Another large part of economic losses tends to come from the amount of time the victim may not be able to work, along with projected future losses in terms of job prospects and the ability to work as normal.
Cedar Rapids, IA – Personal injury lawsuits are filed because the victim needs compensation for medical costs, recovery, and various other expenses. In almost all cases, there will be a settlement rather than a trial for the purposes of saving time and money on legal fees. However, settlement negotiations can be complex and the client should review their expectations with their injury attorney to get a sense of how much money they may receive and other important issues.
Injuries and how they affect the victim
A large part of economic compensation is related to medical costs, treatments, medications, recovery expenses, and related issues. This means that minor injuries will usually not result in nearly as large of a settlement as someone who needs long term medical treatment or has a life changing disability. As a general rule, settlement amounts increase as injuries become more severe.
The conduct that caused the accident
A victim may be able to ask for more compensation related to an accident if there was egregious behavior by the defendant that would result in punitive damages at trial. Things like drunk driving, reckless driving, or causing intentional harm to the defendant may result in punitive damages.
Issues related to income and career problems
Another large part of economic losses tends to come from the amount of time the victim may not be able to work, along with projected future losses in terms of job prospects and the ability to work as normal. Projected future lost income can easily reach into the thousands or millions of dollars if a person with high earning capacity cannot work for years or permanently due to their injuries.
The identity of the defendant
If the defendant is a large company that owns a commercial vehicle or semi truck, they may have large insurance policies or other means of paying out a larger settlement. However, another driver may only have several thousand dollars worth of liability coverage from their standard auto insurance policy. The victim’s attorney should have an idea of the realistic amount that the defendant will be able to pay out through their insurance or assets. Unfortunately, many individuals who are named as defendants may simply not have the resources to cover all of the plaintiff’s costs, even when they are clearly liable for an accident.
Iowa injury attorneys can help
Eells and Tronvold Law Offices is a firm that helps people with injury lawsuits in the Cedar Rapids area. Their attorneys are experienced in all matters related to accident cases, and they can provide assistance to anyone who needs compensation.