Although there isn’t a standard, industry wide formula that is used to calculate injury settlements, there are certain factors that impact settlement amounts, including how likely the case is to be taken to a jury trial. Generally, the following components will have an impact on the settlement amount:
- The extent of injury will be the first factor that the adjuster and the jury will consider. For example, a spinal injury that results in permanent disability would call for a higher level of compensation than a leg fracture.
- The age of the plaintiff is also considered when monetary damages are awarded. The logic behind this is simple; a 30 year old with a permanent disability will lose several earning years of his life as opposed to an 80 year old individual who is no longer involved in commercial activity.
- The total cost of injury will be the next factor to consider. If your costs are higher, so will be the compensation. All accumulated expenses will be taken into account when this factor is weighed.
- The higher the earning capacity, the higher the loss of income. Consequently, the compensation will generally be higher for a person who makes $100,000 per year and can no longer resume work than an individual who earns an annual salary of $50,000.
- The impact of the injury on the plaintiff’s marriage, relationships and lifestyle will also be considered.
- The experience and negotiating skills of the plaintiff’s attorney.
- The future impact of the injury will also be factored into the final sum. If the injured victim will need lifelong medical attention, he or she will understandably be paid more.
These are just the broad borders of how various factors impact the calculation of the compensation amount. However, every aspect is further dissected by insurance companies to lower the claim amount.
And, this is why you need a lawyer!
Yes, this has been repeated a million times on the internet and elsewhere that a good lawyer can keep the insurance sharks away from you and help you to get to the shore safe and sound; beat up perhaps from the mishap but still in control of your life, condition and future.
With DeVaughn James Injury Lawyers handling the negotiations on your behalf, you’ll know that the insurance adjuster will be in no position to coerce or intimidate you into accepting a settlement that is far below what is actually owed and fair. Contact us today for a free, no obligation case evaluation.