How Much Could My Personal Injury Settlement Be Worth?
Suffering at the hands of another person’s negligence can be infuriating and distressing. Every day, Americans become involved in accidents that are caused by another party’s recklessness. This can range from the mundane to the severe, with many people carrying life-threatening injuries out of the wreckage.
You could be taking extra steps to protect your family from danger, yet they may still become involved in an accident. If you are one of the many Americans who is suffering from a car accident, dog attack, bike crash or any other incident caused by negligence — you can receive what is called a Personal Injury Settlement.
What Can It Do For Me?
A Personal Injury Settlement awards compensation for damages caused to the victim in question. Expenses can pile up while you’re receiving medical treatment and therapy. Unfortunately, this won’t stop your primary expenses like electricity and credit card bills from continuously billing you either. With a personal injury settlement, your compensation can cover:
- Medical bills and treatments
- Lost wages
- Loss of earning capacity
- Pain and suffering
An insurance company will normally be responsible for paying for your settlement. However, an estimate will be presented based on your insurance company’s loss parameters. Often, these estimates are much lower than what you will need. After experiencing a personal injury, consider contacting a personal injury lawyer in Miami to guide you in estimating the amount you will need as compensation.
How To Determine Your Settlement Amount
Determining how much you will need in your settlement should always come from you first. Settlements issued by insurance companies’ estimates rarely cover all necessary expenses. Luckily, there is a simple two-step formula you can follow to compute your total settlement amount:
First, combine the costs of:
- Medical expenses
- Property damage
- Earnings loss
- Future income loss
- Estimated future medical expenses.
Combine the costs above with a multiplier for pain and suffering. This will range in values between 1.5 and 5 — the more severe and permanent your pain and suffering, the higher the value that is used.
To sum it up: your total settlement estimate equates to your economic damages added to your non-economic damages. To evaluate your estimation more accurately, consult with your Miami personal injury lawyer. Having the proper legal counsel is a huge advantage in doing your cost estimates, especially in identifying the value of your pain and suffering.
The value for your pain and suffering is determined according to the context surrounding your personal injury. Pitching too low might result in insufficient compensation while pitching too high might force your insurance company to push their estimation. Therefore, it is essential to work with a Miami personal injury attorney to avoid confusion.
Some factors to consider in determining the value of your pain and suffering are:
- Physical discomfort
- Mental anxiety and stress
- Negative effects of the injury
- Impact of injuries on quality of life
Understanding the components of your settlement can leverage you against those who may hinder you from getting the amount you really deserve. Insurance companies might attempt to contest the seriousness of your personal injury. This could result in a smaller settlement without proper representation. This settlement might not entirely compensate for the needs of you and your family, causing more grief than relief.
Ultimately, the pain and suffering you and/or your family will experience are more important than simply winning a case. Contact a personal injury lawyer in Miami today to get you the compensation that you deserve.
We handle a variety of cases, so call us now if you have any questions.
View more contact information here: Personal Injury Lawyer in Miami.
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