Did you suffer from injuries in a recent accident and you are pondering over how much your case will be worth? Well, there are multiple factors that will determine the value of your settlement. How do you value a personal injury settlement? Well, the answer to this question is not very straightforward, and is difficult to answer.
Some people like to calculate the worth of their compensation by taking their medical bills and multiply that figure by two or three. Well, insurance companies no longer use that type of formula and it has no basis in today’s world. Therefore, do not use that formula anymore if you want to truly fund out how much your personal injury case is really worth.
If you are not using that formula, then how can you precisely tell whether your settlement value is valid? To find out, you must know about the two different types of damages that you will need recovery for. One is called special damages, and the other is called general damages.
Special Damages
Special damages refer to your economic damages, which means your lost wages, out of pocket expenses and medical bills. Things like that are completely recoverable, so you have to make sure that you have all of them arranged before you present them to the insurance adjuster.
General Damages
These are damages that you usually hear about when dealing with personal injury cases. This is when you try to obtain compensation for your pain and suffering. So, how do you measure the value of compensation for your pain and suffering? What does your pain and suffering value depend on?
Measuring Pain and Suffering
You need to understand that there is no formula for pain and suffering. Instead, calculating the value of pain and suffering is based on a wide variety of factors. These factors will determine the value of your case. Your opinion as to how much your pain and suffering is worth will differ greatly from what the insurance believes.
The Severity of Your Injury
This is one of the first factors that you need to look at when calculating the worth of your case. Minor injuries such as a back sprain or neck ache are not valued in terms of settlements. But severe injuries such as broken bones and brain injuries can amp up the value of your settlement. Another factor that will determine the value of your case is the amount of medical treatment your injuries require. If your medical treatment is severe, then your case is likely to be worth more.
Permanency
This is another factor that you need to determine before you find out the value of your compensation. This refers to how permanent your injuries are. If you are going to walk with a limp for the rest of your life because of your injuries, then this severe injury will be worth much more than minor injuries.
Final Thoughts
As you can see, there are many things to look at if you want to figure out the settlement of a personal injury case. Good personal injury lawyers have a thorough system through which they can estimate an accurate settlement worth.
