A general rule of thumb is between 75% and 100% higher than you would actually be satisfied. When making an initial settlement claim, the accident victim should always ask for more than they think the case is worth. There is no set rule, but it is not unreasonable to ask for at least three times the amount of medical expenses. Determining how much to ask for in a personal injury settlement depends on the facts of your case and your realistic costs.
The amount of your claim and the method for calculating this total change depending on the type of compensation you are requesting. These factors make it difficult for any legal representative to give you an accurate estimate of your possible compensation before discussing your case. When you hire a personal injury lawyer to file your legal claim for financial compensation, you are making a conscious decision to have a legal advocate whose job it is to take care of you. Insurance companies don't always play fair.
Your personal injury lawyer handles communication with the insurance company so you can focus on improving and getting your life back on track. Most personal injury lawsuits begin with the settlement process. Settling is often much less expensive, less stressful, and less time-consuming than going to court. If a successful settlement is not reached before the trial, it could still take place while the trial is ongoing.
Typically, you and your personal injury lawyer will use the damage formula to determine a starting point for the settlement process. Victims may be eligible for compensation for medical care and related expenses, loss of income, physical pain and suffering, permanent disability, disfigurement, loss of quality of life and emotional suffering. As you may have noticed, a couple of items on that list can be quite subjective. It can be difficult to assign a monetary value to how the accident affected your personal life or mental health.
However, that is why the damage formula is used. First, take the numbers you know you have. Usually, that's the amount you spend on health care and related expenses, loss of income, and if you'll ever be able to go back to work or if the work you can do now is drastically different from your line of work before the accident. It's important that you understand the formula because insurance companies don't go out of their way to explain the process to you.
In addition, you or your personal injury lawyer are also under no obligation to explain how you developed the amount of your settlement. Of course, there are additional adjustments to treat extremely painful injuries, long-term medical treatment and the permanence (and visibility) of the injury. It is often the insurance company that offers the agreement. Therefore, the agreement may be affected by the insurance limit.
If your settlement amount exceeds that limit, they may try to negotiate it up to the limit or you may have the right to accept the policy limit, release the insurance company from other liability, and sue the insured directly for the rest of the money. State law limits the time to file a claim after a personal injury accident. If you have been injured, call now to get the help you need.