Settling your personal injury claim brings many advantages. For
example, you can avoid the uncertainty of a trial, where you
might lose and get nothing. A settlement also allows you to
receive your compensation much faster, which can help you pay
medical expenses and other bills. But don't go into settlement
negotiations blind. Instead, you need to know how much your
injuries really cost you before you can analyze any settlement
offer. Calculating damages is a complex process, however, so you
need a skilled personal injury lawyer by your side.
The legal term for injuries is damages, which refers to any type
of injury for which you can receive monetary compensation.
Generally, personal injury victims can recover compensation for
the following damages:
The Parties to a Settlement and Their Goals
Typically, two parties negotiate for a settlement-the injured
victim and either the person at fault for the injury or the
insurance carrier. In a slip and fall case, for example, a
business owner commonly carries insurance, which means you'll
negotiate with the insurer.
As the victim, you should set a clear settlement goal-to
maximize the amount of compensation you can recover. Since you
weren't at fault, you shouldn't have to suffer financially
because of the accident. Accident victims rightfully want
negligent parties to to reimburse them for all of their medical
expenses and lost wages, as well as a fair compensation for
pain and suffering.
The person at fault (or the insurer) has the opposite goal-to
minimize the payout. They want to settle the suit for the
minimum the victim is willing to accept. A victim who settles
cannot go to court and sue for damages caused by this accident.
Calculating Your Damages
Before you can settle, you must know how much you would receive
if you sued in court and won. Remember, you may go to court
until you sign your settlement agreement, so both the victim
and the insurer will try to calculate how large of a judgment
to expect if they go to trial.
Some damages-called economic damages- are easy
to calculate because they result in bills for specified dollar
amounts. For example, if you had to pay for a doctor's visit,
then you should receive a bill with the cost on it. A
settlement can reimburse you for medical expenses, including
rehabilitation and mental health treatments.
Other injuries-non-economic damages-are harder
to calculate. Pain and suffering damages compensate the victim
for both physical and mental pain, fear, embarrassment,
depression, and anger. Many factors go into determining pain
and suffering, including:
- The severity of the injury
- The length of recovery
- The prognosis for recovery
- The type of medical treatments received
- The injury's impact on your life
A serious physical injury that prevents you from pursuing your
favorite hobbies or from going outside without embarrassment
can result in a lot of compensation.
Making Adjustments
A lawyer who calculates your damages will then need to make
adjustments based on the circumstances. For example, it's
unlikely that an accident victim can take an insurer to the
cleaners. After all, you need to give the other side a reason
to settle and not go to court, so you might only recover 90
percent or so of the cost of your injury. This is the amount
you need to give up to settle and quickly receive your
compensation.
The victim may also bear partial fault for the accident. In
Florida, such a victim can still win compensation for injuries,
but the amount will shrink according to the proportion of
negligence. For example, a victim whose injuries cost $300,000
in damages but who was 33 percent responsible for the accident
will only receive $200,000 from the defendant. Your lawyer will
need to assess the circumstances of the accident to determine
whether a jury would find you partially to blame for your
injuries.
The Initial Settlement Offer
After calculating your damages, your lawyer will need to send a
letter to the other side and propose settling the claim for a
certain amount of money.Don't be surprised if your lawyer
proposes a high number. For example, a lawyer who calculates
that your injuries cost you $150,000 may make an initial offer
to settle for $200,000.
Your lawyer expects the other side to counteroffer. Going in
high gives some room to come down. For example, the insurer
might counter by offering only $100,000. Both sides will then
negotiate until they can meet somewhere in the middle. If
settlement negotiations go well, you should end up settling for
about the amount that your lawyer initially calculated your
injuries caused.
If you never bother to calculate the cost of your injuries with
an experienced attorney, you might feel tempted to take an
insufficient settlement offer.
Contact a Clearwater, Florida, Personal Injury Lawyer
Today
Calculating your damages is best left to the professionals. At
Dolman Law Group, we've helped people injured in accidents get
the compensation they deserve. Call us at (727) 451-6900 for a
free consultation today, or complete our online contact form.