How Are Personal Injury Settlement Amounts Calculated?
Settlements are offered and agreed upon based on your past medical bills, future medical bills, wage loss, any amounts you’ve had to pay for help as a result of the injuries you sustained in the accident, damage to your property, your pain and suffering, and emotional distress. Then, against that number, we need to weigh the other side’s arguments about liability, causation, and pre-existing conditions.
We take a look, based on past experience, at the likelihood of winning or losing the case and figure out what the expected value of the case is. Then, we work to negotiate a settlement that is within the range of that expected value.
Can I Reject A Settlement Offer From An Insurance Company?
You can always reject an offer. However, if you’ve hired an attorney and the attorney has advised you to accept the settlement offer, rejecting it become problematic. It’s good to sit down with your attorney and have a detailed discussion about why that settlement offer is being recommended.
How Is My Personal Injury Attorney Compensated?
The personal injury attorney gets compensated by a contingency. They get paid if and when they collect money for you. We will take a percentage and that percentage may vary depending on how far along the case was and what type of case it was. That is something you and the attorney will discuss at the very beginning of your representation.
Are There Other Factors That Could Limit My Settlement In a Personal Injury Case?
Your claim can always be limited by the other side’s insurance. It is a rare case where you are offered more in settlement than the value of the other side’s insurance policy. The way you protect yourself is by having underinsured motorist coverage and that allows you to collect more money than the defendant has available. Most of the time, you are not going to be able to get contributions from a defendant to a settlement. Also, the arguments that an insurance company can make can reduce the settlement value.
For more information on Calculating Personal Injury Settlement Amounts, a free case evaluation is your next best step. Get the information and legal answers you are seeking by calling (408) 687-9155 today.
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