Once an accident has happened, the injured party primarily wants to recover their damages. However, the recovery process can seem time-consuming and stressful, especially when financial losses start to crash. Submitting a personal injury lawsuit is the only approach to possibly reducing injury and property damage costs. Doing so may allow you to obtain fair compensation with the help of competent personal injury lawyers.
Who will be responsible for Paying Compensation for Personal Injury?
The financial compensation awarded refers to the personal injury settlement. And the person responsible for the injury or their insurance company pays this amount.
Usually, two parties are involved during a personal injury settlement, the plaintiff and the defendant. The injured party is the plaintiff who can hire a lawyer for various reasons. The lawyer can assist n easing the burden of a complicated personal injury case. The defendant is the party involved in the accident and caused injury to a person. Often during a personal injury case, the defendant may also hire a lawyer or work with their insurance company to ascertain fault. This way, the defendant can also establish the value of a personal injury settlement.
Factors to Determine the Amount of Your Personal Injury Compensation
No standard or guaranteed amounts exist in personal injury claim settlement cases. Indeed, it is difficult to determine the amounts to settle a lawsuit.
There are several factors contributing to the personal injury settlement claim, including the following:
- The amount of property damage suffered by you,
- The wounds/injuries you suffered;
- Accurate and comprehensive medical and financial records, and
- The assets and/or insurance policy limits of the defendant
These factors, but not limited to them, can reduce the settlement amount or increase it to the extent that can assist your family for years to come.
If you hire a competent personal injury lawyer, you will confidently secure your interests and get fair compensation.
Types of Damage
- Economic damages
These damages cover the economic losses you are facing after the accident. These damages include property damage and further repair costs, current and ongoing medical expenses, lost wages due to nonattendance, and loss of employment. These also include future medical expenses and lost wages. The purpose of economic damages is to assist the plaintiff to resume their pre-accident lifestyle.
- Non-economic damages
These damages compensate the injured party for their pain and suffering, mental and emotional distress, humiliation, and even reputational damage.
In case of wrongful death, the spouse can receive compensation through the consortium’s loss, which covers all sorts of relationship loss because of the accident.
- Punitive damage
The plaintiff wants compensation for this damage in certain situations. This compensation is in the form of punishing the accused person for their alleged negligence. If the lawyer determines a punitive damage claim as suitable in your case, they will focus on the amount of damage caused and then seek a pro-rata amount.
A personal injury lawyer can consider all of these determinants before determining and seeking a specific amount from the defendant or their insurer.
To make your personal injury case strong and prove that you have suffered the damages mentioned earlier, you need to save your statements, artifacts, and real-time photos. You also need to save doctor and lab notes, keep medical treatment bills and property repair bills, and so on.
Factors Affecting Compensation during the Settlement Process
A competent personal injury lawyer is no stranger to the strategies insurers may sue to lower the amount you are paid.
An insurance agency may offer you very low compensation, which does not cover your expenses. Indeed, insurance companies are profit-making entities, and they focus more on their revenue. So, insurers may do this to save more, but it is not a big issue. You don’t need to accept low compensation, and a competent lawyer will help you in this area.
Determination of fault is another factor affecting your compensation. Some insurers, not all, may save their amount by making victims wrong. They try to pay a limited amount as much as possible. If you are at fault, and you are unaware, and the insurer is right in their claim, you could end up unintentionally harming your claim. Therefore, hiring a personal injury lawyer is essential instead of directly speaking to the insurer.
Wallace Legal has the most competent and experienced personal injury lawyers. If you need to make a claim for compensation, we will ensure that you get fair compensation as soon as possible. Speedily and fairness are guaranteed!