Personal injury settlements are negotiated agreements between injured individuals and insurance companies or responsible parties to compensate for damages resulting from accidents or injuries. The settlement amount is influenced by various factors, including the severity of the injury, liability, and other circumstances surrounding the case. Our friends at Des Moines Injury Law are here to share the key factors that influence personal injury settlements, providing valuable insights for individuals seeking fair compensation for their injuries.
Extent Of Injury And Medical Expenses
The severity and extent of the injury sustained in an accident play a significant role in determining the settlement amount. More severe injuries that result in extensive medical treatment, long-term rehabilitation, or permanent disability generally warrant higher settlement amounts to cover medical expenses, lost wages, and future care needs; this is in part because ongoing treatment is more costly than a one and done procedure, but again, there are multiple factors that are involved in calculating settlements
Lost Income And Earning Capacity
Another crucial factor in personal injury settlements is the impact of the injury on the victim’s ability to work and earn income. If the injury has caused the individual to miss work or has resulted in a permanent disability that affects their earning capacity, the settlement amount may include compensation for lost wages, diminished earning potential, and future income losses.
Pain And Suffering
In addition to economic damages such as medical expenses and lost income, personal injury settlements may also include compensation for pain and suffering experienced by the victim. Pain and suffering damages are subjective and aim to compensate the victim for physical pain, emotional distress, and loss of enjoyment of life resulting from the injury. The calculation of pain and suffering damages varies depending on factors such as the nature of the injury, its impact on daily life, and the duration of recovery. Again, this may not just be for physical injuries — this can also cover emotional issues such as PTSD from traumatic accidents.
Liability And Legal Responsibility
The determination of liability or legal responsibility for the accident is a crucial factor in personal injury settlements. If the injured party can establish that another party’s negligence or wrongful conduct caused the accident and resulting injuries, the liable party may be held accountable for compensating the victim by a personal injury lawyer. However, disputes over liability can complicate settlement negotiations and may require the intervention of legal professionals. Additionally, more than one party may be held liable such as a mechanic and a business.
Insurance Coverage And Policy Limits
In cases where the at-fault party is insured, the settlement amount may be limited by the coverage limits of their insurance policy. If the at-fault party is underinsured or uninsured, the victim’s own insurance coverage, such as uninsured/underinsured motorist coverage, may come into play to provide additional compensation. That is why it is always important to contact your insurance after an accident, and then you should seek legal assistance. If you or someone you love has been injured in an accident, contact an attorney near you immediately.