HOW MUCH IS MY INJURY CLAIM WORTH?
Question: Ive been injured in an accident. How much my claim is worth?
Answer: One of the first things that many accident victims ask their lawyers is how much the claim may be worth. The honest answer at that time is that it is too early to tell. Every accident and every injury has its own individual characteristics that will affect the ultimate value of the claim. Dont assume that because your uncle or neighbor was in an accident once and received a certain settlement that your case should be similar. Each case is different.
The primary factors involved in determining the value of a claim are the strength of the liability case and the degree to which the injuries have impacted upon your life. In addition there are a multitude of subtle factors that may make a claim more valuable or less valuable. An experienced attorney knows that he can place a value on a claim only after he has gathered all of the important information about a case.
Generally speaking, however, an individual who has been injured by the negligence of another is entitled to be fully compensated in three primary areas:
- Past and future medical expenses
- Past and future lost wages or loss of earning capacity
- Past and future pain, suffering, disfigurement, and disability
Question: Who determines the value of my claim?
Answer: A judge or jury can determine the amount of money that will fairly and reasonably compensate the victim of accidental injury. They would do this only after hearing evidence from witnesses and seeing documents and exhibits that fully explain how the accident happened as well as the extent of any injuries received. This does not mean that all injury cases must go to trial. In fact, probably 85% or more of the cases involving personal injuries settle without the need for a trial.
When determining the value of your case, your attorney will essentially be predicting how a judge or jury is likely to respond to the evidence in your case. Your lawyer will be predicting who a jury would find negligent and what percentage of fault will be placed on each party. He will also be predicting how much money a jury will award after they learn all about the injury victim and the effects the injury have had on him or her.
The defendant insurance company will be going through the same process of predicting the outcome of a trial. When the predictions of the defendant insurance company are similar to those of your attorney, the case may settle with your approval.
Question: How does anyone put a dollar value on pain and suffering?
Answer: A jury is told that pain, suffering, disability, and disfigurement include any physical pain, worry, distress, embarrassment, and humiliation which the victim has suffered in the past and is reasonably certain to suffer in the future.
They are told to consider to what extent the injuries have impaired and will impair the injured persons ability to enjoy the normal activities, pleasures, and benefits of life. They also consider the nature of the injuries, the effect produced by the injuries in the past, and the effect the injuries are reasonably certain to produce in the future bearing in mind the plaintifs age, prior mental and physical condition, and the probable duration of his or her life.
When valuing pain and suffering, your lawyer will consider how the injuries may have affected your lifestyle. What has changed about your work life? Your recreational life? Your social life? Your emotional state of mind? Your family life? Your normal activities of daily living? It is only after gathering information on all of these factors and many more that an attorney can begin to predict what the pain and suffering may be worth.
Question: How long will it take to determine the value of my case?
Answer: The single most important factor in determining when your claim may be valued is your medical condition. We always want to conclude your claim as soon as is reasonably possible. We would rather have settlement money in your hands than in the bank account of some insurance company. We must be careful, however, not to settle a case before all of the ramifications of an injury are fully known. Once a case is settled, it is settled. One may not return to an insurance company months after a settlement claiming that the injury was worse than was understood at the time of settlement and ask for more money.
Your attorneys will be very dependent upon you and your doctors to determine when the time is right to begin valuing your claim. Often times, many months go by following an accident before any attempt is made at valuing a claim. This is because the injured party may still be recuperating or recovering from injuries. A case should not be settled until your doctor is able to state what the future probably holds for you. Will there be future medical expenses? Will there be additional surgery? Will there by permanent disability as a result of the injuries? These are all things that your doctor must determine before your attorneys can begin valuing your case.
Question: Will the insurance company pay what we ask?
Answer: Bear in mind that insurance companies are in business to make money. The less money that they pay you, the more money they can keep for themselves. The defendant insurance company wants to pay you as little as they possibly can, while still obtaining a release of further liability for themselves and their insured. You and your attorneys, on the other hand, will want to make sure that you are fully and completely compensated for all of your injuries and losses. Frequently, the defendant insurance company and the injured party and his attorney have significantly different views on the value of the case. The cases that settle, do so only after a period of negotiations with each side evaluating the risks and benefits of going to trial. Sometimes it takes a judge or a jury to decide a case because the insurance company and the injured party simply cannot agree.
Question: Who decides if my case should settle?
Answer: It is your case. You are the one who decides whether to accept or reject a particular settlement offer. Your attorney will give you the benefit of his advise and experience, but ultimately the question is whether you believe the insurance company will increase their offer if you stick to your guns.
Sometimes, personal and practical factors enter into whether a particular offer to settle will be accepted or rejected. Will a great deal of money have to be spent in preparation for the trial so as to reduce the actual recovery to the injured party? Are there personal financial reasons why a smaller settlement now would be better than a larger settlement several months from now? Is there any reluctance to "go to court"? What kind of gamblers are you? Is a sure thing now better than a chance of doing significantly better at trial?
It is important for you to understand that you will never be forced to accept a settlement offer from an insurance company. You will always have the option of rejecting their best offer and taking your case before a jury of your peers.
