A Personal Injury Settlement Breakdown
If you are the victim of a personal injury, then you are probably wondering what type of personal injury settlement you can expect to receive as a result of the damages you have experienced. This is a common question that many injured parties ask their personal injury attorney. To learn more, here is a breakdown to help you understand how a settlement is determined:
Calculating Damages Resulting from the Injury
To most accurately determine the amount of settlements from personal injury cases, the situation surrounding the injury will need to be analyzed. Specifically, the parties involved will look for circumstances that have affected or will affect the individual’s life after the accident. These could include the following:
- The ability to work now or in the future
- Enjoyment of life currently and in the future
- Property damage
- Temporary or permanent mental defects
- Income loss
- Emotional problems including stress, depression, and anxiety
- Medical payments
All of these may be used to calculate the damages that were experienced as a result of the accident.
Determining a Fair Settlement Amount
Once the insurance company has determined the amount of damages, they usually have a special formula that is used to calculate a fair personal injury settlement amount. For injuries that are less serious, the formula is usually something like this:
- 1.5 x damages + lost income (past, present, and future) as a result of the injury
If the injury is more traumatic, then the formula becomes more generous to provide a larger settlement amount. It typically looks something like this:
- 5 x damages + lost income (past, present, and future) as a result of the injury
In the event of an extreme injury like a wrongful death, the formula may be even higher.
Obviously for the best guidance when it comes to calculating a fair settlement amount, it is always wise to speak with an experienced personal injury attorney. He or she can advise you as to your legal rights and help determine the settlement amount that you should expect to obtain. Call 303-447-1144 today to receive a FREE consultationwith an experienced Boulder personal injury attorney from Sloat & Nicholson, P.C.
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