It is your right to pursue a personal injury claim after you are hurt in an accident that was caused by someone else’s carelessness. When considering a claim, you will have to decide on the amount of compensation to ask for. The damages you claim should cover your medical bills and other damages or consequences from the accident.

How Much Should I Ask for in a Settlement?

To know the amount you should claim for your settlement, you must understand the typical settlements or awards of the injury. Below are the guidelines you need to position your claim for success.

The Range of Compensation

The potential range of compensation in your case will depend on the depth of your injury. You first need to make points about the strengths and weaknesses of the claim before filing it. Some people rely on lawyers’ help when filing claims, but others choose the informal way, which does not require written correspondence.

After you have identified all the claim strengths and weaknesses, your claims adjuster will offer a much lower settlement than your initial request as indicated in your demand letter. Compare your expected amount to the adjuster’s figures and decide whether to reduce the amount or stick to the original amount.

It might take time before you agree on the amount, but most people will decide on the amount after two or three phone calls. On average, an out-of-court settlement payout will range between $3,000 and $ 75,000. Some people, however, receive more than that.

What Affects the Payout Claim?

Most people prefer a settlement rather than the trial process because jury verdicts are unpredictable and take a long time. The chances of getting the payment depend on what your insurance company agrees to pay in the long term. The following are some of the elements that can affect your claim.

The Seriousness of Your Injuries

Your claim process and final settlement will depend on the impacts of the accident. More severe injuries are likely to have a higher payout than less severe injuries. This is because severe injuries require more medical attention, meaning that you will spend a lot of money.

For example, according to Statista’s “Estimated Lifetime Costs for Patients With Spinal Cord Injuries” report from 2019, the average lifetime costs for a 25-year-old patient who has become paraplegic will be approximately $2.5 million.

Insurance Limits

Insurance firms have a governing policy for every claim. Some restrictions can keep your settlement lower than you expected. The insurance company will rule out the figure based on the system, and they will not exceed the limit.

Legal Services

The claim may vary. However, that will depend on the legal path you choose to take. For instance, if you hire a lawyer to run the case, you need to pay the lawyer after the trial ends. So, when deciding on the amount to claim, you have to keep your lawyer’s charges in mind.

According to Laborde Earles Injury Lawyers, plaintiffs who are able to prove negligence may be able to collect various damages for their injuries, including medical expenses and lost wages for missed work. Any damages you collect during the settlement process can go a long way toward your recovery. However, you’ll want to make sure you don’t settle for less than you deserve.

How to Get a Fair Settlement

If you want to make sure you are fairly compensated, follow these steps. This is the best way to avoid ending up without enough money to pay for your treatment.

  • Conduct a complete investigation. Gather all the evidence and witness statements, including medical and police reports.
  • Do not sign a release of other parties’ insurance company as your opponent will have access to your medical records, and they may use the information against you.
  • Get a reserve account with the insurance company to cover all the expected costs of your claim.
  • Keep your claims adjuster informed about your progress. If your medical bills go up, the adjuster may need to increase the amount of money in the reserve account.
  • Do not allow the adjuster to pressure you into settling your case for less than the value of all of your damages. They do this to make profits, not to protect people.
  • Keep a pain journal to keep a record of your progress, even if your recovery goes on for months. For instance, keep track of how many headaches you had, any additional pains, and how your muscles are faring.
  • Know all of your damages, which might include the cost of medication, the loss of your source of income, the cost of fixing your car, the cost of hiring a helper, and the cost of psychological counseling.
  • Keep all accident-related bills and receipts for future proof and evidence of your medical and other related expenses.

Don’t settle for less than the full value of your damages. If you cannot do it by yourself, get an attorney before you communicate with the other party’s insurance company. Your lawyer will work in your best interests, unlike the insurance company’s agents.