One of the most frequently asked questions regarding personal injury is, “How much is my personal injury claim worth?” However, the majority of individuals want to know how much money they will receive from a personal injury settlement.
The Severity and Type of Injuries You Sustained
The type and severity of the victim’s injuries is one of the most important factors influencing the value of a personal injury claim. The value of your claim increases as the severity of your injuries increases.
There are multiple causes for the correlation between injuries and claim value:
- In general, the cost of treating catastrophic injuries is higher (increased medical bills)
- The lengthier recuperation period causes the victim to miss more work (higher amount of lost wages )
- It is assumed that severe injuries result in heightened pain and suffering.
Moreover, traumatic injuries can cause permanent impairments and disabilities. Consequently, you may be entitled to compensation for ongoing medical care, future income loss, long-term care, and diminished quality of life.
Fault For the Cause of the Accident
To recover damages in a personal injury case, you must prove that the negligent party caused your injury. However, if you contributed to the cause of your injury, you may receive less compensation.
New York’s pure comparative negligence law permits courts to reduce the amount of damages you receive by your proportion of fault for the accident. Therefore, if you are 30% at fault for a car accident, the amount of compensation you receive for damages is reduced by 30%.
Other Factors Impacting the Value of a Personal Injury Settlement
Each personal injury settlement is determined by the specifics of the case. Consequently, numerous variables may affect the amount of money you receive from a settlement.
The following factors, among others, could increase or decrease the value of your claim:
- Availability of insurance protection
- The involved parties in the case
- Whether one or multiple parties may be at fault
- Pre-existing illnesses, conditions, and injuries
- Whether a government entity may be responsible for damages
- Your statements and actions following the accident or injury
- The availability and weight of evidence establishing negligence and causation
A personal injury attorney in New York City will carefully examine the evidence in your case to determine fault and liability. The attorney will work to minimise factors that could be detrimental to your case while maximising those that enhance the value of your injury claim.
What Happens After I Settle a Personal Injury Claim?
After your attorney and the opposing party settle the claim, the attorney must pay the costs of bringing the claim out of the proceeds of the settlement. The three most typical deductions from settlement proceeds are:
Numerous personal injury attorneys in New York City accept cases on a contingency basis. As payment for legal services, the attorney agrees to accept a percentage of the settlement proceeds. If the attorney fails to recover any money for the claim, you are not responsible for paying the attorney’s fees.
Claim-related costs and expenses are deducted from the settlement proceeds.
Typical expenses include:
- Shipping and handling fees
- Costs and fees associated with obtaining accident reports, medical records, and police reports, among others.
- Expert witness fees and expenditures
- Travel expenses
- Deposit expenses
- Filing fees (if you file a lawsuit)
Generally, filing a lawsuit is more expensive because the parties must engage in discovery and trial preparation. The majority of personal injury cases are settled out of court.
There may be medical liens filed against the settlement proceeds by your medical providers. However, even without a lien, your attorney must verify and pay any outstanding medical bills from the settlement proceeds.
Moreover, if your health insurance company paid for injury-related medical expenses, it likely has a subrogation claim. Subrogation claims must be paid from the proceeds of the settlement.
Skilled Manhattan personal injury attorneys will negotiate with medical providers and insurance companies to reduce your medical bills, liens, and other claims in order to increase the amount of money you receive.
Do I Need a Personal Injury Lawyer in Manhattan to Settle an Injury Claim?
You can negotiate your claim directly with the at-fault party and their insurance company. The claims adjuster may encourage you to represent yourself in your personal injury case.
However, you should not accept a settlement offer without first consulting an attorney. The goal of the insurance adjuster is to close the case for as little as possible. Therefore, the amount of the settlement may be significantly less than the actual value of your injury claim.
In addition, the claims adjuster may employ dubious strategies to convince you to settle your claim for less money than you deserve. A personal injury attorney will defend you against these strategies while pursuing the highest possible settlement for your injury case.
If you were injured by another party, contact a Manhattan personal injury lawyer immediately.
Contact Our Personal Injury Law Firm
Contact Abrams Law Group for a free consultation if you’ve been hurt in an accident and require legal assistance.