What to Expect in a Settlement
It can be difficult to figure out what to expect from a personal injury settlement. They can vary widely, with settlements ranging from hundreds of thousands to millions of dollars. Each case is completely different.
Settlements can be awarded from a number of different kinds of injuries, including:
- Highway accidents due to road conditions
- Road accidents involving a careless driver
- Slip and fall incidents
- Work-related incidents
- Boating accidents
- Injuries received due to a defective product
- Injuries received while on personal or private property
- Assault and physical attacks
Putting a monetary value on an injury is also extremely difficult. When trying to value this, it’s important to consider the full impact of the injury. The following factors can all determine the amount of compensation paid in a settlement.
A significant difference in your:
- Enjoyment of present or future life
- Present or future ability to be employed
Other factors to consider are:
- Age of the injured party
- Mental issues related to the injury
- Emotional stress, trauma or issues related to the injury
There are several formulas used by insurance agencies to determine the amount of money to be paid in settlement.
If the injured party is not at fault, then the three following formulas can estimate the amount to be paid in settlement.
- For injuries that are not too severe: special damages x 1.5 + income that was, or will be, lost due to the injury.
- For severe injuries: special damages x 5 + income that was, or will be, lost due to the injury.
- For extreme personal injuries: special damages x 10 + income that was, or will be, lost due to the injury.
These formulas can give you a rough idea of the amount of money paid in compensation. However, each case is entirely different and certain factors can drastically alter the amount paid. It’s unfortunate, but many people are turned down compensation or paid a fraction of what they deserve. Oftentimes, this is because they were not legally represented or tried to take on the court system alone.
The laws regarding personal injuries can be complex, confusing and unforgiving. Navigating the court system without a lawyer is like wandering through the woods blindfolded. If you or a loved one has suffered from a personal injury, then contact us immediately to begin the process of justice. We can guide you through this difficult time, and while we can’t make the injury go away, we’ll do our best to make your case go smoothly and in your favor.
Call us today for a free case consultation. The sooner you contact us, the better your chances are of winning your case. Remember, at Goodwin & Scieszka, we fight for you.