What damages should be included in your settlement?
In the context of personal injury settlements, the different kinds of compensation you can receive are divided into two main groups: general damages and special damages. General damages are also termed as "non-economic" damages. Other special damages may be referred to as "economic."
The general damages are the kinds of harm and losses that stem from the underlying accident or injury. However, these are not easily quantified and can be more subjective. This is compensation for any pain and suffering, loss of enjoyment of life, lost companionship, disfigurement, and similar harm caused by the accident and resulting medical treatment.
The so-called “Special damages” are losses that are easy to quantify. This includes compensation for medical treatment, lost wages, lost income opportunity, property damage, and other economic losses resulting from the accident, medical treatment, and any resulting disability or limitation.
Why to settle a claim?
When a car accident occurs, be it slip & fall accident, or any other type of personal injury case, you have the legal authority to pursue compensation for your injuries as well as losses.In general, there is an insurance policy that covers your losses. The insurance provider pays you a settlement amount in return for your agreement not to pursue a lawsuit in court. It saves them the costs of defending the case in court. At the same time, it is beneficial to you and the injured party as well. This is because you don't have to wait for the court system to resolve your case that can take many months or even years.
Also, when you opt to take your case to trial that you can at any time before accepting a settlement, you run the risk of getting nothing if you lose.
Should I get money for non-economic injuries in my settlement?
When you were injured in an accident, and you were not at fault or partially at-fault, you should receive some amount of money for your pain and the impact the injury has had on your daily life. In case of accidents that involve minor, short-term injuries, it may be a small "token" amount. On the other hand, when injuries are more severe, the settlement of the pain and suffering portion of your claim increases to a great extent.
Are my medical bills paid in an injury settlement?
Payment of medical bills is usually paid in an injury settlement. It is bound to a component of any settlement that is reached in an injury-related insurance claim or lawsuit. The plaintiff/claimant will be compensated for all medical treatment that is necessary. That includes reimbursement for medical bills already paid. It also includes a plan for payment of all future medical treatment that will be necessary.
At the time of getting compensation for medical bills that have already been paid, your health insurance provider may have a lien on part of your settlement. This is in case your provider already paid some or all of the bills that you later get compensated for.
How does the insurance decide to offer a settlement?
At the time of an injury, an insurance policy usually comes into play.This is more prominent in the context of an accident where someone else may be at fault, whether a slip and fall, a car accident, or any other kind of mishap.
Thus, you can file a claim under your own insurance coverage. Your insurer might turn around and seek reimbursement from the insurance carrier of the person who was at fault. Also, you might file a third-party claim directly with the insurance company of the at-fault party.
For any insurance company, a claim is handled in two ways: minimizing costs and managing risk. It is expected for the insurer to do everything it can to resolve the claim before it gets to court. This impliesreaching a settlement agreement in which you receive a sum of money and the insurer or the defendant are released from any further liability in connection with your injuries.
It is likely for an insurer to not let a personal injury case go to trial. This is where it can be put in the hands of an unpredictable jury.
If you wish to get the best estimate from any damages formula, you'll need to first get a sense of the nature of your damages. Consider getting all your claim-related documents together. These include medical bills, pay stubs, records of time missed at work, property damage estimates, and anything else that will give you a strong sense of your losses. This way you can get a properidea about the out-of-pocket damages.
Compensation for non-monetary damages
Non-monetary damages include pain and suffering, emotional distress and certain other damages.There are a number of insurance companies who use a multiplier to calculate these "general damages." It implies multiplying your actual damages by a number between 1.5 and 5. This number will be higher or lower based on factors like the seriousness of your injuries, your prospects for a complete recovery, the clarity of who was at fault for the accident. The impact that your injuries have had on your daily activities is also a factor to take into account.
You need to remember that resolution of any injury claim usually turns on far too many variables. These include the art and skill of successful negotiation. This way you can rely on numbers that have been crunched on a website.
What is the minimum personal injury settlement amount?
There is no minimum or maximum amount here. Every case is different in terms of strengths and weaknesses. The amount of a settlement in a personal injury case depends on a lot of factors. These include the nature and extent of the plaintiff’s injuries, including "pain and suffering" and the long-term impact of the injuries, the clarity of who was at fault for the underlying accident, andthe willingness of one side or the other to play "hardball" and let the case go to court if need be.