When you’re dealing with a personal injury after an accident, you might feel uncertain about what comes next. One of the questions on your mind might be, “How much money should I ask for in a settlement?”
Determining how much to ask for in a personal injury settlement isn’t always straightforward.
There are many elements involved, from medical expenses and lost wages to the emotional pain and disruption the injury has caused in your life. Understanding these components clearly can help ensure you’re not accepting less than you truly deserve.
At Hunter | Everage, we understand the intricacies of calculating a fair settlement. Our experienced personal injury attorneys will fight so that every aspect of your suffering and loss is accounted for.
Factors That Influence the Value of a Personal Injury Settlement
When it comes to determining the value of a personal injury settlement, several factors come into play that can influence the outcome. Here are some factors that can impact the settlement value in a personal injury case:
1. Severity of Injuries
This is often the most significant factor. The more severe and long-lasting the injuries, the higher the potential settlement amount.
Serious injuries require extensive medical treatment and can lead to prolonged periods of work absence or even permanent disability.
2. Medical Expenses
All medical expenses related to the injury should be considered. This includes past, present, and future medical bills—from emergency room visits and surgical costs to physical therapy and any ongoing treatments.
3. Lost Wages and Earning Capacity
If your injuries have caused you to miss work, those lost wages should be compensated. Furthermore, if your ability to earn a living is compromised over the long term, the settlement should reflect this loss of earning capacity.
4. Pain and Suffering
This covers the physical pain and emotional distress you’ve endured due to the accident and subsequent injuries. While more subjective, compensation for pain and suffering can be substantial, especially in cases of severe or permanent injuries.
5. Liability and Comparative Fault
In South Carolina, if you are found partially at fault for the accident, your settlement could be reduced by your percentage of fault.
6. Insurance Coverage
The settlement amount can also be influenced by the at-fault party’s insurance policy limits. If the policy limits are low, it may limit how much compensation you can receive unless the defendant has significant personal assets.
Calculating Medical Expenses, Lost Wages, and Future Costs
To determine how much to ask for in a personal injury settlement, start by calculating all related expenses.
Medical Expenses
After an injury, medical expenses can quickly accumulate, such as those for:
- Emergency room visits
- Hospital stays
- Surgeries
- Medications
- Physical therapy
Past and current medical expenses should all be considered in your claim.
Lost Wages
If your injury has kept you from working, these lost wages need to be calculated into your settlement. This includes not only the income you’ve already lost but also the money you would have been able to earn in the future if you hadn’t been injured.
Future Costs
Future costs can be a bit more challenging to quantify but are equally important. These might include ongoing physical therapy, necessary home modifications to accommodate disabilities, future medical procedures, and even personal care assistance.
The Role of Pain and Suffering in Settlement Amount
When you’re injured in an accident, it’s easy to measure your medical bills or the wages you’ve lost—but how do you put a dollar value on the emotional stress, sleepless nights, or daily pain you’ve experienced?
Because every person’s experience is unique, insurance companies and courts use what’s called a multiplier method. They take your total economic damages—like medical expenses and lost income—and multiply that amount by a certain factor, usually between 1.5 and 5. More severe or life-altering injuries often lead to higher multipliers.
Alternatively, a daily rate is decided upon, which is then multiplied by the number of days you’re expected to suffer from your injuries until you reach the maximum possible recovery.
How Insurance Companies Determine Settlement Offers
Insurance adjusters start with the basics: they review all the facts of your case. This includes the accident report, witness statements, medical records, and any other evidence that provides insight into what happened and who is at fault.
Next, adjusters calculate your tangible losses. This includes your medical expenses and your lost wages. If there are future medical costs or a loss in earning capacity expected, those figures are also added to the tally.
For non-economic damages, they might multiply your economic damages by a certain factor (the more severe the impact, the higher the multiplier) to estimate a reasonable amount for these harder-to-measure impacts.
If insurance companies believe their insurance is clearly at fault, they might opt to settle quickly to avoid the extra costs of litigation.
On the other hand, if they see room to argue that you were partly at fault or that your claims of injury are overstated, they might offer a lower amount.
Finally, the adjuster prepares the offer. This initial proposal is rarely their best offer; it’s more often a starting point for negotiations. They expect that you (or, more likely, your lawyer) will counter with a higher amount, and from there, the negotiation begins.
When to Negotiate or Take Your Case to Court
Negotiation is often the preferred first step when it comes to personal injury cases. It’s generally faster, less expensive, and less stressful than going to court. If the responsible party’s insurance company makes a fair offer that covers your damages, settling might be the best option.
However, there are times when taking your case to court is advisable. If negotiations stall or the insurance company’s settlement offer is insufficient and does not fully cover your damages, going to trial might be your best route to getting fair compensation.
Contact an Experienced York, SC Personal Injury Lawyer
The amount you should ask for in your settlement will depend on the specifics of your case, including the severity of your injuries, the clarity of liability, the policy limits of the insurance involved, and the impact of the injury on your life. Calculating these amounts accurately and deciding whether to settle or proceed to court requires a thorough understanding of the law and a strategic approach to negotiations.
If you are dealing with a personal injury in South Carolina and are unsure about how much to ask for in a settlement, contact Hunter | Everage. Our team will guide you through this difficult time, helping you to secure a settlement that reflects the full extent of your damages.
Contact us at 704-377-9157 to request a free consultation.