If you have been injured then it is only right that you seek compensation for that injury. After all, a serious enough injury can cost hundreds of thousands of dollars in medical bills while at the same time preventing you from working and earning. It only makes sense that you would want to know how much you are likely to get from your personal injury claim.
But determining the value of your personal injury claim is a lot more complicated than you might think. There are many factors that go into determining how much you might get such as the injuries themselves, the people involved in the injury, the insurance companies involved, your history of personal injury claims and a lot more. Yet there are some general guidelines that will help you determine how much you are likely to receive.
What’s the Formula to Find Out How Much I’m Getting from My Settlement?
Unfortunately there is no formula that will give you what you’re looking for. The fact of the matter is that each case is made up of so many different circumstances that it is impossible to make a “one size fits all” formula for calculating the size of your settlement.
This might contradict what you’ve heard before. It seems that people both online and out in the world have perpetuated the rumor that you can calculate your settlement ahead of time based on a simple formula. It just isn’t the case.
How Do I Determine the Value of My Settlement?
Depending on where you are in the process of your accident claim then the best idea might be to forget about trying to determine its value right away. The earlier you are in the settlement process, the less likely it is that you will be able to get a clear, and more importantly accurate, portrait of what to expect from your settlement.
One of the biggest things you need to watch out for is misinformation. Misinformation might not seem like such a big deal when you first think about it but with a simple example you’ll be able to see why it can really damage how much you could get from your settlement.
One of the biggest sources of misinformation is from the insurance company and this makes sense. The insurance company wants you to take the smallest payout possible. After all, they’re only losing money by paying your settlement.
So if you are asking around and trying to figure out how much your claim is worth too early then it might seem like the insurance company would be a good place to get information. But since they want you to take as little as possible, they will most likely try to speak negatively or discouragingly about how much your claim is worth. This isn’t necessarily a lie, as it tends to be worded in guesses rather than solids. It is perfectly legal for the insurance company to guess that you won’t get very much in your settlement.
This primes you to ask for less money because you don’t think you’re capable of winning a larger payout. You very well might have been able to win a larger settlement but because you didn’t go after one you would never know. And it all stems from misinformation.
If you want to get some accurate information to formulate a guess as to the size of your settlement then you’ll want to collect your medical bills.
How Much Should I Be Asking for from My Settlement?
The more costs you have in medical bills, the more you are likely to get from your settlement. There tends to be a pretty clear relationship between these two figures. Which makes sense because it means that the more you have to spend to take care of yourself, the more the responsible party will have to pay out to ensure that your costs are covered.
However, personal injury claims can be quite difficult to predict. Those cases which are determined by a jury are horrendous uneven. Juries are not very consistent across the board and so trying to predict them can be a wasteful task. Cases that do not have a jury involved in the proceedings are much more accurate when predicted ahead of time.
That said, there is a rule of thumb which you can use. Gather up your medical bills and calculate the total. Take this number and multiply it by three. This is a trick which must be taken with caution. Many people believe that this trick results in the number you should ask for. However, this can lead to people undervaluing their personal injury claim. Rather than take this number as the end-all, be-all of your personal injury claim it is better to use it as a starting point. Set this as the dollar figure you begin with and then look at how the circumstances of your particular case require tweaking or the addition of further requested funds.
What Should I Do If I Want to Pursue a Personal Injury Claim?
If you have been injured then it only makes sense that you seek proper compensation. Your best way to achieve success is to work with an attorney that has experience with personal injury claims in California. Such an attorney will be better equipped to help you get a sense of how much you could get from your settlement because they’ll be able to look over the specifics of your case. It’s the specifics of each case that make all the difference in the outcome.
If you’re looking to pursue a personal injury claim then why not reach out to us at Sweet Lawyers, Attorneys At Law. We have experience with cases just like yours and we’re always ready to help you seek justice for your injuries. Give us a call at (949) 504-5523 to learn what the step towards your settlement is.