Since negotiating the settlement agreement is not an easy task, it is best that you leave the work to professionals.
One of the most important questions that you might want to know the answer to is what the personal injury settlement amount on an average is. Although it was found that people receive $62,600 on an average after reviewing data, it is important that you gain a better understanding of how the settlement amount is determined. It will help you get an idea about how much money you can expect to bring home.
How Is The Personal Injury Settlement Amount Determined?
The following factors are considered to determine the settlement amount.
1. The Severity of the Injuries Sustained
The amount of money you can be granted depends on the severity of the injuries that you have sustained. The nature of the injuries influences the settlement amount. Here is a break-up of how the severity of injuries is classified.
- Tier 1: These are severe injuries which include spinal cord injury, traumatic brain injury, permanent disfigurement, and even death.
- Tier 2: Complicated injuries such as lacerations and broken bones.
- Tier 3: Contusions, strains, sprains, and other soft tissue injuries.
When you accept money and decide to settle, you release the other party forever. This is why you have to ensure that the amount makes you feel whole again or puts you back in a rightful position. In case of soft tissue injuries, you should be able to get back to your previous status with a visit to a physical therapist, some time off work, and medication. But, you would never return to pre-accident status if you suffer from permanent injuries. These arguments will be used by the lawyer during the settlement negotiation.
2. Pain and Suffering
The next factor that should be considered when determining the personal injury settlement amount is the pain and suffering endured. As it tends to be intangible, only you can decide the value you associate with the pain and loss experienced. It is important that you consider the following to ensure that you stick to a reasonable amount.
- The need for medical treatment.
- The impact the injuries have had on your daily activities.
- Whether the injuries are chronic or acute.
- Emotional and mental disorders including post-traumatic stress.
Even if you might feel pain-free or content following the accident, it is important that you see a doctor to ensure that you are aware of the impact the accident had on your body. As the main purpose of the settlement amount is to bring you back to your previous status, you have to consider how the incident affected you.
3. Lost Wages and Medical Bills
When your attorney negotiates the settlement amount, all the damages or losses sustained have to be taken into account including lost wages and medical bills. You have every right to be compensated for the medical expenses you have incurred due to the accident and the expenses you would have to bear in the future. Some examples of the expenses you are likely to incur include traveling costs, chiropractic therapy, physical therapy, prescriptions, out of pocket expenses, surgical costs, and doctor visits.
4. Insurance
The insurance coverage available also influences the amount of money you would receive for settlement. Generally, insurance coverage plays a huge role in how much money you can get. The insurance policy of the other party should be considered. The settlement amount varies depending on whether the individual is insured or uninsured. In case the other party is insured, the insurance policy would dictate how much money you can get.
5. Fault
In addition to the above, the fault of the parties involved would also be evaluated while determining the settlement amount. The other party would only pay for their wrongdoing. This means that they would argue against paying the entire settlement amount. But, an Independence, Missouri personal injury lawyer like Langdon & Emison should help you get the compensation you deserve.
6. Trial
If the case goes to trial, the amount incurred for preparing for the trial and its mental implications would also be considered. In addition to this, the publicity of the trial could make your life more difficult which is why it has to be taken into account.
Choose the Best Independence, Missouri Personal Injury Lawyer
The attorneys at Langdon & Emison are highly experienced and know how to negotiate the best settlement amount. We will advocate for your rights and go out of our way to help you get the compensation you deserve. Since negotiating the settlement agreement is not an easy task, it is best that you leave the work to professionals. We will inform you about everything so that you can stay in the know. All you have to do is reach out to us for a free consultation. We would be more than delighted to represent you.
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