Weighing the Value of a Personal Injury Claim

Can I increase the value of a personal injury claim?

You are not the only one searching for something like this! And there’s several reasons why this question is justified. 

When someone is injured due to another’s negligence, the question that often arises is how much their case is worth.

A personal injury lawyer in Yarmouth plays a crucial role in evaluating all aspects of a claim to ensure the client receives fair compensation for their physical, emotional, and financial losses.

Hi. In today’s blog, I will tell you how you can increase the value of a personal injury claim. So, if that’s what you want to know, you have come to the right place. Therefore, keep on reading this blog till the end and thank me later…

Can You Maximize The Value of a Personal Injury Claim?

Yes, you can! That’s the simplest answer.

However, there are a few things that you would need to keep in mind or follow if you are planning to maximise the value of your claim. And what are these?

Well, check them out:

Examining Medical Expenses

The first step in valuing a personal injury case involves reviewing all medical-related costs. This includes the following things:

• Emergency treatment.
• Hospital stays.
• Surgeries.
• Medication.
• Physical therapy.
• Anticipated future medical needs.

Accurate documentation is essential, as these records form the backbone of any compensation claim.

Lawyers typically work with medical experts to assess the long-term impact of injuries and ensure no future expenses are overlooked.

Calculating Lost Income

Another key component in determining case value is lost wages. If the injury forced the individual to miss work, either temporarily or permanently, that financial loss must be included.

In more severe cases, where the person can no longer return to their previous job or must switch to lower-paying work, a lawyer will calculate future lost earning capacity.

This is particularly important in cases involving long-term disability or diminished employment opportunities.

Evaluating Pain and Suffering

Pain and suffering are non-economic damages and can be difficult to quantify. These include the physical pain, emotional distress, and mental anguish caused by the injury.

Personal injury lawyers often use a multiplier method, where the total of economic damages (such as medical bills and lost wages) is multiplied by a number based on the severity of the injury.

Alternatively, they may use a per diem method that assigns a daily value for the duration of recovery. The goal is to reflect the true toll the injury has taken on the individual’s life.

Considering Property Damage

In accidents involving vehicles or other personal property, repair or replacement costs are included in the case value.

Some of the major factors in this component include:

• Receipts.
• Repair estimates.
• Insurance assessments.

While often smaller compared to medical or emotional damages, property loss is still a part of the full financial picture.

Reviewing Liability and Comparative Fault

A lawyer also probes whether the liability might have a bearing on the value of the lawsuit.

In the event that the injured party is solely or mostly at fault for the accident, their compensation will be reduced by that percentage.

The principle of comparative negligence entails such conduct. By the way, in case you did not know, this is a matter of jurisdiction, which makes it different.

Setting out clearly who is at fault is very important—cases with strong fault evidence typically fetch higher amounts upon settlement.

Analyzing Insurance Coverage

Insurance coverage, hence available, substantially impacts the amount of money that can be recovered.

Though a case is of great value in theory, if the party responsible for the accident is hardly covered or has limited assets, the amount that they can actually hand over may be less than expected.

Attorneys make an evaluation of the coverage limits and the possibility of getting more parties or compensation from the underinsured coverage to get the highest recovery possible.

Mistakes That Can Lower The Value of a Personal Injury Claim

Several examples of actions that would lead to a significant drop in the value of a personal injury claim.

Such include not seeking medical care in a timely manner, poor injury documentation and expenses, and settling the case faster than you should.

Besides that, admitting the mistake, handing over the recorded statements to insurance adjusters without legal representation, and not employing a lawyer will render your case worthless.

Here are some of the most common mistakes that you need to avoid if you are trying to get the right value for a personal injury claim:

1. Not Seeking Prompt Medical Attention:

The fact that your treatment has been delayed may be taken as your injuries are not serious or they have been caused by something else. Besides, it complicates the process of discovering the deep root of the accident and your injuries.

Visit a doctor right after an accident, even if the injuries that you have are not serious from your point of view. Implement their treatment and keep a record of all medical care received.

2. Failing To Document Evidence:

In the absence of documentation, it may be hard to prove your injuries extent, the accident cause and the expenses you have provided.

Get some pictures of the accident scene, the injuries that you have, and any property damages. Gather contact information from witnesses. Keep copies of all medical records, bills, and accident reports.

3. Settling Too Quickly:

Insurance companies may come up with an offer of the settlement that is quick to their mind to close the case, but it is often a mere fraction of what you actually deserve.

It is of great importance to know the full extent of your injuries and all the expenses you are facing before accepting a settlement.

Before you agree to any compensation offers, get in touch with a personal injury attorney. They are the ones who can work with you to determine the actual worth of your case and bargain a just settlement.

4. Admitting Fault:

So, the insurance company can even through a minor fault admission made by you in their hands use it to reduce or deny your claim.

If you are talking to the insurance adjusters or other parties involved, then be just factual. Don’t say anything that can be interpreted as an admission of guilt.

The insurance adjusters or any other parties involved should be spoken to only on the basis of facts. Do not give any part of your words that could be taken as a confession of guilt.

5. Providing Recorded Statements Without Legal Counsel:

Apart from that, adjusters of insurance are trained to ask questions cleverly in a way that benefits their company at a minimum. Some of the top law firms explain that even if you didn’t mean to be harmful, a recorded statement can be used against you.

If I have to be honest with you, it’s best whenever an insurance officer requests a recorded statement, you ask politely for some time to talk with your lawyer, and then you will be able to give the statement.

6. Not Hiring A Lawyer:

A personal injury lawyer will do the legal work for you, they will defend your rights, and they will make sure that the compensation you get is just.

Have an accident? Then consult a personal injury lawyer as soon as possible. They can be a great source of help and lead you through all the steps of the claims process.

7. Failing To Follow Medical Advice:

Finally, suppose you do not accept the doctor’s suggestions and do not follow the instructions, such as attending physical therapy or taking the prescribed medicine. In that case, it will definitely have a negative impact on your recovery, and your claim will be affected.

LEARN MORE:

• Illinois Statute of Limitations for Personal Injury Claims
• How to Talk to A Personal Injury Lawyer After An Accident?
• The Importance of Hiring a Skilled Personal Injury Lawyer Early in Your Case