What Factors Influence the Value of a Personal Injury Settlement? Signs You Should Seek Legal Representation

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What Factors Influence the Value of a Personal Injury Settlement

If you have been injured in an accident that was caused by someone else’s negligence, you may be entitled to compensation for your medical expenses, lost wages, pain and suffering, and other damages. 

However, the amount of compensation you can receive depends on various factors that affect your personal injury settlement. This article, discusses some of the most important factors that influence the value of a personal injury settlement, and how a personal injury lawyer can help you maximize the value of your compensation..

Factors That Affect Your Personal Injury Settlement

The value of your personal injury settlement is determined by the extent of your injuries, the liability of the other party, the availability of insurance coverage, and the strength of your evidence. Here are some of the factors that can increase or decrease your personal injury settlement:

  • The severity of your injuries: The more severe your injuries are, the higher your medical bills, lost income, and pain and suffering will be. Severe injuries such as spinal cord injuries, brain injuries, or wrongful death can result in larger personal injury settlements than minor injuries such as sprains or bruises.
  • The impact of your injuries on your life: The more your injuries affect your ability to work, enjoy your hobbies, play sports, or perform daily activities, the higher your compensation will be. For example, if you suffer from a permanent disability or disfigurement that prevents you from returning to your previous occupation or lifestyle, you may be entitled to more compensation than someone who recovers fully from their injuries.
  • The liability of the other party: The more clear and convincing the evidence is that the other party was at fault for causing your accident, the higher your settlement will be. For example, if you were hit by a drunk driver who ran a red light, you have a strong case against them. 

However, if you were partially responsible for causing the accident, such as by speeding or texting while driving, your settlement may be reduced based on your percentage of fault. This is because most states follow a comparative negligence system, which means that your compensation is reduced based on your share of responsibility for the accident.

  • The availability of insurance coverage: The amount of insurance coverage that the other party has can affect your settlement. If the other party has adequate insurance coverage to cover your damages, you have a better chance of receiving full compensation. However, if the other party has insufficient or no insurance coverage, you may have to rely on your own insurance policy or file a personal injury lawsuit against them to recover compensation.
  • The strength of your evidence: The more evidence you have to support your claim, the higher your settlement will be. Evidence can include police reports, witness statements, medical records, photos, videos, expert opinions, and any other documents or information that can prove the extent of your injuries and the liability of the other party.

Signs You Should Seek Legal Representation

While some personal injury claims can be settled without involving a lawyer, such as minor car accidents or slip and fall incidents, there are some situations where you should seek legal representation to protect your rights and interests. Here are some signs that you should hire a personal injury lawyer for your case:

  • Your injuries are serious or permanent: If you have suffered severe or permanent injuries that require extensive medical treatment, surgery, rehabilitation, or long-term care, you should consult with a personal injury lawyer as soon as possible. A Louis W. Grande Injury Lawyer can help you calculate the full value of your damages and negotiate with the insurance companies on your behalf.
  • You are facing a dispute over liability or damages: If the other party denies responsibility for causing your accident or disputes the amount of compensation you deserve, you should hire a personal injury lawyer to represent you. A lawyer can help you gather and present evidence to prove your case and challenge any arguments or defenses raised by the other party.
  • You are dealing with multiple parties or insurance companies: If your accident involved multiple parties who may be liable for your injuries, such as in a multi-vehicle collision or a product liability case, you should hire a personal injury lawyer to handle your claim. A lawyer can help you identify all the potential sources of compensation and deal with multiple insurance companies who may try to minimize or deny your claim.
  • You are offered a lowball settlement: If the insurance company offers you a settlement that is much lower than what you deserve, you should not accept it without consulting with a personal injury lawyer first. A lawyer can review the offer and advise you whether it is fair and reasonable based on the facts and circumstances of your case. A lawyer can also help you negotiate for a higher settlement or take your case to trial if necessary.

Conclusion

Personal injury settlements are influenced by various factors that affect the extent of your injuries, the liability of the other party, the availability of insurance coverage, and the strength of your evidence.

 If you have been injured in an accident that was not your fault, you should seek legal representation to protect your rights and interests. A Louis W. Grande Injury Lawyer in Providence, RI can help you evaluate your case, gather and present evidence, negotiate with the insurance companies, and pursue the maximum compensation you deserve.