If you have been injured in an accident due to someone else’s negligence, you are entitled to compensation for your injuries and any damages you have suffered. The first step is ensuring you are treated for your injuries and medically stable. Next, you need to file a personal injury claim, but first, you must decide how much to ask for in a personal injury settlement.
Determining how much to ask for in a personal injury claim can depend on several factors. No two cases are exactly alike. This means fair compensation is determined based on your case’s circumstances.
A personal injury attorney can help you understand how much compensation you can reasonably expect to be awarded in a claim. A lawyer can help advise you of your legal rights regarding your accident and how much to ask for in a personal injury settlement.
Keep reading to learn more about how compensation for a personal injury is calculated and how to negotiate a fair settlement.
How To Calculate Compensation
There are generally two types of damages that must be factored into the total compensation for a personal injury: economic and non-economic damages.
Economic damages are typically easy to calculate because they have a solid monetary figure attached to them. You or your lawyer will add all of these damages together to form a solid base of how to ask for a personal injury settlement. Economic damages can include:
- Past and future medical bills
- Rehabilitation costs
- Property damage
- Lost wages
- Future loss of earning capacity
Non-economic damages are more difficult to calculate because they are more subjective than economic damages. Non-economic damages can include:
- Pain and suffering
- Loss of consortium
- Emotional or mental distress
- Disfigurement
- Disability
A personal injury attorney can help you calculate the value of non-economic damages you have suffered. Lawyers usually use two methods to determine the value of these damages: The daily method and the multiplier method.
Daily Method
The daily method factors in your non-economic damages per day, as the name suggests. Your lawyer will usually use your annual salary as a model for determining the daily value of the loss. They will then multiply this value by the days it took or will take you to recover.
Multiplier Method
The other method for calculating non-economic damages is the multiplier method. This method involves adding up all of your economic damages, also known as special damages, and multiplying them by a certain number. The multiplier number is typically between 1 and 5.
Lawyers determine this number based on the severity of the accident and your injuries, with 1 being the least severe and 5 being the most. For example, a lawyer may use a multiplier of 4 or 5 for a client who was injured in a car accident that left them permanently paralyzed from the waist down. They may use a multiplier of 1 for a client who suffered a fractured bone but is expected to make a quick recovery.
Other Factors That Can Impact A Personal Injury Settlement
The above factors will be the primary information to calculate your settlement amount. However, other factors can impact your negotiations and how much you ask for in a personal injury settlement.
Other factors that can impact your personal injury settlement include:
- Insurance policy limits: Many injury claims have a predetermined settlement amount that cannot be exceeded based on the terms of your insurance policy.
- The scope of injuries and treatment: Injury victims who have suffered extensive injuries or will require long-term treatment for their injuries may wish to seek a higher settlement amount.
- The case goes to trial: Most personal injury claims are settled out of court, but some may go to trial. If your case goes to trial, you are relying on the jury and the judge to determine how much compensation you are awarded. There are also additional attorney fees to consider in a case that goes to trial.
- Legal representation: Your decision to hire a personal injury attorney can also impact your settlement. It should be noted that people who hire professional legal representation are more likely to win a personal injury settlement and receive greater compensation on average.
- Negligence laws: Negligence statutes for the state where the accident took place will also factor in what you can seek compensation for in an injury claim and how long you have to file a claim.
How Much To Ask For In A Personal Injury Settlement
Once you have added up all of your economic damages and calculated your non-economic damages, you can start negotiating for a personal injury settlement. Negotiating is the crucial word here. You will likely need to negotiate with insurance providers or the defendant to receive a personal injury settlement from an injury claim.
Start High
Claimants typically negotiate a personal injury claim by sending an initial demand letter. This letter should include a settlement amount you want to collect as compensation for your injuries. It would be best to start with a number notably higher than the amount you would be satisfied with accepting.
This tactic will give you room to maneuver to a more reasonable amount as the negotiations proceed. Insurance companies will typically counter your offer with an offer lower than you seek. From there, both parties will continue negotiations until a settlement amount is agreed upon or the claim goes to trial.
It is not advisable to start with an outrageously high figure, though. This will typically result in an unreasonably low counteroffer, which will set negotiations off to a bad start. A good rule is to start with an initial demand of 75% to 100% more than what you expect to be awarded.
Never Accept The First Offer
It would be best never to accept an insurance adjuster’s initial offer or counter offer. This offer will almost always be lower than what would be considered fair compensation. Insurance companies will often try to trick claimants into accepting their initial offer. They use this tactic to get away with paying smaller settlements than the claimant deserves.
Should You Hire A Personal Injury Attorney?
You are not required to hire a personal injury attorney to file a personal injury claim in Florida. However, many benefits come with hiring professional legal representation for your case.
Personal injury attorneys offer their clients a wealth of knowledge regarding the state and local laws that govern personal injury accidents. A lawyer can help you file a claim and navigate the technical language involved in litigation. Attorneys help advise their clients on their rights after an accident and their legal options.
Your lawyer can even represent you in negotiations and legal proceedings without your presence. Let your personal injury attorney do the heavy lifting for you. They will negotiate with insurance companies on your behalf and can represent you if your case goes to trial.
Claimants who obtain professional legal counsel have a better chance at a larger personal injury settlement and a successful outcome from their claim. Best of all, there is little to no risk in speaking with a lawyer. Most personal injury lawyers offer FREE case evaluations, and many do not charge their clients unless they win the case.
Speak With A Riverview Personal Injury Lawyer Today
If you have been injured due to someone else’s negligence in Riverview, the attorneys at Calandro Law are ready to hear your case. Our legal team will work closely with you to understand the extent of your injuries and get you the compensation you are entitled to. We will investigate your case to help gather evidence that strengthens your claim.
The expert personal injury lawyers at Calandro Law have years of experience negotiating with insurance companies for fair compensation for our clients. We offer services in Florida for a range of injuries and accidents. Our practice areas include:
- Boating accidents
- Brain injuries
- Car accidents
- Motorcycle accidents
- Nursing home abuse
- Pedestrian accidents
- Ridesharing accidents
- Slip and fall accidents
- Toxic mold cases
- Truck accidents
- Wrongful death cases
When you are ready to seek compensation for your injuries, Calandro Law is ready to represent you. Contact us today at (813) 563-6463 to schedule your free case evaluation.
