Calculating Your Personal Injury Settlement – The Vital Steps Involved

In case of majority of the personal injury cases, they settle either during or before the trial. Only a small percentage of them are tried to a verdict. Once you quietly accept the settlement offer of the defense attorney, the case is said to be settled. Now all that your lawyer needs to do is to accept the offer and tell him by phone, email, letter or a combination of both. Bodily injury, a term that is often interchanged with personal injury is an injury that has caused mental or physical pain to an individual. How will you calculate bodily injury settlements? This way of calculating varies by regions. Here are some steps in which you can calculate your personal injury settlements.

  1. Assess the fault factor of the incident: The first step is the most important one and it is to clearly identify the thing or person that initiated the factors that caused the injury. If some other party was at fault, the personal injury settlement will be based on the kind of premium and the amount of insurance coverage that the business or individuals allotted to on their behalf. On the other hand, if you’re the person who was at fault, the settlement amount will be entirely based on the same principal. However an individual will be able to claim a PIP settlement or the personal injury paid under your personal injury policy coverage.
  1. Determine the factors that can result in a settlement: Are you aware of the factors that can result in a settlement? Highway accidents due to bad road conditions, slip and fall incidents, road accidents that involve the carelessness of a driver, work related accidents, injuries received while on a private property, injuries received due to a defective product and assaults and physical attacks. All these are factors that may cause a personal injury case and also can result in a settlement.
  1. Identify the types of injuries: The next step is to identify the type of injury that you’ve received by giving some particular details. You also have to outline the impact that the injuries will have on your present or future life enjoyment. Will the accident or injury have an impact on the present or future ability to be profitably employed? Will it lead to replacement of property or any kind of material loss? Will the injury lead to mental defect? Will it lead to loss of income or emotional defect like anxiety or depression?
  1. Compute the settlement amount that you need to disburse: Most insurance companies use several formulas to calculate the settlement amounts that require to be paid to an injured party who is not at fault or that cause the accident. The formula that is usually used for injuries that aren’t too serious is “special damages * 1.5 + income that was or will be lost due to injury”. On the other hand, in case of severe injuries, the formula that is used is “special damages* 5.0 + income that was or that will be lost due to the injury.”
Hence, if you’re someone who is involved in such a personal injury case due to an accident, ensure taking the above mentioned steps for calculating.

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