Factors Affecting the Value of Your Personal Injury Claim
You may be eligible to receive compensation if you have been injured because someone else was careless or negligent. However, obtaining appropriate compensation for a personal injury claim can be challenging. Here are the factors that impact your personal injury case settlement.
The Severity of the Injuries
More severe injuries often cause intense physical pain, emotional distress, and a diminished quality of life. Compensation aims to acknowledge and address these non-economic damages as well.
Generally, severe injuries equate to a higher potential value of your personal injury compensation. The compensation accounts for medical expenses, loss of income, diminished earning capacity, and pain and suffering.
Total Medical Bills
The higher the medical bills, the more likely you will receive a more significant compensation. This is because medical expenses indicate the seriousness and severity of your injuries, affecting the overall impact on your life.
The total medical bills also reflect the cost of your treatment, including hospital stays, surgeries, medication, rehabilitation, and ongoing care. These expenses are considered to ensure that you are adequately compensated for the financial burden caused by your injuries. Moreover, the total medical bills are a tangible measure of the pain, suffering, and emotional distress you have endured due to the accident.
Insurance Policy Limits
Insurance policy limits refer to the maximum coverage an insurance policy provides for a particular claim. When you pursue a personal injury claim, the policy's coverage often limits the available compensation.
If the liable party has high-low insurance coverage, you have a better chance of receiving fair and substantial compensation. Higher policy limits allow more financial resources to cover medical expenses, loss of income, pain and suffering, and other damages resulting from the injury.
In contrast, an insurance policy with low limits can reduce the amount of compensation you may receive. In such situations, the available funds may be insufficient to cover your damages fully. This can lead to a low settlement offer or force you to use other means to get compensation. For instance, you might file a lawsuit against the at-fault party directly.
Availability of Evidence
Concrete evidence, such as medical reports, photographs, witness testimonies, and expert opinions, can substantiate your claim. The evidence can also establish the extent of your injuries and the responsible party's liability.
With enough evidence, you can demonstrate the direct link between the accident and your injuries. This helps to prove the impact on your life, physical well-being, and financial losses, and makes it harder for the opposing party or insurance company to refute your claim or downplay the severity of your damages.
In contrast, lacking evidence weakens your case and jeopardizes the value of your compensation. Inadequate evidence may lead to disputes and skepticism regarding the legitimacy of your injuries and the other party's liability, resulting in reduced compensation offers or even denial of your claim.
Impact on Daily Life
Physical limitations can significantly diminish your quality of life. The limitations include the inability to work, perform household tasks, or engage in recreational activities. The extent of these limitations and the duration of their impact will influence the compensation amount. For example, you may be unable to work for an extended period, resulting in lost wages or career setbacks. In this case, the compensation may be higher.
The emotional toll of the injury is also an essential factor. Mental anguish, depression, anxiety, or loss of enjoyment in life can significantly impact your well-being. Demonstrating the psychological effects and their impact on your daily life can increase the compensation awarded.
Since so many factors affect your compensation's value, you need a qualified attorney's help. Borbi, Clancy & Patrizi, LLC is a personal injury law firm that can help you with your personal injury case. Contact us now for more information.