How Much Is My Personal Injury Settlement Actually Worth? Explained

How Personal Injury Settlements Are Determined

Each personal injury case is unique. Some settlements can be a few thousand dollars, others can be hundreds of thousands of dollars or even millions. Knowing how settlements are determined can enable an injury victim to have an idea of what to expect during the legal process.

Kohan & Bablove Injury Attorneys‘ legal team advocates for serious injury victims throughout California to obtain fair compensation following a serious accident. Their lawyers closely cooperate with clients to determine the damages and aggressively deal with insurance companies. 

What Is a Personal Injury Settlement?

A personal injury settlement is a contract between the responsible party and the injured party, or between the insurance company and the injured party, in which the liable party agrees to compensate the injured party. In return, the injured victim agrees not to take further action in regard to the accident.

The majority of personal injury claims are settled out of court. But it’s worth noting that the amount of settlement may differ significantly from case to case.

Some common accidents that can result in personal injury settlements are: 

• Car accidents
• Truck accidents
• Motorcycle accidents
• Slip and fall accidents
• Pedestrian accidents
• Dog bites
• Workplace injuries

If you got hurt due to another party’s carelessness, you could have a compensation claim.

Factors That Influence a Personal Injury Settlement

Several factors will influence the amount of a personal injury settlement you may qualify for. 

Severity of Injuries

A major factor is the severity of the injury. If the injury is severe, the amount of settlement is likely to be higher as the injury may require a significant amount of medical care and a long recovery period.

Examples of serious injuries include: 

• Traumatic brain injuries
• Spinal cord injuries
• Broken bones
• Internal injuries
• Permanent disabilities
• Severe burns

For minor injuries, the settlement is typically lower, as recovery time and medical expenses are less. 

Medical Expenses

A significant component of any personal injury settlement is medical bills. 

• Emergency room visits
• Surgeries
• Hospital stays
• Physical therapy
• Prescription medications
• Future medical treatment

The more medical treatment that’s needed, the more the potential settlement amount is. 

Kohan & Bablove Injury Attorneys’ personal injury page outlines how the firm assists its clients in obtaining compensation for all medical expenses incurred now and into the future.

Lost Income and Future Earnings

Lost wages may be part of a settlement if the injuries make it impossible to return to work. Still, other injuries decrease a person’s future earning potential.

For instance, if a construction worker suffers a permanent back injury, he or she might no longer be able to do heavy lifting. In these instances, future lost earnings can make a huge difference in the value of the settlement.

A competent lawyer can collaborate with financial specialists to determine the long-term economic losses.

Pain and Suffering Damages

There are non-financial damages. A personal injury settlement can also cover the pain and suffering.

Pain and suffering can consist of: 

• Physical pain
• Emotional distress
• Anxiety or depression
• Loss of enjoyment of life
• Trauma from the accident

These damages are more difficult to measure as they are not associated with bills or receipts. Insurance companies generally attempt to reduce those losses, and it’s important to have experienced legal representation.

Liability and Evidence Matter

Settlement value is also influenced by the strength of the evidence. Settlement negotiations might go smoother if it is obvious that the other party caused the accident.

The following evidence may be important: 

• Accident reports
• Medical records
• Witness statements
• Surveillance footage
• Photos that were taken at the accident scene
• Expert testimony

California’s comparative negligence laws might limit compensation if the injured party is partially responsible for the accident.

For instance, if the individual was at 20% fault for an accident, then his or her settlement may be cut by 20%

Insurance Policy Limits

Occasionally, settlement amounts are based on the type of insurance is available. If the injuries are serious, it may be hard to recover compensation if the at-fault party doesn’t have much insurance.

A personal injury lawyer will have the experience and knowledge to pursue all potential avenues for recovery, such as: 

• Auto insurance policies
• Commercial insurance coverage
• Employer liability policies
• Uninsured or underinsured motorist coverage

Kohan & Bablove Injury Attorneys thoroughly investigate all cases to determine all parties and insurance coverage.

The reason why one should steer clear of any Quick Settlement Offers

After a crash, insurance firms make an effort to resolve claims promptly. Although accepting an early offer might be appealing, it can be a risk.

Before the full scope of injuries is known, insurance companies might offer less. As soon as a settlement is accepted, the victim typically is barred from seeking additional compensation at a later time.

Injured victims need to consult with a personal injury lawyer before accepting any settlement offer so that the attorney can discuss the actual value of the case.

What factors that Attorneys consider when Calculating Settlement Value?

When a personal injury lawyer considers the value of a settlement, he or she considers a lot of factors. 

This may include:

• Total medical expenses
• Future treatment needs
• Lost income and future earnings
• Pain and suffering
• Permanent disability
• Emotional trauma
• Property damage

Also, attorneys can look at verdicts and settlements awarded in similar California injury cases to determine a fair amount of compensation.

How Long Does a Personal Injury Settlement Take?

There are instances where some personal injury cases are settled within a few months, and some take a long time. The time frame will frequently rely on: 

• Severity of injuries
• Duration of treatment by a physician
• Insurance company cooperation
• Complexity of the case
• Whether a lawsuit is filed

Generally speaking, it may be detrimental to a case to settle early, as additional medical issues may not be evident.

An experienced lawyer can assist consumers in avoiding being undercompensated.

Why Hiring a Personal Injury Lawyer Matters

There are teams of adjustors and lawyers at insurance companies to safeguard profits. Those who have been injured should have someone who looks out for their interests, too.

A personal injury lawyer can help you by: 

• Investigating the accident
• Gathering evidence
• Handling insurance negotiations
• Calculating damages
• Filing lawsuits when necessary
• Fighting for maximum compensation

Kohan & Bablove Injury Attorneys’ legal team is all about assisting injury victims in getting the financial relief they deserve following a serious accident.