If you were involved in an accident and are considering pursuing legal action, it is important that you understand the potential value of your claim. The amount of money your personal injury claim is worth will vary depending on various factors specific to your situation. Our New York injury lawyers are equipped with the knowledge and experience required to ensure you receive a fair settlement. Contact an attorney today to discuss your claim.
How Much is My Personal Injury Claim Worth?
While the exact amount will vary widely depending on individual circumstances, several important factors generally influence the outcome of a personal injury claim. Consider the following examples of aspects of the case that can affect the value of a claim.
- Severity of injuries: The type and extent of your injuries are important considerations when valuing your claim. Severe or permanent injuries generally result in higher compensation because they often lead to long-term disabilities or lifelong challenges. For example, an injury that affects your ability to work, perform everyday tasks, or requires ongoing medical treatment will generally result in more significant settlement amounts. Minor injuries will probably result in lower compensation as the amount you are awarded reflects the impact the accident has had on your life.
- Medical expenses: The medical costs you incur will also contribute to your claim. Immediate expenses like hospital bills, surgeries, and treatments will play a part, as will future care like therapies, medication, and rehabilitation. The more money you have been billed and likely will be billed, the higher your settlement will be.
- Lost wages: If your injury has prevented you from working, lost income will be accounted for during your settlement. This will include wages you have already missed out on as well as future earning potential if your injuries affect your ability to perform your job.
- Pain and suffering: Any mental or physical anguish can be addressed in the settlement as well. These damages are harder to calculate than economic losses but will play a part.
- Liability: the amount of fault that each party is responsible for will also play a crucial role in determining a settlement amount. If you are found partially at fault it could impact the amount of compensation you receive due to comparative negligence principles.
- Insurance coverage: An important consideration is the amount of insurance coverage available. Policies often have limits on the amount the company is willing to pay out so the liable party’s insurance, or your own, can impact the amount of compensation you can receive.
The negotiation process will generally be handled by your attorney. It can significantly impact the value of your claim as insurance companies will typically try to offer lowball settlements. It is crucial that you work with a lawyer you can trust. Speak to a representative at Mitchell J. Schroeder P.C. to obtain experienced legal counsel today.
