How Are Personal Injury Settlements Calculated?

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When is a Person Considered to Have a Personal Injury?

A personal injury is any case where someone has been injured and believes that another person or entity caused the injury. Personal injury lawsuits can be resolved in court, but are usually resolved in a settlement process. Both methods are designed to help victims recover the compensation they need to recover from their injuries.

How are Personal Injury Settlements Paid Out?

A common misconception regarding settlement agreements is that the process is over when a settlement agreement is reached. However, there are additional steps after the negotiation of a personal injury claim.

Once your attorney and the insurance company agree on a compensation amount, then the next step is to wait for the settlement check and distribute the funds accordingly to your debts.

What is Considered a Fair Personal Injury Settlement?

Most personal injury cases settle for anywhere between $10,000 to $100,000. However, the exact settlement amount varies on a case-to-case basis. Common factors that influence the final settlement amount include the type of injury, medical expenses associated with the injury, loss of wages/time out of work as a result of being injured, pain and suffering, and the loss of opportunities and experiences.

Why You Should Ask for a Higher Amount for Your Personal Injury Settlement

When you send a demand letter to the defense attorney, you should ask for a compensation amount that’s on the high side. In most cases, the initial amount you request is rejected and the other side will make a lower offer. This is why it is wise to start with a higher dollar amount because it gives you an advantage once you begin to negotiate.

When Will You Receive Your Settlement Check?

Insurances companies must work according to deadlines and time constraints set by law. Therefore, they are required to submit your check according to this time frame. However, insurers’ accountants vary in time on how long it takes them to issue the check.

Once you receive notification that your check has been sent out, then you should receive the funds within 2 weeks. If you do not receive the check within this timeframe, the insurer will be guilty of bad faith for delaying your payment. Be sure to inform your attorney if this happens.

Related Articles:

• Steps Involved in Settling a Personal Injury Claim
• Is a Personal Injury Settlement Taxable?
• Are Settlements Public Record?

Get a Free Lawsuit Evaluation With Our Lawyers

The Litigation Group at Schmidt & Clark, LLP law firm is an experienced team of trial lawyers focusing on plaintiffs' representation in lawsuits. We are handling individual litigation nationwide and currently accepting new legal challenges in all 50 states.

If you or a loved one was involved with such matters, you should contact Schmidt & Clark immediately for a free case evaluation. You may be entitled to a settlement by filing a suit and we can help.