In case of majority of the personal injury
cases, they settle either during or before the trial. Only a small percentage
of them are tried to a verdict. Once you quietly accept the settlement offer of
the defense attorney, the case is said to be settled. Now all that your lawyer
needs to do is to accept the offer and tell him by phone, email, letter or a
combination of both. Bodily injury, a term that is often interchanged with
personal injury is an injury that has caused mental or physical pain to an
individual. How will you calculate bodily injury settlements? This way of
calculating varies by regions. Here are some steps in which you can calculate
your personal injury settlements.
cases, they settle either during or before the trial. Only a small percentage
of them are tried to a verdict. Once you quietly accept the settlement offer of
the defense attorney, the case is said to be settled. Now all that your lawyer
needs to do is to accept the offer and tell him by phone, email, letter or a
combination of both. Bodily injury, a term that is often interchanged with
personal injury is an injury that has caused mental or physical pain to an
individual. How will you calculate bodily injury settlements? This way of
calculating varies by regions. Here are some steps in which you can calculate
your personal injury settlements.
- Assess the fault factor of the incident: The first step is the most important one and it is to clearly
identify the thing or person that initiated the factors that caused the
injury. If some other party was at fault, the personal injury settlement
will be based on the kind of premium and the amount of insurance coverage
that the business or individuals allotted to on their behalf. On the other
hand, if you’re the person who was at fault, the settlement amount will be
entirely based on the same principal. However an individual will be able
to claim a PIP settlement or the personal injury paid under your personal
injury policy coverage.
- Determine the factors that can result in a settlement: Are you aware of the factors that can result in a settlement?
Highway accidents due to bad road conditions, slip and fall incidents,
road accidents that involve the carelessness of a driver, work related
accidents, injuries received while on a private property, injuries
received due to a defective product and assaults and physical attacks. All
these are factors that may cause a personal injury case and also can
result in a settlement.
- Identify the types of injuries:
The next step is to identify the type of injury that you’ve received by
giving some particular details. You also have to outline the impact that
the injuries will have on your present or future life enjoyment. Will the
accident or injury have an impact on the present or future ability to be
profitably employed? Will it lead to replacement of property or any kind
of material loss? Will the injury lead to mental defect? Will it lead to
loss of income or emotional defect like anxiety or depression?
- Compute the settlement amount that you need to disburse: Most insurance companies use several formulas to calculate
the settlement amounts that require to be paid to an injured party who is
not at fault or that cause the accident. The formula that is usually used
for injuries that aren’t too serious is “special damages * 1.5 + income
that was or will be lost due to injury”. On the other hand, in case of
severe injuries, the formula that is used is “special damages* 5.0 +
income that was or that will be lost due to the injury.”
Hence, if you’re someone who is involved in such
a personal injury case due to an accident, ensure taking the above mentioned
steps for calculating.
a personal injury case due to an accident, ensure taking the above mentioned
steps for calculating.