When you are injured due to the negligence of another person, then you may deserve compensation for your injuries. When you file a claim, it may be initially difficult to figure out how much your case is worth. Even when you have help calculating your settlement, you still may not know what to expect from the final cut. Here are the factors you need to figure into your final settlement amount.
Settlement Amount
The settlement amount can be determined in several different ways. Insurance companies tend to have their own formula for deciding what you are entitled to. Insurance companies may try to offer you a settlement lower than the value of your case. Insurance companies, after all, are for profit businesses.
When calculating a settlement amount, insurance companies will consider the following losses:
- Medical treatment for past, future and present injuries
- Damaged property costs
- Pain and suffering costs
- Lost wages
- Emotional distress costs
Insurance companies will normally add up the hard costs. Then, they will add one to five times that to your costs for pain and suffering. Determining the pain and suffering is difficult and you need to understand what you deserve when it comes to a settlement. If you think that the insurance company is offering too low of an amount, you can speak with your lawyer about what your value is.
Lawyer Costs
When it comes to your case value, you have to subtract any costs for lawyer fees. While lawyers will not charge you upfront, the lawyer will take a percentage from your settlement. This is known as a contingency fee. Most lawyers work for around 30 percent of the settlement costs. In addition, there may be fees and other costs that you need to figure into the cost of your lawyer at the end of the settlement.
Medical Liens
In some cases, you may have medical liens. This occurs when you owe the hospital for medical bills or when your insurance company paid your medical bills before you received the settlement. This simply means that the hospital or insurance company is entitled to some of your settlement.
When it comes to your personal injury settlement, there are a lot of factors to consider. It can be difficult to know what the value of your case is when you have never dealt with personal injury law before. This is where personal injury lawyers come in to help. Set up an appointment for a consultation with a personal injury lawyer in Salt Lake City, UT today.
Thanks to Rasmussen & Miner for their insight into personal injury claims and settlements.