How is a settlement calculated?A fair settlement amount is calculated by adding up the amount of money you lost as a result of your incident. These are called ‘damages,’ and they’re typically split into two categories - special and general damages. Special damages include monetary losses such as wages, medical expenses, and repairs (if necessary). General damages focus on the impact on your mental health. For example, general damages include pain and suffering, and distress.
What factors affect a settlement?Personal injury settlements vary because of the many factors that affect the amount of a settlement. These include:
- Case severity: cases where injuries are more severe result in higher settlements. The reason for this is that the accident has usually caused more pain and suffering. The severity of the injury can fall into many categories, from soft tissue damage to severe injuries (broken bones) and permanent disabilities.
- Recovery process: a fair settlement will always consider the treatment process. Generally, larger amounts of money are awarded when the treatment and recovery process is ongoing. Injuries that result in permanent disability, or need for future care, will typically settle for more money than injuries that resolve after a few months of chiropractic care.
- Emotional trauma: your injuries may not only be physical but also result in great emotional distress. An experienced personal injury attorney that can prove emotional trauma will greatly increase the amount of your settlement.
- Clear Legal Liability: The settlement will be more significant if there is clear evidence that proves the defendant is at fault. Insurance companies are more likely to settle without the need to file a lawsuit if they fear losing in Court.