Settlement amounts are determined by a variety of factors, including your medical expenses, income losses, and non-economic damages. A Fort Lauderdale personal injury lawyer will assess the severity of your injuries and losses to calculate how much you should receive from a settlement.
Understanding what goes into determining the value of your settlement can help you make informed decisions throughout the legal process. Let’s take a closer look at the factors that play a role in determining how much money you receive from a claim and what a lawyer can do to help you recover from an accident.
Medical Expenses Play a Role in Determining Settlement Amount
Medical costs often play the most significant role in determining settlement amounts. These expenses may include hospital services, surgery, medication, physical therapy, and any ongoing care needed to address lasting conditions.
Your lawyer will review your medical bills and work with medical professionals to calculate how much compensation you’ll need to cover current and future treatment expenses. If you’ve suffered catastrophic injuries that are expected to persist well into the future, you can expect to receive more from a settlement than if your injuries were less severe.
Income Losses Will Factor Into Your Personal Injury Settlement
Income losses are also considered when your settlement amount is determined. A settlement can provide compensation for the wages you’re unable to earn while you recover from your injury. If your injuries are expected to impact your ability to work in the future, that limitation may also be reflected in your settlement.
Your attorney will review income-related documents and work with vocational experts to determine how much compensation you should receive for lost wages and decreased earning ability. Ultimately, your lawyer will aim to get compensation for both the immediate and long-term impacts your injury has on your ability to work.
Pain and Suffering Impacts Settlement Value
When your settlement amount is determined, your lawyer and the insurance company will likely take pain and suffering into account. Pain and suffering damages cover any physical pain, discomfort, and emotional distress caused by your injury.
While there is no standardized formula to calculate pain and suffering damages, lawyers have ways of determining how much you should receive. A good rule of thumb is that the more serious and long-lasting your injury is, the higher your award is likely to be.
Settlements Include Compensation for Property Damage
If your vehicle or other piece of property has been damaged in an accident, you’re probably wondering if that will play a role in determining your settlement amount. The good news is that settlements often include compensation for property damage.
Your lawyer can use your vehicle repair bills and other forms of evidence to get the compensation you need to deal with damaged property and replace items that have been damaged beyond repair. Schedule a free consultation with a personal injury lawyer to learn more about how property damage may affect your settlement value.
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Comparative Fault and Your Settlement Amount
If you were partially to blame for the accident you were injured in, Florida’s comparative fault law will also play a role when your settlement amount is determined. According to Florida Statute § 768.81, your compensation can be reduced if you were partially at fault for the incident.
For example, if you are 20% to blame for the accident, the amount of compensation you can receive will be reduced by 20%. If you are found to be more than 50% responsible for the incident, you’ll be barred from pursuing compensation altogether. A lawyer can ensure your percentage of fault is set fairly and pursue maximum compensation for your injuries and losses.
How a Lawyer Can Help You Get the Best Settlement Possible
After an accident, the insurance company is not on your side. Insurers often go to great lengths to devalue your claim and avoid paying you what you’re owed. You’ll want to hire an experienced personal injury lawyer who knows how to deal with insurance companies and protect you from their dishonest tactics.
Your lawyer will review settlement offers and work hard to negotiate a payment that meets your unique needs. Here’s what a lawyer will do to get the best settlement possible for you after an accident:
- Conduct a thorough investigation of your accident
- Gather police reports, medical records, witness statements, surveillance footage of the incident, and other forms of evidence
- Use evidence to build a strong insurance claim
- Communicate with insurers and negotiate a settlement that covers all your losses
- Pursue compensation in court if insurers fail to offer a sufficient settlement
- Explain how settlement amounts are determined and answer any questions you have about the claims process
Learn More About How Settlement Amounts Are Determined by Scheduling a Free Consultation
Understanding how settlement amounts are determined can help you get the most out of your personal injury claim. At Blakeley Law Firm, we strive to provide the education, resources, and advocacy you need to get maximum compensation for your injuries and losses.
We have recovered over $250 million in damages for accident victims and have 20 years of experience serving clients just like you. If you’re dealing with injuries and losses from an accident caused by another party, turn to South Florida’s most well-known personal injury lawyer.
Contact us today to schedule a free consultation and get started on your case.
