. That is why you need an attorney to help calculate the real costs and ensure that you receive a fair settlement.
Here are some of the most important elements your personal injury attorney will include when evaluating a fair settlement for your case.
The Six Most Common Elements of a Personal Injury Settlement Calculation
Because no case is ever the same, there are many factors your attorney will take into consideration when evaluating your personal injury settlement. While these factors vary on each individual case, these are some of the most common:
Medical Expenses: These are the total cost of your medical bills, even if they were covered by insurance.
Property Damage: This is the total amount of automotive and personal property damage you have paid for, or your insurer has covered.
Lost Wages: In many cases after a major injury, the injured will be forced to take time off work that may or may not be a part of their employer’s PTO agreements. These wages and PTO hours lost should be included in settlement evaluation.
Future Loss of Income: If you cannot return to work, then the total amount of income you would have lost or the partial salary reduction you have suffered will also be added into the settlement calculation.
Estimated Future Medical Expenses: If you have a serious injury, you will most likely have medical treatments long after your settlement. A good attorney will calculate these future costs and ensure that they are paid for by the defense.
Non-economic damages: This type of damage is most likely referred to as “pain and suffering” or “emotional distress.” This is the most subjective portion of any settlement. There is no magic formula to arrive at this number. An experienced injury attorney should be able to maximize this number.
Figure Out Your Personal Injury Settlement, Contact an Attorney
If you have suffered a serious injury and believe you may be due compensation, contact an attorney immediately. Only an experienced injury attorney can accurately evaluate your case and put an appropriate value on your desired settlement.
The attorneys at Wendt Law Firm, P.C. know what it takes to be successful in a personal injury lawsuit and will work tirelessly to earn you the settlement you deserve. Give our lawyers a call today to explore your options and see if we can help.
Schedule your free consultation to discuss your personal injury settlement in person today by contacting us toll-free at 866-539-4415 or request an appointment online.