How Is a Settlement for a Personal Injury Claim Calculated?
Personal injury settlements are usually calculated by looking at various factors. A personal injury claim is typically settled prior to court, but may also make its way in front of a jury. There are several factors that go into the consideration of your settlement amount. Factors such as the severity of the victim’s injuries, the amount of economic damages incurred, and the victim’s pain and suffering. In this blog post, we’ll take a look at how these different factors are considered when calculating a personal injury settlement.
Cost of Medical Treatment after an Injury
Cost of medical treatment is an important factor to consider when discussing a claim for your personal injury. Medical bills add a big financial strain in addition to the physical and emotional damages of injuries. All of these factors can be overwhelming for people and their families. It is important to recognize and acknowledge that financial burden when addressing these medical needs. Additionally, finding solutions for the burden is important. That way individuals have access to the care they require without feeling completely overwhelmed by the costs involved.
Lost Wages from a Personal Injury
When considering the financial impact of an injury, it’s important to consider lost wages. Lost wages represent the amount of money a victim would have earned had they not been injured. Generally this is calculated by investigators or adjusters based on the current wage rate for a given job. If someone suffered an injury that precluded them from working, this could easily be hundreds or even thousands of dollars in lost income. Understanding a victim’s normal wage rate is vital in helping to determine the total financial hardship caused by an injury. Having a personal injury lawyer on your side can help you fight for your lost wages.
Pain and Suffering as a Result of a Personal Injury
Pain and suffering has a profound effect on an individual’s life. Particularly if it is prolonged or recurrent. Physical pain not only implies the discomfort of physical injury, but can also be exhaustion, financial losses, and traumas. Emotional anguish, on the other hand, is more deeply rooted; it may manifest itself in chronic stress, depression and anxiety. Both together create a devastating burden on any individual. Typically a personal injury victim will receive proper medical care or psychological attention in order to solve these issues and move forward with their lives. As such, when assessing the impact of any dispute or issue, both physical pain as well as emotional anguish should be factored into your personal injury claim.
Property Damage in Personal Injury Accidents
When an accident occurs, not only can it cause physical injury, but property damage can also be sustained. Whether that property belongs to the victims involved or to others, it will need to be compensated for. This compensation often includes repairing or replacing damaged possessions such as vehicles, fences, mailboxes and more. Simply put, any property harm that occurs as a direct result of the crash should be included in the settlement offer in addition to other compensation for injuries and losses.
Calculating Final Numbers
Coming up with a final number that is satisfactory to both the victim of a personal injury and the responsible party can be a very tedious process. Multiple factors need to be considered. Factors such as level of injury, potential earning capacity loss, job security and medical expenses. All of these factors can vary depending on individual circumstances. Often, an experienced personal injury lawyer needs to be involved who is well-versed in negotiation and dispute resolution. Once these factors are all taken into account a number will be calculated that should settle the claim before making it to trial. The hope is that a settlement allows both sides to move forward. With the personal injury victim being compensated for the suffering caused by another’s wrongful action.
In order to calculate a fair personal injury settlement, there are a number of different factors that need to be taken into account. This includes things like medical expenses, lost wages, pain and suffering, and property damage. By considering all of these elements, it will be possible to come up with a reasonable amount of money that can be used to settle the claim between the victim and the responsible party.”
Contact a Westlake Village Personal Injury Lawyer Today
If you have been injured in an accident it is important that you contact a Westlake Village personal injury lawyer as soon as possible. Since there are deadlines as to when you can file a claim. Vititoe Law Group can help you obtain the maximum compensation for your injuries and damages. We have your best interest at heart and truly care about you and your recovery. We will focus on the claims while you focus on recovery.
OVER $1 BILLION RECOVERED IN PERSONAL INJURY CASES
Vititoe Law Group is a nationally recognized Law Firm, founded by James W. Vititoe, a Westlake Village Personal Injury Lawyer.
Over the past 30 years award winning attorney James W. Vititoe and his team of lawyers have been involved in cases resulting in settlements of over $1 Billion dollars.