Personal injury settlements can be one of the most complicated and confusing things to understand. With so many different factors, it is hard to know where to start. Contact Idaho Personal Injury Lawyers to help you understand the process.
This article will help you understand factors affecting settlement, how the process works, how long it might take, how they are calculated, and the different types of damages available for compensation.
How Does Personal Injury Compensation Work?
Personal injury compensation is all about making sure you are covered financially for your injuries. If someone else was responsible for causing the accident, they might be ordered to pay out financial support in one of three ways:
- Lump-sum payment(s)
- Periodic payments
- A combination of lump sum and periodic payments (also called a structured settlement)
When a defendant is sued, they have the right to settle out of court. If you do not sue them and take their offer, you will never receive any compensation.
Of course, if your case goes to trial, there are no guarantees that you’ll win or even score as high as what was initially offered by the defendant. That is why it’s vital to keep records and talk with a personal injury attorney about your case and what you can expect in terms of compensation.
What Are the Main Factors that Affect my Settlement?
Many different factors go into determining the amount of compensation you will get for your injury. In some cases, you can settle without having to file a lawsuit in court.
Other times, it is necessary to take the case through trial and end up with an actual verdict from a judge or jury. The amount of compensation you receive will depend on many different factors, including:
- Type of injury
- The severity
- How long your injuries keep you from working.
- What medical expenses or treatment is required
The age, sex, and background (race, income level) of both parties involved in the lawsuit settlement. If there are any lost earning capacity issues and how much future medical care you may need.
How Long Does a Settlement Take?
It is important to note that personal injury cases can last from a few months to several years. The average settlement usually takes about one and a half years if everything goes smoothly. However, many different factors could extend or shorten the time it will take you to receive your injury settlement.
How Are Settlements Calculated?
The best way to understand how a settlement is calculated is to look at the different factors that are used, how they work together, and what options you have for compensation.
The first step is to understand your injuries. If there has been a physical impact or evident bruising, then it’s pretty simple. Still, if not, then the plaintiff must prove that their condition meets specific criteria which will qualify them for monetary damages.
The next step is to determine how much your injuries have cost you so far and in the future. It includes medical expenses, lost wages from missing work, other expenses such as your or a family member.
The final value is divided between each factor, which helps determine how much of a percentage you’ll receive for medical bills, lost wages and personal care, and property damage.
The best way to ensure that you receive the most compensation possible for your injury case is by working with a skilled and experienced attorney. They can help you with the initial investigation and guide this complicated process.