What Makes Up A Personal Injury Settlement?

Posted on: 4 October 2022

If you have been injured by a careless driver, you could be offered a monetary settlement. Many accident victims wonder how much they should be paid.

Settlements are paid to a victim as an alternative to taking a case to court. They can be paid soon after an accident occurs. Your personal injury lawyer will have an idea of what you are owed after you speak to them. The insurer for the driver that caused the accident will also have an idea of what you should be paid.

What Goes into an Accident Settlement?

Medical Expenses – Medical costs related to the accident are one of the most important aspects of the settlement. That money, however, goes to pay your medical bills. Most accident victims will find that the insurer pays those bills directly. However, it's vital to keep up with your medical bills. They should be paid on time so that you are not held liable for them. Also, knowing the dollar amount of your medical expenses is a key part of your settlement.

Pain and Suffering – This form of damage may seem difficult to place a dollar figure on. Pain and suffering are the way the victim feels after an accident. It's about the pain, discomfort, anxiety, and mental health problems that come along with a traumatic event.

Lawyers use one of two or more methods of figuring out payments for pain and suffering.

  1. The per diem method assigns a figure to each day since the accident and pays victims the total.
  2. The multiplier method uses medical expenses as a multiplier with more serious injuries garnering a higher multiplier.

Lost Wages – Most accident victims miss work because of the accident. They are entitled to be reimbursed for all time missed in lost income. If the victim used paid time off, they are also entitled to be paid back for that.

Personal Property – The bulk of this part of the settlement pertains to the wrecked vehicle. If the vehicle can be repaired, they victim is paid based on the repair estimate. If the vehicle is ruled to be a total loss, the value of the vehicle is determined, and the victim is paid that sum. Additional personal property is also included in this category. Let your personal injury lawyer know if a child's car seat was in the vehicle at the time of the accident. Even if the child was not involved in the accident, you cannot reuse a car seat that has been in an accident.

Speak to an auto accident attorney to find out more.