In this blog post, we will walk you through six key factors that can influence the value of your personal injury claim. These factors will help you understand what determines your compensation and how the process works.
6 Factors that Influence Your Personal Injury Settlement Amount
1. Medical Expenses
The first and most obvious factor in determining the value of your personal injury settlement is your medical expenses. These expenses can include a wide range of costs:
- Doctor’s visits
- Hospital stays
- Surgeries
- Medications
- Rehabilitation
All these medical bills add up and are considered when calculating how much compensation you are entitled to—the more significant your medical expenses, the higher the potential value of your case.
2. Lost Wages
In many cases, an injury can leave you unable to work or, at the very least, limit your ability to earn income. If your injury has caused you to miss work or impacted your earning capacity, you are entitled to compensation for your lost wages. This can include:
- Past wages you missed due to the injury
- Future lost wages if you cannot return to your job or need to work at a reduced capacity
The longer your recovery time or the more severe your injury, the higher the potential compensation for lost wages.
3. Life Care Plan for Serious Injuries
For those who suffer from severe, long-term injuries, a life care plan can play a crucial role in determining the overall value of the case. A life care plan looks at how your injury will impact you financially over the long term, taking into account:
- Future medical expenses (such as ongoing treatments or surgeries)
- Necessary accommodations (like home modifications, specialized equipment, or care)
- Impact on your estimated lifespan due to the injury
These long-term considerations significantly affect the value of your case, especially when the injury results in permanent disability.
4. Pain and Suffering
“Pain and suffering” is not just a vague phrase—it refers to both the physical pain and emotional distress caused by the accident and resulting injuries. This type of damage is subjective and can be difficult to quantify. However, it is a critical part of your personal injury settlement.
An experienced attorney can help assess your pain and suffering damages based on factors such as:
- The severity and duration of your physical pain
- The emotional impact, such as anxiety, depression, or post-traumatic stress
In many Texas counties, juries typically award around 3 to 4 times the amount of out-of-pocket expenses for pain and suffering, though this varies based on the specifics of each case.
5. Comparative Negligence
Not all accidents are completely the fault of one party. If you are partially at fault for your injury, your compensation might be reduced due to comparative negligence. This means that the percentage of fault assigned to you will directly impact the amount you can recover. For example, if you are found to be 25% at fault, your compensation might be reduced by that percentage.
It is important to understand how comparative negligence works in your state, as this could affect your final personal injury settlement or award.
6. Insurance Coverage
The final factor in determining the value of your personal injury case is the insurance coverage available. The at-fault party’s insurance policy plays a major role in how much compensation you can receive. If the person or entity responsible for your injury has a robust insurance policy, your claim may be fully covered.
For instance, if your injury was caused by a commercial vehicle, such as a truck owned by a large corporation, the company’s insurance policy will likely have a higher payout limit than a typical individual’s personal auto insurance. Therefore, understanding the limits of the at-fault party’s insurance—and your own insurance policies—is crucial when assessing the value of your personal injury settlement.
Contact Allen & Nunally for Help With Your Personal Injury Settlement
As you can see, determining the value of a personal injury case is a complex process influenced by many different factors. From medical expenses to insurance coverage, each element plays a significant role in your potential compensation.
If you have been injured in an accident and are wondering about the value of your case, it is important to consult with an experienced personal injury attorney. The attorneys at Allen & Nunnally are here to help. We offer free consultations where we can evaluate the specifics of your case and provide an estimate of what your potential recovery might be.
If you’re ready to discuss your case or need guidance, feel free to reach out to us at (713) 955-2218 or visit our website. We look forward to helping you understand your options and work towards the compensation you deserve.
Remember, when you choose our firm, you will have no better friend than us and no worse enemy than those who oppose you. Contact us today.